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So how much "bad" debt are you in? (lemmy.world)

submitted 1 year ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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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?

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[-] bernieecclestoned@sh.itjust.works 4 points 1 year ago

A bank overdraft I use to restrain my consumerism.

[-] Mac@mander.xyz 3 points 1 year ago

None. Just my house.
I have a credit card bill but it gets paid off regularly.

[-] zacher_glachl@lemmy.world 3 points 1 year ago

No debt since we're only now looking for houses (yes yes, great timing, I know...) and I frankly wouldn't know what else I would need to spend so much money on that I would have to go into debt.

[-] ericbomb@lemmy.world 3 points 1 year ago

Well congrats on no debt! hopefully you'll find a good deal somewhere!

[-] BilboBargains@lemmy.world 3 points 1 year ago

About £30k on a mortgage. I'm 49 and bought a house with my wife in 2009 for £105k, sold that for £150k. Bought another one in 2019 for £220k.

Apart from that, never really in debt. Owing money bothers me, apart from fines but I don't consider them as debt.

[-] daddyjones@lemmy.world 1 points 1 year ago

This is essentially the same as me. I owe around £40k on a mortgage and my wife has student debt that she'll never have to repay. Other than that zero debt. I don't do debt and I like that I'm, more or less, debt free (mortgage doesn't really count imho.)

[-] kSPvhmTOlwvMd7Y7E@lemmy.world 3 points 1 year ago

What's "bad" debt? What's "good" debt?

[-] ryathal@sh.itjust.works 2 points 1 year ago

No debt is good, but a mortgage is at least not bad if it's affordable.

[-] mojo@lemm.ee 1 points 1 year ago

Debt you've used to make profitable investments

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[-] gummybootpiloot@lemmy.world 3 points 1 year ago

200k student loans, 110federal, 90k private

[-] freeman@lemmy.pub 2 points 1 year ago

Only debt we have a mortgage we owe 226k on. Cars are owned outright and were paid off early. Student loans we paid off early. We generally live below our means. CC's are used for general purchasing and paid off in full each month. They are basically a stop-gap for fraud protection.

[-] southsamurai@sh.itjust.works 1 points 1 year ago

Approximately 1.5k

Had to replace some shit around the house unexpectedly, and credit was the only route there.

Like you, it's the only debt I have other than mortgage, though I suspect in going to end up having to take on some fire a vehicle swap soon-ish

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this post was submitted on 20 Oct 2023

106 points (96.5% liked)

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