Hear about how much debt everyone in the US has all the time, curious about some of your stories!
My bad debt is 10k left on a school loan from a for profit school that is now out of business.
Only other debt is house.
So how are you all doing with debt management?
Fuckin debt free 😎
Own my car 😎
College educated 😎
Gainfully employed 😎
Making more than the average household in my state, solo 😎
So is my gf 😎
Still cannot afford a house 😢
Same, but without the SO to help.
New head canon, this is a government conspiracy to push polygamy. I will need at least two wives and three husbands to afford a house.
Jokes on them my girlfriend’s a stay at home mom, polyamory ain’t doing shit for our financials
I have a meme for you: https://lemmy.world/post/6902250
I looked at a 400k home that literally had standing water in the basement at the time of the showing.
That would cost me and my gf a solid ~4k/month for 30 years with a 20% down payment.
Bank profits over $1M
If it’s not murder house in middle of nowhere, it’s out of budget.
Like tiny homes are becoming a thing… but like smallest legal home lots are 250k in most cities. Feels like middle of nowhere is only place to be.
Lol looking at some of the debt ledgers in here, I bet you “can”
I’m in the exact same boat, to the letter. It’s been great watching interest rates and inflation eliminate 60% of my home buying power in the last year.
You know what’s neat?
In 2008 the economy tanked because the banks had made a habit of cough approving mortgages that they knew people couldn’t afford in the long run. Then they auctioned off those subprime mortgages to smaller banks, and played hot potato until oopsie, economic depression.
If we’re in this boat, who the fuck is buying a home, who approved their loan, and how the fuck is 2008 not right around the corner again?
Good thing we bailed them out.
There’s no subprime market ready to collapse. This isn’t a housing bubble. The increase in prices is partially demand and partially inflationary imo.
Interest rates will keep prices level but we aren’t going to see a crash cuz all those companies are cash flush after the ppp fraud and rental Rates skyrocketing. The only houses on the market are ppl who have to sell or ppl who died.
No one wants to jump out of a 3.2% mtg and into an 8% one
I think the interest rate has a lot to do with the declining value of commercial real estate. I think the banks are trying to cover losses. Small businesses going fully remote makes it difficult to sling commercial real estate at the old rates.
I think this is also behind the odd fetish of returning to the office we read so much about.
I live in the Midwest region of the United States.
$55k in student loan debt, down from $100k eight years ago. $10k auto loan. $210k on the mortgage, which I honestly can’t believe I was ever approved for. No credit card debt.
There have been some very scary moments, but I’ve somehow managed to keep my head more-or-less above water so far.
Financially, none. Morally? So much.
Por que no los dos?
Small promotion for [email protected], the community is usually quite helpful
The top post is “salary needed to buy a home” is just depressing. But great call out.
None.
I have made it a point to live a debt free life as much as possible. My only debt is my mortgage. I’ve had a couple of car loans in the past, but nowadays not even that. I have quite enough wheels; If I buy another vehicle it’ll be with cash. If I can’t do that, I don’t need it right now. (2 cars, 1 truck, 7 motorcycles. It’s going to be a cold day in hell before my ass is out of transportation options.)
I’m almost 3k behind because my parents forced me into choosing college or the military at 18. I wasn’t remotely ready for either (was dealing with extreme gender dysphoria at the time) and I’m deeply opposed to the army but sometimes I wish I had chosen otherwise -I don’t know if I’m ever fixing this. All my cash goes to survival and everything I own is constantly breaking. Poverty is a vicious, vicious cycle…
Oh that is so hard to hear!
It’s crazy that parents are still forcing kids to go to college when it’s been documented a billion times how often people are getting no benefit but tons of debt.
