Comments on: We’re In Debt: $150,679 In Debt, To Be Exact http://frugaldad.com/2009/12/04/we-are-in-debt/ Money Saving Insights: Coupons, Smart Spending and Promotional Codes Sun, 12 Feb 2012 17:23:02 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Honey http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-41143 Honey Sun, 09 May 2010 01:45:50 +0000 http://frugaldad.com/?p=4178#comment-41143 He worked during the first and second summers (the third he was studying for the bar). But his summer internships were in different cities than where he was going to school, so he had to pay double rent during those times and so it wasn't enough, especially because he couldn't work during the regular semester. It's done now in any case, he's been graduated 3 years. $40K in credit cards even after paying off almost $20K, and interest only on the $100K in student loan debt. It's done now... He worked during the first and second summers (the third he was studying for the bar). But his summer internships were in different cities than where he was going to school, so he had to pay double rent during those times and so it wasn’t enough, especially because he couldn’t work during the regular semester.

It’s done now in any case, he’s been graduated 3 years. $40K in credit cards even after paying off almost $20K, and interest only on the $100K in student loan debt. It’s done now…

]]> By: Kim http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-41141 Kim Sun, 09 May 2010 00:45:52 +0000 http://frugaldad.com/?p=4178#comment-41141 That's not true that they don't let you work in law school. You're using it as a cop out. I worked for 2 of the 3 years in law school, and kept my debt to $50k. Did I have a 4.0? No, but I did graduate with a good job in May 2009, even in a terrible economy. Ignore your career counselors, they are only coddled by BigLaw. That’s not true that they don’t let you work in law school. You’re using it as a cop out. I worked for 2 of the 3 years in law school, and kept my debt to $50k. Did I have a 4.0? No, but I did graduate with a good job in May 2009, even in a terrible economy. Ignore your career counselors, they are only coddled by BigLaw.

]]> By: Myrs http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-41071 Myrs Fri, 07 May 2010 09:03:57 +0000 http://frugaldad.com/?p=4178#comment-41071 Jesus, This is insane.. I come from a family who's had it hard; My dad is a teacher but can't work anymore due to health issues and my mom hasn't been able to work for ~10 years due to her back. I'm 21 and just about a month shy from getting my bachelors degree..I pay everything myself (insurance to tutition to phone bills) and i have about $8000 in savings, from working insanely hard these past few years, next to going to school. (my dumbest purchase was buying two cars at a police auction three weeks ago. Though it only cost me $1500, i now have two cars for which i'm paying insurance and tax, and i need to get rid of them. fast. I -hope- i can make some money out of the deal, so much for my entry into car dealing ;) ) I should note that I live in Europe (dutch), so universities don't charge exorbitant amounts of money, though everything else is more expensive in Europe. Daily, I am worried that i'm not saving enough and on the road to financial bankruptcy. My question is: Why lend so much when it should also be possible to work first and buy later? I honestly don't mean to be holier-than-thou but shouldn't it have been possible to do everything you did -save paying tuition - without aquiring such a debt? Jesus, This is insane.. I come from a family who’s had it hard; My dad is a teacher but can’t work anymore due to health issues and my mom hasn’t been able to work for ~10 years due to her back. I’m 21 and just about a month shy from getting my bachelors degree..I pay everything myself (insurance to tutition to phone bills) and i have about $8000 in savings, from working insanely hard these past few years, next to going to school. (my dumbest purchase was buying two cars at a police auction three weeks ago. Though it only cost me $1500, i now have two cars for which i’m paying insurance and tax, and i need to get rid of them. fast. I -hope- i can make some money out of the deal, so much for my entry into car dealing ;) ) I should note that I live in Europe (dutch), so universities don’t charge exorbitant amounts of money, though everything else is more expensive in Europe. Daily, I am worried that i’m not saving enough and on the road to financial bankruptcy. My question is: Why lend so much when it should also be possible to work first and buy later? I honestly don’t mean to be holier-than-thou but shouldn’t it have been possible to do everything you did -save paying tuition – without aquiring such a debt?

]]> By: Honey http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-41030 Honey Wed, 05 May 2010 20:50:18 +0000 http://frugaldad.com/?p=4178#comment-41030 My boyfriend and I have ~100K in student loan debt APIECE and he also has about $40K in credit card debt because you aren't allowed to work while in law school. Which is a nice way for them to set you up for being chained to a desk for the rest of your life... My boyfriend and I have ~100K in student loan debt APIECE and he also has about $40K in credit card debt because you aren’t allowed to work while in law school. Which is a nice way for them to set you up for being chained to a desk for the rest of your life…

]]> By: Renata http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-41007 Renata Wed, 05 May 2010 15:52:01 +0000 http://frugaldad.com/?p=4178#comment-41007 I completely agree with Lisa, I lived with my husband in a studio for years to keep costs down while studying, and it was hard due to odd hours for studying, but you have a goal to reduce your debt you need to make sacrifices. Also agree that you should most definitely eliminate the debt before having children, not just "reduce most of it". Think of it that way, if you make it so that you won't have a baby before you eliminate the debt, it will push you to eliminate it faster. If you think that the trouble of a used car is too much for you now, believe me a child will be so much more. I also agree with another poster who said paid as much in rent and lived with half of your salary. You should be able to put at least 30K towards that debt. Good luck in getting rid of it! I completely agree with Lisa, I lived with my husband in a studio for years to keep costs down while studying, and it was hard due to odd hours for studying, but you have a goal to reduce your debt you need to make sacrifices. Also agree that you should most definitely eliminate the debt before having children, not just “reduce most of it”. Think of it that way, if you make it so that you won’t have a baby before you eliminate the debt, it will push you to eliminate it faster. If you think that the trouble of a used car is too much for you now, believe me a child will be so much more. I also agree with another poster who said paid as much in rent and lived with half of your salary. You should be able to put at least 30K towards that debt. Good luck in getting rid of it!

