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re: Top three US metros with the most non-mortgage debt per household have something in common
Posted on 2/5/25 at 6:20 am to ronricks
Posted on 2/5/25 at 6:20 am to ronricks
quote:
I wouldn’t be able to sleep at night with $10,000 in credit card debt much less adding an $800 car payment and tens of thousands in student loan debt
I could tell you stories that would make your hair stand up.
1
Posted on 2/5/25 at 6:23 am to H2O Tiger
quote:
That reminds me, I need to get a new boat, and those 2025 Yukons are looking sweet.
It's amazing how many people will go into significant debt to pay for toys.
Posted on 2/5/25 at 6:44 am to rickgrimes
The more money I make, the more debt I can handle. Houston not surprising but Austin and San Antonio, surprising, if it was based on income ratio. Now, perhaps the housing prices compared to income ratio is not as high in those cities compared to other major metropolitan areas, so they can afford more non-mortgage debt.
Posted on 2/5/25 at 6:52 am to rickgrimes
Not surprised at all
Texas and the south in general have a major keeping up with the jones problem
Texas and the south in general have a major keeping up with the jones problem
Posted on 2/5/25 at 6:53 am to rickgrimes
Could also very well mean that there is a growing populous of recent grads and young family’s who would normally have a high level of debt starting a family just finishing wrapping up college and maybe renting a home vs getting a mortgage…which would be a positive for a bustling metropolitan scene!
Posted on 2/5/25 at 6:56 am to rickgrimes
They haven’t even started online sports betting in Texas yet
Posted on 2/5/25 at 6:56 am to LemmyLives
quote:
I learned the term "$30k millionaire" from someone that was from Dallas.
That's the difference, b/c the baws in SWLA (who do tie themselves up with debt) are more like $140k millionaires, so they can afford more of their excess.
Posted on 2/5/25 at 6:59 am to ManWithNoNsme
quote:
Really don’t care much to me. Im a millionaire. Eating a can of chili beans
Sell your house to pay off the $1,000 in credit card debt. Beans and rice.
Posted on 2/5/25 at 7:04 am to rickgrimes
I figured DFW would be #1 by a mile but Austin is the most expensive place to live in Texas now.
Posted on 2/5/25 at 7:04 am to rickgrimes
The difference between first and 31st is less than 10K. Not sure they are making the point they think they are.
Posted on 2/5/25 at 7:16 am to LATIGERFAN
quote:
Austin
quote:
perhaps the housing prices compared to income ratio is not as high in those cities
It's really high
Posted on 2/5/25 at 7:27 am to rickgrimes
I’m curious how my debt would be recorded here. I only owe a vehicle note. I could pay it off but the interest rate is just north of 2%, so I can make more in investments than I would if I withdrew from investments to pay off that debt.
I also do not use cash to pay for anything. All expenses go on credit cards and the statement balance gets paid off in full every month so there are no interest charges. Interest free debt is only carried for 30 days on each credit card.
My car will show up as debt, but it’s still a good financial practice. I just don’t know if my credit cards will show up as a $6,000 debt even though it’s paid off monthly and does not cost me a dime in interest.
I also do not use cash to pay for anything. All expenses go on credit cards and the statement balance gets paid off in full every month so there are no interest charges. Interest free debt is only carried for 30 days on each credit card.
My car will show up as debt, but it’s still a good financial practice. I just don’t know if my credit cards will show up as a $6,000 debt even though it’s paid off monthly and does not cost me a dime in interest.
This post was edited on 2/5/25 at 8:14 am
Posted on 2/5/25 at 7:47 am to Ace Midnight
quote:
quote:
I wouldn’t be able to sleep at night with $10,000 in credit card debt much less adding an $800 car payment and tens of thousands in student loan debt
I could tell you stories that would make your hair stand up.
But the $250k in student loan debt was necessary for munchkin to follow her dreams of studying sociology out of state! Think of how she'd feel if she "had" to start at a community college? (F you, Mingo.)
This post was edited on 2/5/25 at 7:48 am
Posted on 2/5/25 at 7:53 am to rickgrimes
Those three “metro” areas probably have another thing in common - they are heavily populated with above-the-average metro area people that have higher pay, better education and better credit to obtain and maintain the debt.
Posted on 2/5/25 at 8:01 am to rickgrimes
Of the three debts I see posted (auto, student, and CC) the only one that would really trouble me is CC, unless you’re using your CC as a business loan/line of credit.
Posted on 2/5/25 at 8:09 am to IT_Dawg
quote:
IT_Dawg
You're an idiot.
quote:Read the chart
Car loan, credit card, school loan, bank loan, business loan, court ordered, lawsuit, bookie, loan shark, titlemax, etc
Posted on 2/5/25 at 8:18 am to Pvt Hudson
quote:Austin, sure
Those three “metro” areas probably have another thing in common - they are heavily populated with above-the-average metro area people that have higher pay, better education and better credit to obtain and maintain the debt.
Not Houston and SA
Posted on 2/5/25 at 8:31 am to GreatLakesTiger24
quote:
Not Houston
You're insane. There is a ton of money in Houston, who do you think pays for all the Aggy players? San Antonio, yes, trashy.
Posted on 2/5/25 at 8:47 am to ronricks
quote:
wouldn’t be able to sleep at night with $10,000 in credit card debt
Depends on the scenario. I used to run about $53k a month on an Amex. It was paid on time every month but if you pulled to balance at the “right” time it probably looked scary.
I was stacking up flight miles like crazy though.
Posted on 2/5/25 at 9:01 am to GreatLakesTiger24
quote:
Austin, sure Not Houston and SA
Not houston?
What on earth?
And while SA is certainly 4th on the list for wages of the big 4 Texas cities, it probably has more people making “good” money than the entire state of Louisiana.
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