Comments on: Tell me a story about your debt http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 12 Feb 2012 18:46:58 +0000 hourly 1 http://wordpress.org/?v= By: Consumer Debt in America | Eric's Blog http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-123860 Consumer Debt in America | Eric's Blog Sun, 16 May 2010 15:19:43 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-123860 [...] This arti­cle and it’s com­ments are quite sad. [...] [...] This arti­cle and it’s com­ments are quite sad. [...]

]]> By: amy http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-95062 amy Mon, 13 Apr 2009 20:05:06 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-95062 Me and my husband are very much in debt...and no signs of getting out soon. He is the only one working as we have 3 kids and one that has epilepsy and needs tons of time and attention. He brings home roughly 4k a month..we have a mortgage, 2 cars and all of the normal bills people generally have. Then we have our credit card debt. One card is maxed out at 9k....the other is maxed at 7k and then we transferred some debt into a loan that is at 20 k .....we are barely keeping our heads above water...is there anything you can tell us to do differently to help us learn to swim again. Me and my husband are very much in debt…and no signs of getting out soon. He is the only one working as we have 3 kids and one that has epilepsy and needs tons of time and attention. He brings home roughly 4k a month..we have a mortgage, 2 cars and all of the normal bills people generally have. Then we have our credit card debt. One card is maxed out at 9k….the other is maxed at 7k and then we transferred some debt into a loan that is at 20 k …..we are barely keeping our heads above water…is there anything you can tell us to do differently to help us learn to swim again.

]]> By: Tell me a story about your debt « I Will Teach You To Be Rich | Personal Finance and Me http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-94134 Tell me a story about your debt « I Will Teach You To Be Rich | Personal Finance and Me Sun, 05 Apr 2009 07:54:54 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-94134 [...] Originally posted here: Tell me a story about your debt « I Will Teach You To Be Rich [...] [...] Originally posted here: Tell me a story about your debt « I Will Teach You To Be Rich [...]

]]> By: Jackie http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-88503 Jackie Sat, 07 Feb 2009 06:16:28 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-88503 My question isn't about my debt, but potentially my future debt when I get married. My fiance has 50,000 in loans almost all of his pay check is gone in bills. His situation is complicated: he got a 30,000 dollar student loan. He used 10,000 for school expenses then his mom asked for 20,000 dollars that was left so he wired it to her. She sad she was going to use that money to buy a new car. He was going to use that money for a used vehicle. He still needed a vehicle so he ended up taking out more money to buy a vehicle. He's family has bad finacial practises it seems. I am scared to get into a huge finical debt. I have asked him to try to get the money back from his mom, but since then his parents have gone through a divorce. What should be done about this situation? Should his mom be paying some money back? Should his dad who now has the car sell it to put towards the payment? Is this something that could ruin our marriage down the road? I need some help! My question isn’t about my debt, but potentially my future debt when I get married. My fiance has 50,000 in loans almost all of his pay check is gone in bills. His situation is complicated: he got a 30,000 dollar student loan. He used 10,000 for school expenses then his mom asked for 20,000 dollars that was left so he wired it to her. She sad she was going to use that money to buy a new car. He was going to use that money for a used vehicle. He still needed a vehicle so he ended up taking out more money to buy a vehicle. He’s family has bad finacial practises it seems. I am scared to get into a huge finical debt. I have asked him to try to get the money back from his mom, but since then his parents have gone through a divorce. What should be done about this situation? Should his mom be paying some money back? Should his dad who now has the car sell it to put towards the payment? Is this something that could ruin our marriage down the road? I need some help!

]]> By: Michael http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-78440 Michael Thu, 30 Oct 2008 20:44:36 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-78440 The purpose of your debt and how you manage it determine the outcome. I am 25 years old and over one million dollars in debt. However, I don't let it stress me out or bring negative energy into my life. I am young, successful and determined to live the lifestyle I have envisioned for myself by the age of 30. I am using leverage and maximizing the use of the great credit I have earned through consistent payments on mortgages, auto loans and credit cards. I have been blogging for the past two months on some of the current things I am involved in. Please check it out and leave your comments at: http://www.amillionindebt.blogspot.com/ The purpose of your debt and how you manage it determine the outcome. I am 25 years old and over one million dollars in debt. However, I don’t let it stress me out or bring negative energy into my life. I am young, successful and determined to live the lifestyle I have envisioned for myself by the age of 30. I am using leverage and maximizing the use of the great credit I have earned through consistent payments on mortgages, auto loans and credit cards. I have been blogging for the past two months on some of the current things I am involved in. Please check it out and leave your comments at: http://www.amillionindebt.blogspot.com/

