What is your TOTAL debt?

[tk2kewl]

Poll question: What is your TOTAL debt?

Mortgages, car loans, student loans, home-equity loans, credit cards, etc.

[Nicholas D Wolfwood]

1. I'm in the >$50K category

Yet it still feels smothering. (Note, I'm 24 years old)

[tk2kewl]

2. Housing cost are extreamly high in NY metro area

BIG mortgages

[NewJeffCT]

3. about $220,000 of mortgage and that is it

We pay off our credit card each month and both our cars are less than 3 years old & paid off, and but we have about $220,000 of mortgage left on a house worth maybe $400,000.

So, we're doing okay.

[Nicholas D Wolfwood]

4. That's really damn good.

To have no long term debt outside of a mortgage? Very nice.

[NewJeffCT]

6. nope, none

We had a 3 year 0 percent loan on 1 car that we just finished paying off and we paid cash for the minivan last year.

[tk2kewl]

5. we could also do a net worth poll

$80K of my debt (over $300K) is on a house that I bought 10 years ago and is worth over $400K now and now rent it out

[cookies7]

13. We just bought a 2nd house to rent out

Can you tell me what the tax implications are on a 2nd home?

[tk2kewl]

14. it depends how you want to do it

PM me...

[cookies7]

15. Well, that's the one thing I haven't learned how to do yet

I have been looking for a way to do that and can't figure it out. HELP.

[cookies7]

16. Oh nevermind

I found it but it says I don't have enough posts yet to PM anyone. I wonder how many are "enough"

[tk2kewl]

20. hmmm... dunno

anyway, you have options, some kosher some not as kosher. That being said you should definitely ask an accountant what is best for you.

all above board... claim the rent as income, maintenance as expense and depreciate the value of the house writing off the depreciation. this will result in a big fat capital gain when you sell the house, but who knows, maybe there will be no capital gains tax by then <sarcasm>

not so kosher... claim it as second home and collect the rent under the table writing off the taxes and mortgage interest

[cookies7]

22. Husband is on SS (medical)

so we get back all he pays in through his pension, but I hope it doesn't count as earned income because he isn't allowed to work. I don't think it is. Also if renters claim rent payment I wonder if they check into it and if we don't claim it as income we would be in trouble.

[tk2kewl]

17. Click...

the icon above that looks like this

[cookies7]

18. Ya thanks, but see my previous post.

[La Lioness Priyanka]

7. $2000

[loudestchick]

8. house 70k/130k, stu loans 25k, cr cards 1k, 2 cars 15k

that makes me feel ill.

[motely36]

9. Just barely under 50,000

[htuttle]

10. Zero

I paid it all off, and refuse to incur any more credit debts.

[Jack_Dawson]

11. No WONDER Dems have no power

You're a bunch of renters!

:freak:

:beer:

[Jessica]

12. Below $50K

$9K car loan/$6K student loans/$5K credit cards (ouch) x(

[MISSDem]

19. My mortgage only, which makes me

under a $100,000.

[LSK]

21. how is a mortgage a debt? its not like you have a choice - own or rent

$148k with mortgage

$4.7k not counting mortgage but soon to be paid off

[Nay]

23. Mortgage only, and it's half paid off.

We pay off credit cards monthly -- no car payments. Used cars.

[tk2kewl]

24. used cars are the way to go

i think new cars are extravagant wastes of money

[Nay]

28. Aren't they? A complete waste of money in a country awash in

cheap used cars. It's a tribute to the power of advertising and the greediness of the American public that any new cars get sold. But, as long as there are a bunch of suckers, you and I can have our pick of used ones, eh?

[GOPisEvil]

25. $90-ish-thousand left on the mortgage. Under $2k in credit cards!

[Nadienne]

26. Waaaayyyy less than $50,000

About $7,000. One student loan ($3,000), and one credit card ($2,000). And I owe my dad $2000 for the car I bought from him. I'm trying to save up to make a good down payment on a house, but that's going very slowly.

[Lady Effingbroke]

27. ZERO.

What little I own is mine free and clear - trailer, car, etc. $0.00 balance on my one credit card, which is strictly for emergencies.

I am of the firmly considered belief that the less you own, the better off you are...the more crap you have, the more time you spend taking care of and worrying about it.

Just my 2¢.

[Indiana_Dem]

29. About $15,000 total

That includes mortgage @ $8000 left, credit cards @ $6400, and student loan @ $700 left. No car payments. Working on the credit card debt. Hopefully, the tax return will help decrease it by $1500 to 2000 making total debt by May around $11,000 I pray! I've been paying $400/month off in credit to get it paid down.