Seattle Washington area
10k in credit cards
110k in loans
430k mortgage
20k car loan
Credit cards are a little high but that’s just because I just took a vacation to Japan. I feel like I’m in a good place otherwise. I was lucky enough to buy my house before the pandemic when interest rates were super low and prices hadn’t yet spiked so I’m hoping to sell it in a few years when the interest comes back down. My loans are 50k I took out of my 401k as a down payment on house, 35k for a heloc to fix the house, and 20k on a personal loan.
Oh that sounds stressful. Hopefully things work out as that feels like a lot.
Only a mortgage.
I had student loans, but I finished paying those ~5-6 years ago.
I’m genuinely curious, what’s your opinion on broad reaching student loan forgiveness? If it happened tomorrow, would you be upset that you had payed yours off?
Not that guy, but basically the same situation. I’d be thrilled. Not having to think about those every month has been amazing. I want everyone to feel that way, even if I have to pay more in taxes to cover it.
Ditto. I’m the same as OP. Paid off student loans in 2019 and now I just have a mortgage. Let’s forgive everyone’s loans plz.
$27K in cc debt. Disgusting. Been dialing it in the last many months and paying off $2-3K a month.
OTOH, I may have my house paid off soon, so I got that going for me.
Bad, as a % of annual gross pay is about 25% of one year’s pay. Mostly the deficit accrued from when my ex was not working. It’s smaller than it was, but not by much. But moving in the right direction at least.
Plus mortgage on the house and a separate loan for the roof we had put on when we bought it.
Hey man as long as it’s getting smaller, it’ll be gone eventually!
Debt free, own two paid off cars old enough to be cheap but new enough that the maintenance isn’t too bad, and also they get good milage. We don’t own a truck or an SUV. We rent, cook at home 90% of the time, and we’re only just making it.
Same. Student debt so old it’s being cancelled (pre-2000 UK student loans), no credit card, no overdraft, no mortgage.
Zero assets. But still. No debt. Which is nice.
Often times, that’s the best we can do.
None that I would call bad. Less than 10k school loans, about 3K on a new car I a bought a few years back, and 110K on my mortgage. It’s all under 3% fixed rate and well within my budget though, so I’m not too worried.
That said I won’t be taking out any new loans or refinancing for quite some time thanks to current interest rates.
Yeah sounds like you’re in a great spot with the interest rates and balances!
Went into 30k debt thanks to school and being injured and getting 1/3 of what I use to make. Had to use CC and other means which in itself was digging a bigger hole. I am 3k away from being done with fuckin debt. No house since this all happen during 08-10 fall out. 13 years. FML
Almost out of that trash debt then you can focus on your goals friend!
Hopefully things are looking up!
Hopefully but hopefully there’s no 2008 2.0 either. Wouldn’t wish it anybody and the new workforce.
I have around 5k€ left to pay for my car, for the rest I just spend what I know I can. I have a credit card but I just keep it there for emergencies or to pay in installments when the seller doesn’t allow it, everything else goes to the debit card.
Edit: for context since I just read “in the US”, I’m italian. My school was 150€/year so I saved myself the school debt thing.
ITT: few people having any clue what the difference is between good and bad debt, or that debt is basically essential to creating wealth.
I mean most people saying they don’t have any bad debt, but saying they have good debt isn’t too bad! It is interesting to know how much mortgage people are carrying.
But these days even mortgages feel bad. 400k at 7% is 28k of just interest. So houses feel way out of reach with current prices/rates.
If rates go down prices go up. So doesn’t feel like there is much winning for non home owners.
Housing prices, like everything, is determined by supply/demand. Interest rates are only part of the equation.
The main reason housing is high right now is because of the supply side, and that’s low at the moment because COVID destroyed the global labor market and the supply chain, so materials are sky-high, with fewer people to do the work of building.
Also, as the stock market tanks people move their money into safer places, like cash or property, hurting the supply side even more. This is what cashed up Boomers are doing (yep, we can keep blaming them).
Housing prices won’t come down until supply outweighs demand.
I’m just enthralled at the idea of how normalized having negative money has become. Something something dystopian