]]> By: Devildog144 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-77462 Devildog144 Mon, 20 Oct 2008 01:25:17 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-77462 I'm in the Marines, and make $1500 a month. My only bills are my nephew's school tuition at $250 a month (my sister and I share the cost), Internet at $50, cell phone at $60, and credit card debt (3000)at $200. I save 20% of my monthly income in an IRA. I plan to extend my tour in Iraq to a year so I can pay off my debt, buy a used car cash down, fund a trip to Europe, and still have enough left over to invest. Before I get out, I'll do doing another tour so I can save money to study abroad when I get out to go to college. I have a free ride to college all the way to master's. I already have my associate's degree. I have a partial scholarship for four years that pays for 75% of tuition and fees. With a part-time job, I'll be good to go financially. I can get two BAs. Then with the new GI bill, I can get my master's. I’m in the Marines, and make $1500 a month. My only bills are my nephew’s school tuition at $250 a month (my sister and I share the cost), Internet at $50, cell phone at $60, and credit card debt (3000)at $200. I save 20% of my monthly income in an IRA. I plan to extend my tour in Iraq to a year so I can pay off my debt, buy a used car cash down, fund a trip to Europe, and still have enough left over to invest. Before I get out, I’ll do doing another tour so I can save money to study abroad when I get out to go to college. I have a free ride to college all the way to master’s. I already have my associate’s degree. I have a partial scholarship for four years that pays for 75% of tuition and fees. With a part-time job, I’ll be good to go financially. I can get two BAs. Then with the new GI bill, I can get my master’s.

]]> By: Catherine http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-71872 Catherine Tue, 02 Sep 2008 03:40:08 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-71872 Hello my gross list is as follows: Student loans..around 32K.. CCdebt 5100,4100,7800 Personal Loan 20K car 1-5800 car2-24K Savings 17K ed savings 1K Annual income...95K We are on a serious get debt free route...we moved from our beautiful home into a shack of an apartment with our two children to get out of debt and provide for them better. We will buy a new home as soon as this is all cleared up...1 year goal for all debt except student loans. Hello my gross list is as follows:

Student loans..around 32K..
CCdebt 5100,4100,7800
Personal Loan 20K
car 1-5800
car2-24K
Savings 17K
ed savings 1K
Annual income…95K
We are on a serious get debt free route…we moved from our beautiful home into a shack of an apartment with our two children to get out of debt and provide for them better. We will buy a new home as soon as this is all cleared up…1 year goal for all debt except student loans.

]]> By: anthony http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-69204 anthony Thu, 07 Aug 2008 15:51:56 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-69204 First off, i would like to say that is a fantastic blog where people can tell their stories. I am 21 living in Canada. I am currently a student enrolled in University. I have no debt and have money in savings. What i can tell people is don't live beyond your means and try to save as much as you can, if you can even if it is a penny. Living in Canada helps because health care is covered. Anything can happen in life, therefore, you have to expect the unexpected. People with student loans, have those student loans because they want to better their education, in hopes for a better life. Student loans and Mortgages are debt for the better(but still debt) People who have credit card debt should pay it off as soon as possible. I can only read what people are going through. I can only suggest that live within your means and try to pay off your debt as soon as possible. Some people are fortunate than others and i can only wish the best to people that have debt. It is not the end of the world if you have debt, even though you might think so. Just pull through and stay positive and please if you are in debt , don't spend money on things you can't afford. It will only make things worse for you and your family. First off, i would like to say that is a fantastic blog where people can tell their stories. I am 21 living in Canada. I am currently a student enrolled in University. I have no debt and have money in savings. What i can tell people is don’t live beyond your means and try to save as much as you can, if you can even if it is a penny. Living in Canada helps because health care is covered. Anything can happen in life, therefore, you have to expect the unexpected. People with student loans, have those student loans because they want to better their education, in hopes for a better life. Student loans and Mortgages are debt for the better(but still debt) People who have credit card debt should pay it off as soon as possible. I can only read what people are going through. I can only suggest that live within your means and try to pay off your debt as soon as possible. Some people are fortunate than others and i can only wish the best to people that have debt. It is not the end of the world if you have debt, even though you might think so. Just pull through and stay positive and please if you are in debt , don’t spend money on things you can’t afford. It will only make things worse for you and your family.

