What Amount Would It Take To Get You Out Of Debt?

[Digging4Truth]

Originally Posted by Hoovie

I voted the first option. However, my company has some business debt. It is a separate identity, though.

Agreed.

[missourimary]

Originally Posted by Digging4Truth

...about 16K of that is my van... which is actually my mortgage because I refinanced my van and bought my land & house straight cash.

I wanna know where you live!!!

[Jeffrey]

Just a short time ago, I would have said "Nothing. I'm not in debt." So higher learning costs have changed that, and now student loans are growing. I'd say $25,000-$30,000 would be sufficient.

[Azzan]

I don't much care for the question either. It's too open ended.

I'm in the same boat as Michlow. The only debt I carry is a morgage but that puts me into the 100K plus bucket too.

I wonder how age and location factor into this poll?

[Digging4Truth]

Originally Posted by missourimary

I wanna know where you live!!!

LOL... Arkansas.

We decided we wanted to find a place with a few acres and without a big price. We searched and prayed for years. We actually almost bought another place and prayed one more time... God... you know if this is the deal for us... if it is then let it go through and if it's not then put a stop to it. It was an owner finance deal and the guy started putting all kinds of unreasonable demands on us at the last minute.

We came to look at a place about 20 miles up the road and decided we might as well go look here too. It is a nice little 3 bedroom 1 bath stick built home. (it is a 4 bedroom 2 bath now) on 3 acres. Fireplace with insert... great little place.

They wanted $28k when I first saw it. By the time I looked at it they wanted $24k. I decided to offer them $21k. I called my realtor and told her I wanted to see it one more time before putting in an offer.

She said... listen... this is a bank repo and it's been on the market for over a year. I wouldn't offer them over $10,000 but I'd be sure and put a nice earnest money check down so they'll have a hard time sending that back to you.

We offered $10k... they never batted an eye.

I was blown away. I could probably get $60k for this place now.

The problem was that you can't get financing for a $10k mortgage. So we got a call from Wells Fargo and they said they had been looking at our accounts and they felt they could loan us some money. They wanted to know if they could come by the house and talk to us (I've never heard of such a thing).

They decided that they could refinance my van with $9.8k cash out. I said... let's do it.

When God does it... it's miraculous.

[Digging4Truth]

Originally Posted by Azzan

I don't much care for the question either. It's too open ended.

I'm in the same boat as Michlow. The only debt I carry is a mortgage but that puts me into the 100K plus bucket too.

I wonder how age and location factor into this poll?

Yeah. But, at the end of the day, it still boils down to a "to each their own" issue. When I lived in Houston I lived in the outlying cities because that is where I had to live to find houses in the range i was willing to pay.\

Some are willing to pay $500,000. Some are not.
Some are willing to pay $250,000. Some are not.
Some are willing to pay $100,000. Some are not.

So our mortgage still reflects our own monthly outgo. The good part is that you have something for it. At least it's not credit card debt.


People who live debt free make some hard sacrifices to do so.
People who have large mortgages also make some hard sacrifices.

It just boils down to our life choices.

[Azzan]

Not entirely. Some of us may be in the beginnings of paying off a morgage while others are close to paying theirs off. And a 100K house may be a palace for some locations in the country, while in others, it's merely a bungalow.

[Apprehended]

Everything that I'm reading is to the affect that we are still a long way from the bottom as to housing deflation. What I am reading is that there is a second wave of housing foreclosure about to hit like a gigantic tsunami further depressing housing values.

Gracious!

Already there are millions living in their cars, vans, buses, tent cities, with friends/relatives, and other places. My heart broke when I read of the Jacksonville, Fla. police coming in upon a tent city with box cutter blades and started ripping and destroying the homeless people's shelter, the last remaining thing they had in this life.

It is my opinion that people need to get prepared for the great, great, inflationary financial collapse.

Beans and guns with ammo sounds like good advice. Can you imagine paying $17.00 for a banna as some are now predicting...or even $77.00 for a pound of coffee? Each time the wife goes to the grocery store she comes home with horror stories.

[Digging4Truth]

Originally Posted by Apprehended

Everything that I'm reading is to the affect that we are still a long way from the bottom as to housing deflation. What I am reading is that there is a second wave of housing foreclosure about to hit like a gigantic tsunami further depressing housing values.

Gracious!

Already there are millions living in their cars, vans, buses, tent cities, with friends/relatives, and other places. My heart broke when I read of the Jacksonville, Fla. police coming in upon a tent city with box cutter blades and started ripping and destroying the homeless people's shelter, the last remaining thing they had in this life.

It is my opinion that people need to get prepared for the great, great, inflationary financial collapse.

Beans and guns with ammo sounds like good advice. Can you imagine paying $17.00 for a banna as some are now predicting...or even $77.00 for a pound of coffee? Each time the wife goes to the grocery store she comes home with horror stories.

Yes sir... I sometimes say... people just don't understand what is coming but then I sit back in my seat and realize... neither do I. If I fully realized what was coming I'd be doing more.

[Digging4Truth]

I just thought of some "good debt".

Using my credit card to buy a bunch of silver.