How much debt... (virtual, experience, blessing, God)

[evearael]

Don't worry, the poll is anonymous. I came across this list of average credit card debt and interest rates per state just now and I wondered what other people's experiences were with debt of varying kinds from credit cards, to student loans, to car loans, to mortgages and so on. It's terribly depressing talking to people my age (mid-twenties) who have anywhere from eight to fifteen thousand dollars of credit card debt alone. I am very concerned about my generation starting off their adult years under such a heavy burden of debt. I'm deeply concerned about the negative effect it will have on their long term financial stability... especially forty years down the road. What are your experiences, if you feel comfortable sharing them? What are your observations on it?

[Ðanisty]

You want us to include mortgage in our vote?

[Shadow Wolf]

I have $14,000 in debt. Almost 10 is in car debt. About 3 is one credit card, most of which is my computer, and modifications and upgrades for it. Even over a year old, my computer out performs my dads 2 month old computer, which came with much better hardware stock than mine did.

[angellous_evangellous]

My debts are huge. I didn't take out any loans for the first year of my phd, and that turned out to be a very stupid mistake.

[michel]

This reveals the often said idiotic "Money makes you happy".

My wife and I don't owe a penny - zilch. We never have -with one exception - our mortgage. When I retired in '93, we still had a mortgage, and I wantedvery much to clear it, with our savings.

A couple (who live round the corner and who are accountants) urged me not to pay it off; "You might need to borrow again at some future date, and with your health...etc.

I din't listen to them; I paid it off (I did have a "special rate" mortgage as a bank employee, but consumer rates had come down so much that the rate I was paying was virtually what I could get on savings - there was no point in keeping the mortgage unless the rates went shooting up again; of course they didn't.

I am lucky; we are lucky (as a couple) - we were able to contribute towards both our sons' education at Uni, and I would love to be able to help them get onto the property ladder - even if it is only to pay for the deposit on a house for each of them (as my Father did for us). Like my father, I don't intend to leave much; money is for use when your children are young and struggling - they might as well have it now, rather than when they (hopefully) won't need it.

The sad fact is that, having scrimped and saved all our lives, the thought of buying "nice things" goes very much against the grain; I still fix plumbing and electrical faults at home, and my wife still cuts all the coupons out of magzines to give towards grocery shopping. But, it doesn't make us happy.

I guess the only thing I can say is "At least we don't have to worry about money" - I was broke when I was single ; I once spent some time eating noting but rice because I was so broke - I had to sleep fully clothed because I couldn't afford to feed the gas meter in my bedsit. Strangely enough, I was happy then.

I often wonder at the circumstances that have made life so easy for me (money-wise), and I do count that blessing, and thank God for my easy money worry-free life.

[jacquie4000]

MY home is paid for, My car is paid for and I have less then $1500 in CC debt. But my CC are used for mostley business and paid off quickly.

[SoyLeche]

Originally Posted by Ðanisty

You want us to include mortgage in our vote?

I can't vote until we get an answer to this.

[Djamila]

I have no debt at all - that's one thing I've never been comfortable with. I realize in most developed countries it's more or less a necessity of life for the lower classes but... that will never be me.

I'm sure I still owe some marketplace or restaurant a little, but that comes and passes every week - I wouldn't consider it debt. Living within your means is very important. Anything else cannot be sustained and if you don't pay the price for it, your loved ones will.

[evearael]

Include you mortgage. Goodness, I hope no one has $250,000 in credit card debt.

The only debt we have on our car that we've had for less than a year. We pay it off this month... and start saving for the next one.

[SoyLeche]

About $180,000 for the mortgage, and about $5,000 for a car. I never keep a balance on a credit card.