Spinoff to the credit card debit poll

How many of you had cc debt and or student loans when you bought your 1st home together and/or had kids?
DH and I are trying to hash out a plan.. just curious where you all were.

Re: Spinoff to the credit card debit poll

We had zero cc debt and zero student loans when we bought home. We were not sure if we could afford to have cc debt. Now we have a small balance that seems to be a running balance for us.

Re: Spinoff to the credit card debit poll

0 student debt
0 credit card
but i owe about 15k on my SUV, about 375 a month
didn't buy a home yet, but pre-qualified and looking

Re: Spinoff to the credit card debit poll

We have never had any cc debt.

But I have college loans still, and we are on our second house. Before we got married I paid like 3x the monthly amount then when we got married and bought our house I started just paying my regular amount. Its not a huge amount and I should just pay it off ...

DH didnt have any loans

Re: Spinoff to the credit card debit poll

we had some cc debt..not a ton and no student loans. They were paid off before that.

It took us a long time to save though.

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$0 credit card debt and about $20k remaining in student loans when we bought

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Student loan-$50,000
Credit card-$10,000

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$0 in CC debt and about $15k in student loans - no other debt - no children

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DHs student loans are paid off, but I will still have mine when we buy a house (about $12-15K). They are a low interest so it's not a big deal.

We don't have cc debt, but we do have a car loan that has another 4 years left. We can't wait until every single thing is paid off to move forward.

If we had substantial cc debt, we would rethink buying a house though.

Message edited 4/9/2010 11:50:48 AM.

Re: Spinoff to the credit card debit poll

$0 on CC
$25,000 in student loans that I DON'T have to pay thankfully

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We don't have kids yet, but we had no debt when we purchased our home. We are both very lucky to have parents who were able to pay for our college (& grad school in my case) educations, as well as our wedding. I am always very grateful for their generosity. Other than that, we don't accumulate CC debt, b/c we only purchase what we can pay for that month.

Re: Spinoff to the credit card debit poll

No outstanding debt when we bought (no CC, student loans, car loans etc.)

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We don't own a home yet but when we do I am sure we will have student loans. They are just not that easy to pay off.

We have no credit card debt though.

We have a small car loan that we could pay off if we wanted to - so when the time comes, if we need to pay it off to get better mortgage terms then we will.

Re: Spinoff to the credit card debit poll

$40k in student loans
$20k in credit cards
$25k in car loans

ETA: we own a home and have a 4.5 month baby

Message edited 4/9/2010 12:21:51 PM.

Re: Spinoff to the credit card debit poll

ZERO Credit Card Debt which we are very happy about. We made sure to pay everything off - we didn't have a lot but to maintain not having a single dollar on credit isn't the easiest. We just made sure to be STRICT.

Student Loans are tough - I am currently in school so you don't pay them until you are done. I'll probably have about $10,000. Vinny has a good amount - when it is all said and done, he has his Bachelor's Degree and his Master's Degree. He is certified to teach in four areas. It's about $45,000 for his student loans. Not terrible considering all the education he has but it's a lot.

Since he is a teacher he qualifies for SOME kind of program - whether it is through the State or the Federal gov't I have no clue - you'd have to ask him about it. But, from what I understand, he can put off having to pay any part of it until he has been working a few years and has some income under his belt - a few contracted raises, etc. no questions asked. So right now they are put off until he gets tenure - that way, by then we'll be more settled and I'll be teaching too so we'll have more income. Then, they estimate what your expenses are and what you make and give you a monthly payment that "fits" for you and is affordable. Then, after ten years of paying them or a certain amount of payments (whatever comes first) they are completely forgiven. Whatever balance you have left goes away. Again, I know NO specifics and it is something that new teachers are eligible for. Like, my sister has been teaching 11 years so she doesn't qualify although she wishes this was around then.

He had to fill out a lot of paperwork and qualify for this - it took him so long to complete everything and jump through all the hoops but he did. Now, the paperwork is being processed. That's that - again, I know nothing else about this lol sorry!

