re: Besides a mortgage and car notes, what's the most amount of debt you've been in?

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quote:$12K in CC debt.

LOL at this being a lot of debt.

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How the frick are people ok with just floating $12k in credit card debt? Isn’t this at like 20%+ APR? How do you not pay off your credit card every month?

Mortgage and Car Loans are the only big debts I have.

I have resisted using a credit card my entire life until last year. The insane inflation pressures since 2021-ish have forced my hand as the same things I budgeted for and could afford before are now 20%+ more expensive.

I have about $1,400 balance right now between my credit card and Paypal credit. I hate it but it has helped with getting things I need for the kids, the house, etc. that I can just pay off slowly.

I'll be getting a very nice bonus on 11/1 which will allow me to pay off the rest of my wife's car (~6k) and all of the $1,400 balance which will free up about $600/month in payments.It can't come soon enough.

~$175k of student loans after finishing MBA (this is after sinking ~$50k of my own money and a $50k fellowship).

But FWIW, I paid all mine off and not bitching about it as I made that choice. All in all, it seems like it will be a worthwhile investment by the 10 year post-graduation mark.

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I am. And I married a classmate. Deep hole but a big ol’ shovel.

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Baller!

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Legally it’s probably pretty difficult to reclaim something given as a “gift” for an engagement/proposal

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I'm pretty sure it's given as a "conditional gift" with the condition being marriage. So I think there is legal ground for this.

This is the reason you often hear to never propose on Christmas, birthdays, etc -- it gets murkier and can be construed as a gift.

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Never forget that the money they loan out to you doesn't actually exist before they loan it to you, that they did nothing to earn it but loan out fake money to others and they only have a legit 10 at stake in any given transaction, and that they won't hesitate to take 100% of your real assets.

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I don't think he was overly concerned with the money, his concern was standing tall before the man if it went south. He was a branch manager and personally made the loan...if it went south I suspect he'd have to answer for it. He was certainly a good friend....

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Back when I was building spec houses and developing property it was nothing for me to be a few million in the hole. What's crazy about that is I was in my mid-20s and the banks were willing to loan me that much money. This was pre housing crash of 2009 so money for RE investments was easy to obtain.

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You had to hide behind a tree to keep bankers from hitting you in the head with a bag of cash. Damndest thing I ever dreamed of. What's was really surreal even when you were making deals everyone involved would mention the bottom falling out....we all knew it wasn't normal nor sustainable but man it was a ride. I knew it was coming to a screeching halt when people started taking their retirement savings and leveraging spec houses when the only housing market experience they had in their lives was applying for and paying for the mortgage on their house. Making a living building spec houses is a razor blade experience....it is not for the inexperienced and mostly not for the very experienced....it takes a LOT of work and more risk tolerance than jumping out of an airplane. Here's a sign you in over your head....if you don't know what kind of faucets and light fixtures your putting in the damned thing before you sign a building loan you are about 180 miles behind the 8 ball. "Its only $8 more" has landed a heaping pile of very good builders in bankruptcy court....

Bookie for 5k

25k student loan debt. Still have about 14k to go and am in zero rush to pay it off

wasn't too long ago really... carried a bit on the CC (about 5k or so just from living a bit outside means..vacations etc) then had a kid and was not ready for the recurring massive bills from the hospital which I also put on there, add more from being single income household, then getting smacked with a large tax bill.

At it's worse it was 17 k beginning of this year... as I sit now here in Oct it's down just below 8k and dropping. Still a single income household, but Ive found some common sense ways to save and thankfully have gotten some life changing promotions.

I've learned my young life lesson though..CCs are a frick around and find out QUICK proposition.