Are you in debt?

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feo

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Thread title pretty much sums up the just of the question.

Let's discuss our debt issues in here. What type of debt (if any) are you in currently? Paying off a house/car/both? Are you saddled with credit card debt? (Jeez, this sounds almost like an infomercial :D)

If you guys don't mind, let's also throw out some numbers. How much do you owe on your debt and how much do you pay towards settling it per month? Also, for how long have you been paying it off?

I feel that by discussing this and looking at debt from other peoples perspectives, it'll give us a better idea of how to tackle debt in our own lives?

Found this on digg today: http://consumerist.com/5059687/reader-pays-off-14330-in-20-months-with-our-tips
 
Up to my eyeballs but contingency plans have been set in motion - 6 months and hopefully this should all be behind me! And I do have a pretty decent excuse for the current situation, hope it all pays off.
 
I'm in debt but I only have two debts to pay. One is my car and one is my personal loan. Cleared my credit cards + Personal loans. (except for the biggest one now)

So the rolling steam ball snow ball smashing pumpkin voodoo method won't work for me that effectively.

What do you guys think I should do?
 
Gazer said:
Nope...debt free
Click to expand...

Lucky bugger.

Only the home, a few doctors bills, and a loan we've made in order to close our blapsa credit card down.

Interestingly, we wanted to close it down, but the blapsa consultant said they can't close it down as long as there's money outstanding on it... so we decided to tell blapsa to go stuff themselves, applied for a loan at DirectAxis, and closed the credit card... :D

Much better that way, we've always made debt with a credit card... :o
 
Do you reckon its worth it stopping payments on my retirement annuity to save on cash? Or just try and get rid of the car?
 
So far debt free. I might have to take on same debt in 1-2 years...pay is rubbish for the first 3 years. Gets much better after that :cool:
 
Don't stop paying tell the guys you're in a financial "situation" and that you can only pay soo much, not more(for the Banks that is)
 
So how much do you guys owe on your house/car and generally, how much can the average forumite put aside per month to cover these debts?

I'm just trying to put things into perspective here..
 
I must say, once this little unfortunate period in my life is over I intend to get rid of every credit card with the exception of an "emergency card" which shall remain in the drawer.
 
feo said:
So how much do you guys owe on your house/car and generally, how much can the average forumite put aside per month to cover these debts?

I'm just trying to put things into perspective here..
Click to expand...

Well just for the bond and car repayments I'm looking at around 12k - then there's insurance, water & electricity, rates & taxes, petrol, etc, etc. It never ends!
 
Only owe money on my car... about R60k. Currently paying 4x payments on it every month :D WesBank must be crapping themselves, but I absolutely hate debt.
 
Hi

I had 3 credit cards, totalling +/- R50 000. I paid the last on off 3 days ago. Not in debt anymore! Ok, maybe two clothing accs. Thats it!
 
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