]]> By: Becky http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-68509 Becky Sat, 02 Aug 2008 16:24:14 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-68509 Wow. I guess I'm not alone. I'm 28, and I have $60,000 of student loan debt for both bachelor's (journalism) and master's degrees. Add to that $7,000 in credit card debt and $12,000 for a car loan. I was so desperate to pay off my loans that I enlisted for a five year term in the military as a broadcast journalist. I paid off my credit card debt with part of my $12,000 bonus, and now I'm waiting for my loan repayment benefit to kick in (the army pays back up to $65,000 of loan debt - one third of it after each year of service). I've only been in for ten months now, so I haven't seen the first payment yet. Right now I'm just trying to keep up with the accruing interest on my student loans, which totals over $200 a month. Joining the military was a drastic move, but I was serious about getting rid of my debt. I hope that in four years all my debt will be gone, I'll have money saved, and I'll hopefully have enough job experience to get a decent paying job in broadcasting as a civilian. Wow. I guess I’m not alone. I’m 28, and I have $60,000 of student loan debt for both bachelor’s (journalism) and master’s degrees. Add to that $7,000 in credit card debt and $12,000 for a car loan. I was so desperate to pay off my loans that I enlisted for a five year term in the military as a broadcast journalist. I paid off my credit card debt with part of my $12,000 bonus, and now I’m waiting for my loan repayment benefit to kick in (the army pays back up to $65,000 of loan debt – one third of it after each year of service). I’ve only been in for ten months now, so I haven’t seen the first payment yet. Right now I’m just trying to keep up with the accruing interest on my student loans, which totals over $200 a month. Joining the military was a drastic move, but I was serious about getting rid of my debt. I hope that in four years all my debt will be gone, I’ll have money saved, and I’ll hopefully have enough job experience to get a decent paying job in broadcasting as a civilian.

]]> By: Jaime http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt/#comment-67028 Jaime Wed, 23 Jul 2008 12:51:17 +0000 http://www.iwillteachyoutoberich.com/blog/tell-me-a-story-about-your-debt#comment-67028 I turned 31 in May. Once I hit 30, it really changed my mindset as far as my finances go. I had a rough start financially. I had to completely pay for my entire college education and living expenses since the age of 17. I've always worked full time all through school. Living off of a meager salary and commuting to college was very overwhelming financially but I managed. By the time I finished up my bachelors degree, I had $47000 in student loans and $25000 in credit card debt. Fortunately, I am very diligent about paying my credit card debt on time. I've never had a late payment. I currently have two credit cards with 9% APR and a balance of $20000. I make about $45000 a year, contribute 14% to my 401K, $50 a month automatically in a ROTH, and $100 a month in a savings account. In a year and a half, I've built up almost $6000 in my 401k, and over $1000 in my savings and ROTH while trying to slowly eliminate my debt. My debt won't go away overnight and I recognize the importance of saving while I try to pay it down. I'm optimistic that I can make very strong financial strides in the next 2 years so I can focus on my next goal: saving for a condo. I know that slowly I will get my credit card debt eliminated. It sucks but I feel lucky that at least I have a good interest rate and a job that I enjoy. Good luck to everyone. :) I turned 31 in May. Once I hit 30, it really changed my mindset as far as my finances go. I had a rough start financially. I had to completely pay for my entire college education and living expenses since the age of 17. I’ve always worked full time all through school. Living off of a meager salary and commuting to college was very overwhelming financially but I managed. By the time I finished up my bachelors degree, I had $47000 in student loans and $25000 in credit card debt. Fortunately, I am very diligent about paying my credit card debt on time. I’ve never had a late payment. I currently have two credit cards with 9% APR and a balance of $20000. I make about $45000 a year, contribute 14% to my 401K, $50 a month automatically in a ROTH, and $100 a month in a savings account. In a year and a half, I’ve built up almost $6000 in my 401k, and over $1000 in my savings and ROTH while trying to slowly eliminate my debt. My debt won’t go away overnight and I recognize the importance of saving while I try to pay it down. I’m optimistic that I can make very strong financial strides in the next 2 years so I can focus on my next goal: saving for a condo. I know that slowly I will get my credit card debt eliminated. It sucks but I feel lucky that at least I have a good interest rate and a job that I enjoy. Good luck to everyone. :)

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