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re: Besides a mortgage and car notes, what's the most amount of debt you've been in?
Posted on 10/8/24 at 4:22 pm to Jenious
Posted on 10/8/24 at 4:22 pm to Jenious
12k in credit card debt. Nearly 20 years ago. Basically only paying minimum payments. It was crushing and when we finally got out of it, we haven’t been back.
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Posted on 10/8/24 at 4:23 pm to Jenious
I participated with several of my law partners to purchase mineral leases. I was on a personal note for $100k.
Posted on 10/8/24 at 4:25 pm to Jenious
I used to farm. 1994 crop loan was $504,000 due in 14 months.
Posted on 10/8/24 at 4:36 pm to 777Tiger
Dealerships will usually limit the amount you can put on a card ($2k without GM approval, for instance.) the dealer is no way going to eat the 2-3% processing fee on $10k. Or they’ll add the fee to your transaction, in which you are literally paying for your own miles that are worth less than the $.
Posted on 10/8/24 at 5:24 pm to Jenious
$7,140,000 cash out refi
Posted on 10/8/24 at 5:27 pm to Jenious
25K boat note.
Posted on 10/8/24 at 5:28 pm to Jenious
quote:
My ex wife put us in a bind when we were newlyweds and ran up $12K in CC debt.
That is your damn fault for not knowing your families month to month finances.
Posted on 10/8/24 at 6:03 pm to Jenious
Student loans for the 3 children. Probably 125k. All loans have been satisfied
Posted on 10/8/24 at 10:49 pm to Ponchy Tiger
It’s not that simple. You can scream 529, 401k, savings, as much as you want, but they were built to spend your resources, because you have to clean the problem up to make the mortgage etc. it’s not their problem, it’s yours, because you can’t be a man that got his house taken away due to a tax lein, because nobody cares it’s because your wife spent $2k a month on clothes shopping alone. My ex somehow blew through $6k in three weeks on Nothing tangible (no travel, no Prada, nothing) before the divorce was finalized. I can barely spend that on a two week business trip to Tokyo.
Posted on 10/8/24 at 11:11 pm to Jenious
I have about 3m in mortgage debt. I sleep like a baby
Posted on 10/9/24 at 3:29 am to Jenious
I owed and owned a $2 million drydock for about a week, has a sale lined up before I bought it.
Posted on 10/9/24 at 4:07 am to armsdealer
quote:
Medical was close to two million at one point, but I never had to pay it fully back and it was mostly written off as charity, but hospitals over charge so they can give "charity" so they can maintain their not for profit status. It's a giant scam.
How does one go about getting medical debt written off?
Posted on 10/9/24 at 5:40 am to Jenious
$3.2 M in commercial development debt.
This was after being debt free for 7 years.
This was after being debt free for 7 years.
Posted on 10/9/24 at 6:00 am to Jenious
Outside of the scope of mortgage, cars or my old business debts as they went: I had about 15k in credit cards about 20 years ago that I dug myself out of.
It was tough because I didn't want to change my spending habits. I am amazed at people who have 3 or 4 times that and still continue spending. It makes me nauseous thinking about having that much credit card debt again now.
It was tough because I didn't want to change my spending habits. I am amazed at people who have 3 or 4 times that and still continue spending. It makes me nauseous thinking about having that much credit card debt again now.
Posted on 10/9/24 at 6:09 am to Oilfieldbiology
quote:
If you pay it off every month, is it really CC debt? When someone says they have $12k in CC debt I take that to mean they have $12k at the end of the month on their cards that they can’t cover. Am I interpreting this wrong?
You are correct...vast difference in CC balances that are 1-20 days old and CC balances that are 31 days and older. The first balance costs nothing to carry, the second one costs an arm and a leg. I don't consider our CC balances as debt, the money is sitting in the bank, its just one bucket of currency. Requires some discipline, I usually pay off the entire balance of all cards on Sunday evenings, but at times I forget or I am busy and it may be 2 weeks on the following Sunday. Its basically the same impact on cash flow as paying cash. I am not comfortable waiting to pay the entire balance on day 28 say, and doing it weekly gives a snapshot of weekly spending, not that we do bupkus about it LOL...
Posted on 10/9/24 at 6:12 am to Jenious
Never had debt until I got married. I’m about 60k in cc debit. It used to be a constant fight with wife, but I mainly know just focus on my health. Divorce would put me In a way bigger hole.
But I’ve traveled the world and have eaten in great restaurants
But I’ve traveled the world and have eaten in great restaurants
Posted on 10/9/24 at 6:22 am to Jenious
Federal income tax: every day you earn a salary, part of it goes to them.
Posted on 10/9/24 at 6:24 am to Jenious
Mid 20s, about 12k in credit card debt.
I had gone back to back to school and made it the first year and a half on savings before I started getting federal student loans. Got an internship that paid like $10 an hour. Covered all my bills but it was part time so I had to use credit for food and stuff. 12k in 2 years. Took me a while to pay it off because every time something would come up I'd have to use the card again since I wasn't saving much to try and pay it off. Paid the minimum for a year to build up some savings then knocked it out in a year. I was moving the balances from card to card to take advantage of low balance transfer rates. Rough times. Never missed a payment so it never did any lasting damage to my credit.
eta: currently have about 15k in student debt left. Low interest so not in any rush to pay it off. Might knock it out with my next bonus.
I had gone back to back to school and made it the first year and a half on savings before I started getting federal student loans. Got an internship that paid like $10 an hour. Covered all my bills but it was part time so I had to use credit for food and stuff. 12k in 2 years. Took me a while to pay it off because every time something would come up I'd have to use the card again since I wasn't saving much to try and pay it off. Paid the minimum for a year to build up some savings then knocked it out in a year. I was moving the balances from card to card to take advantage of low balance transfer rates. Rough times. Never missed a payment so it never did any lasting damage to my credit.
eta: currently have about 15k in student debt left. Low interest so not in any rush to pay it off. Might knock it out with my next bonus.
This post was edited on 10/9/24 at 6:28 am
Posted on 10/9/24 at 6:43 am to Bjorn Cyborg
quote:
OP was talking about debt in general and acted like $12k was a lot.
When you and your spouse are only making $7.50/hr each, it kind of is a lot.
Posted on 10/9/24 at 9:34 am to LemmyLives
quote:
Dealerships will usually limit the amount you can put on a card ($2k without GM approval, for instance.) the dealer is no way going to eat the 2-3% processing fee on $10k. Or they’ll add the fee to your transaction, in which you are literally paying for your own miles that are worth less than the $.
Recently bought two cars, two different makes. Both allowed me to put 5k. That’s the limit, and no processing fees.
Also was able to put 30k for my roof last year on the credit card. No fees for that either.
This post was edited on 10/9/24 at 9:35 am
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