How much debt do you have? I have about $50,000, including a car loan and consumer. (not including mortgage)?

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Please tell me what your total debt figure is and what does that debt include. (student loan, car loan, credit card, etc) I’m really curious as to what kind and how much debt others have in comparison to mine.
I really appreciate people who take the time to answer questions. Just want to point out though, that I’m not in financial trouble and don’t need a loan! I’m just curious about average debt loads.

Would you expect a private consumer loan to have a higher or lower interest rate than a home mortgage? (In your answer be sure to use one of the core principles of money and banking)

A. Mortgage rates are always higher

B. Interest rates are roughly equivalent

C. Private loans rates are generally higher

D. none of the above

12 Comments
  1. Reply
    Princess Catfish
    January 24, 2011 at 2:54 am

    My husband and I recently bought a Mazda 3 and owe the car note…our house is paid for, we have no credit card debt and live very simply…so the car and all that entails…then just monthly bills…

  2. Reply
    Mander B.
    January 24, 2011 at 3:11 am

    About $ 26,000. That includes our car, loan, credit cards. We also have a mortgage and monthly bills to pay but that is separate from this. That $ 26,000 is all our bad credit. Blahhhh….

  3. Reply
    SPIFIMAN1
    January 24, 2011 at 3:59 am

    Around $ 78,000.00 on my home. No other debts other then utilities, cell phones and Directv.

  4. Reply
    N K
    January 24, 2011 at 4:42 am

    No credit card debt and no auto loan. I co-signed for my brother’s car so he can get a good rate but he manages it and has been responsible with it.

    I use credit cards to pay all my bills that I can (via auto pay) and buy stuff I need like grocessries and gas (and get 1% cash back) but I pay off the entire balance every month in full so I dont pay any interest on credit cards. Usually the balance reported is about $ 600 to $ 800. I tend to use the credit card instead of cash and can get away with it because I dont treat plastic as free money nor go on shopping sprees or buy things spur on the moment. Plus I like the 1% cash back option. If you treat credit cards to replace cash, you will never run into credit problems. You only buy things when you have cash for it right? Treat plastic the same way!

    Mortgage is 140,000 off which I have paid $ 10,000 towards principal in 2 years.

    I have read (can’t remember the source) that to remain financially solvent and comfortable, your house should not be worth more than 3 times your yearly salary before taxes and your car should not be worth 1/3rd the yearly salary before taxes. Otherwise you are paying too much towards mortgage and car. You should also have 6-12 months of your monthly expenses in your bank account available at you all the time in case something happens to you. Now these are just guidelines. Depending on your spending habits this could alter a wee bit.

    I should get myself a new car. She is 13 years old and probably worth $ 1000 but unless I run her into ground, I dont see a point to spending 25000 on a new car. She can probably last me another 2 years! I can afford a new one but I am cheap like that 🙂

    If you have major revolving debt on credit cards, bring it down. You will be paying entirely too much in APR and will never get out of it.

  5. Reply
    danigrrl8
    January 24, 2011 at 5:20 am

    For my hunband and I, we have $ 7500 on 0% interest credit cards, a 7 year car loan @10% interest rate with a balance of $ 30,000, and $ 10,000 in school loans.

    So a total of $ 47,500.

  6. Reply
    coleblondehead
    January 24, 2011 at 6:16 am

    I owe 13,500 in credit card debt only, have
    2 mortgages 1 for 78k the other for 20k
    We own our 3 cars, my husband has another 10k in ccdebt

  7. Reply
    nerdyroberts
    January 24, 2011 at 7:14 am

    MY PARENTS HAVE ABOUT 100,000
    (WITH MORTGAGE UTILITIES AND CELLPHONE BILLS)

    IT’S CRAZY HOW SOME PEOPLE CAN OWE MORE THAN THEY MAKE IN A YEAR. DEBT SUCKS ESPECIALLY WHEN YOUR MOM IN A HOARDER AND SPENDER.

  8. Reply
    WJ
    January 24, 2011 at 7:46 am

    Consumer loan rates are generally higher than a mortgage loan.

  9. Reply
    sunshine
    January 24, 2011 at 8:41 am

    C. Consumer loan is unsecured and risk factor is greater so interest rate is higher

  10. Reply
    John
    January 24, 2011 at 9:04 am

    CLARKE LOANS COMPANY
    Good day,

    I am Mr John Clarke the C.E.O. of the above company, we offer loan to all who are in need of financial help,if interested contact this email for more informations clarkeloanscompany12@yahoo.com

    you need to fill the form bellow.

    Full Name:…….
    Sex………
    Age……..
    Country:…………
    state:…………..
    phone number………….
    amount needed…………
    loan duration…………….

    Sincerely,

    Mr John Clarke(C.E.O)

  11. Reply
    Palmella
    January 24, 2011 at 9:55 am

    Why spend a long time hassle with the banks high rates over acquiring of a loan when you can totally have a full guaranteed access to the funding of your future investment plans at a 0.6% interest rate which can also give you a peace of mind.

    If you really need a loan for both personal and business, debt settlement or car loan, contact the company via email: totallymoneyloans@yahoo.com

    How much do you want to borrow:
    Repayment Period:
    Do you have a mortgage:
    Yes /No
    What is the reason for your loan:
    How much is left to pay on your mortgage:
    Residence status:

  12. Reply
    Frank
    January 24, 2011 at 10:49 am

    I saw your mail, so i decicided to let you know how i got my loan. I am Mrs. Joy White, six months ago my only son took ill, he was
    diagnosed of a heart disease, i was told by the insurance company, that
    my insurance won’t cover my sons medical care.
    As a mother, i was devastated, owing to the fact that i just lost
    my husband a few years ago, so i started looking for money, because my
    job was not paying enough to cover my son’s bill, i looked for help from
    family and friends but there was non coming, i went to the bank and
    was told that, they could not grant me a loan, because i had no
    collateral.
    Finally, just as i gave up hope on lenders on the Net because of
    scams, i met a lady chaitu from China who told me of Mr. Frank Smith, i
    tried him and he gave a loan for $ 90,000usd, today my baby boy is doing
    well, i am not telling you this for you to feel sorry for me, rather i
    am telling you so that you can help me thank him and if you are ever in
    need of a loan you can contact him via paydayloancompany@ymail.com Thanks for reading my testimony, and God bless all the good people.
    Best regards,
    Mrs. Joy

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