JCC How much debt do you have to your name?

You are so sexy when you talk money.

On topic. 100% of my debt is in mortgages. Cumulative debt is $550k US. I've got positive equity in all of them but no where near 3x value. On the plus side, I've got small positive cash flow from renting out a house so that definitely compensates.

 

beezel, that has nothing to do with the tech giants. It's literally not their fault at all other than they are willing to pay those prices.

 

I don't consider my mortgage 'debt', and it's due to be paid off next year anyway. I tend to pay of credit cards monthly unless it's something big like car repairs. Then I'll spread the repayment out. So not a lot..

 

Mortgage is debt. Please, people!

 

if mortgage is debt then what is rent?

 

A business transaction.

Not paying rent can not lead to forfeiture of goods; not paying a mortgage can.

 

The same thing happens when you don't pay rent. The landlord gets the same court order the bank gets and locks you out of the home. They put all the stuff on the street just like they do a repossession. The back rent is collected by the landlord in court the same way any additional money owed from the repossession of the home.

A mortgage repossession guarantees you get the chance to rent. An eviction makes it near impossible to either rent again or own a home.

 

My soul.

 

14,000

 

Obviously a mortgage is debt but there is good debt and bad debt. Buying a property is usually good debt. My mortgage is about £230k but I'm now renting it out and because of proximity to London where rents are ridiculous the mortgage is covered and there's about £300 extra per month.

It's a bit different to having £30k of debt on a brand new car which will be worth a pittance by the time you pay it off.

 

That's a pretty good calculator. One thing it doesn't consider is the opportunity to turn a purchased property into a rental property in the future.

Edit: Or...you know...what epic said.

 

It was for my grandmother's 90th birthday, so yes, yes it was.

 

Glad you finally managed to make a lulz.

 

Approx $14,000 between a car loan and credit card.

 

Just a smidge over $500,000, including both houses, the 3 cars, and student loans. No substantial credit card debt though.

 

Is that all? I pegged you for at least $7 million in debt.

 

No, that would be absurd.

 

I want to say how impressed I am with the sound financial management of the average JCCer who chooses to share their debt situation in this thread.

 

I may never be able to repay the life debt. It is a great dishonor.

 

I'm in so much debt that I can't completely grasp how much I have to pay.

 

Most of us it seems has no need to keep up with the Jones.
Granted we all make mistakes, but by and large this isn't a debt support group.

 

I notice there is no..no mention of..loans taken out to finance my yacht fund.

 

$155k mortgage, $30k in student loans. :-(

 

I'm glad the JCC brain trust has let me know a mortgage isn't a debt. I'm $1,200 better off a month! Woohoo!