Anywho, that's the deal with that. I mean, student loans are not something I feel bad about - if we had CC debt then it would be different but an education is an important thing. For Vin, it means he'll have a nice job where he makes a good salary. The nicest part of all is that he ENJOYS what he does.

Re: Spinoff to the credit card debit poll

Thank you girls for your responses.. I know everyones cituations vary...

I thankfully have no student loans and a small cc debt about 3500 that I am agressively paying

Dh has student loans and 1 cc bill that is in excess of 10k but not more than 20K. We just are worried that this is a great time to buy.

If we sell my coop and pay off what we need to it doesnt leave us with a huge downpayment, but does leave us without cc debt. My sister has a house that is vacant and she offered it to us - if we want to stay and save some money...we would pay her very minimal.

I just dont know... Thanks for your input and listening

Re: Spinoff to the credit card debit poll

We had $0 CC debt and $5000 in student loans when we bought.

Re: Spinoff to the credit card debit poll

Well, that situation your sister offered you sounds great.

If you pay the CC debt completely - it sounds like you have little SL debt so that's great. That puts you in a good position to buy - just make sure you maintain NO debt on the CCs.

We live with my IL's right now until we close - but, to save and get into a financial position where we could get a house took a long time. We have lived with them for just under FOUR years. YEARS!!! LOL! It's been tough but DH changed career paths and I went back to school, we got married, my brother got hurt -- a ton of stuff happened during those years.

Now, finally, we are settled. That's why the situation your sister offered sounds perfect. That will allow you to make your debt next to nothing - if anything at all and save like crazy for the right place. You could, if you are aggressive, probably do it in about a year.

Then, it's a great time to buy - even in a year from now prices will still be good.

HTH!

Re: Spinoff to the credit card debit poll

Re: Spinoff to the credit card debit poll

I have to say kudos to all you ladies!!!

It takes a lot to not have cc debt or low cc debt and such...

Pat yourselves on the back!

Re: Spinoff to the credit card debit poll

Re: Spinoff to the credit card debit poll

Posted by DaniRella

Well, that situation your sister offered you sounds great.

If you pay the CC debt completely - it sounds like you have little SL debt so that's great. That puts you in a good position to buy - just make sure you maintain NO debt on the CCs.

We live with my IL's right now until we close - but, to save and get into a financial position where we could get a house took a long time. We have lived with them for just under FOUR years. YEARS!!! LOL! It's been tough but DH changed career paths and I went back to school, we got married, my brother got hurt -- a ton of stuff happened during those years.

Now, finally, we are settled. That's why the situation your sister offered sounds perfect. That will allow you to make your debt next to nothing - if anything at all and save like crazy for the right place. You could, if you are aggressive, probably do it in about a year.

Then, it's a great time to buy - even in a year from now prices will still be good.

HTH!

Re: Spinoff to the credit card debit poll

Posted by DaniRella

Posted by MrsBurgos09

Posted by DaniRella

Danielle - I wonder if that program only applies to him because hes a teacher? DH is a guidnace counselor in the Bx about to hit his tenure in 2011. He has his full certifcation and such. Yeah his student loans are about 45k which I mean - it is what it is...

Could you find out the name of the prgram? I dont mind doing the investigatiing.. just want to have an idea of what I am lookin for

Tx!

Are you a new teacher?

Yeah, I'll ask DH when he gets home.

Mind you, he's told me before but it goes in one ear, out the other!

Nope I work for a healthcare union right now and am finishing my masters. DH is the DOE employee... Which I love by the way - and hes great at what he does

Thanks for your help!

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We have never had CC debt, but we do have around $40K in student loans b/w both of us (we each have about $20K). I also still have around $3K on a car loan. We just bought our home last year so our debt amounts were about the same at that time.

Re: Spinoff to the credit card debit poll

DH had CC debt, I had none but still had school loans and a car payment.

I think the option to stay in your sister's house is ideal because you'll be able to save a lot more money faster. Next year will still be a great time to buy. Home prices won't be jumping up any time soon.