]]> By: 44 Ways to Ruin Your Financial Life By Age 30 http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-40897 44 Ways to Ruin Your Financial Life By Age 30 Mon, 03 May 2010 09:02:17 +0000 http://frugaldad.com/?p=4178#comment-40897 [...] 1. Take out three times as much in student loans as your first year’s salary. I’m all for following your passions, but if your passion only pays $35,000 a year, please reconsider borrowing $100k to get the required degree. Here’s more from a couple that owed more than $100,000 in student loans. [...] [...] 1. Take out three times as much in student loans as your first year’s salary. I’m all for following your passions, but if your passion only pays $35,000 a year, please reconsider borrowing $100k to get the required degree. Here’s more from a couple that owed more than $100,000 in student loans. [...]

]]> By: Lisa http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-39075 Lisa Wed, 17 Mar 2010 05:04:14 +0000 http://frugaldad.com/?p=4178#comment-39075 Hi! Move into a studio apartment for 2-3 years to get this paid off. My husband and I& son live on $23,500 a year before taxes.We pay around $500 a month for health insurance. This debt would make me just sick, as we don't believe in owing people.You can rent a studio apartment here for $329-$400 a month & that's all utilities included. In your area you ought to be able to find a studio for at least $600 a month , which would give you the rest to put toward debt pay off. I'd start with the family first, as sometimes this can ruin relationships.God bless, Lisa Hi! Move into a studio apartment for 2-3 years to get this paid off. My husband and I& son live on $23,500 a year before taxes.We pay around $500 a month for health insurance. This debt would make me just sick, as we don’t believe in owing people.You can rent a studio apartment here for $329-$400 a month & that’s all utilities included. In your area you ought to be able to find a studio for at least $600 a month , which would give you the rest to put toward debt pay off. I’d start with the family first, as sometimes this can ruin relationships.God bless, Lisa

]]> By: Chris http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-36056 Chris Tue, 05 Jan 2010 23:39:46 +0000 http://frugaldad.com/?p=4178#comment-36056 Chris, Hi, I'm yet one more Chris! Common name, huh? Like some of the other posters, I applaud you for facing the numbers. I'm looking forward to seeing your progress and watching you play hard ball with those debts. Looking through all the comments, I didn't see anybody suggest applying the Debt Snowball to all those debts. Some people suggested reading Dave Ramsey. If you do that, you'll read about the Debt Snowball. With your debt load, I'm sure you'll be able to pay your debts off at least 50% faster by Snowballing them. And that, of course, will come with a nice savings in interest as well. Chris Chris,

Hi, I’m yet one more Chris! Common name, huh? Like some of the other posters, I applaud you for facing the numbers. I’m looking forward to seeing your progress and watching you play hard ball with those debts.

Looking through all the comments, I didn’t see anybody suggest applying the Debt Snowball to all those debts. Some people suggested reading Dave Ramsey. If you do that, you’ll read about the Debt Snowball.

With your debt load, I’m sure you’ll be able to pay your debts off at least 50% faster by Snowballing them. And that, of course, will come with a nice savings in interest as well.

Chris

]]> By: Jenny http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-35196 Jenny Fri, 11 Dec 2009 20:33:27 +0000 http://frugaldad.com/?p=4178#comment-35196 To Chris and Chris' Wife, Bless you for being so patient with some very intolerable people. Having debt is bad, but you did not commit a crime and shouldn't have to explain your purchases to anyone. You made mistakes, you are in debt, and now you are working to get out of it. The only thing anyone on here should do is commend you for making that decision and deciding to turn your finances around. Constructive comments are good, but ride a bike to work?? That is just not realistic for everyone. My fiancee and I are just starting to combine savings. We have similar incomes and are paying off all outstanding debts (except one school loan) by 1 January and then working to live on one salary and bank the rest. If we can do this, we should have a reasonable down payment for a home in no time. My comment would be...don't forget to save too. Pay off your debts, but make sure you are saving so you don't get caught by the unexpected - such as a house repair or car repair. First thing every paycheck put a set amount aside in another bank account and don't touch it. Good Luck! To Chris and Chris’ Wife,

Bless you for being so patient with some very intolerable people. Having debt is bad, but you did not commit a crime and shouldn’t have to explain your purchases to anyone. You made mistakes, you are in debt, and now you are working to get out of it. The only thing anyone on here should do is commend you for making that decision and deciding to turn your finances around. Constructive comments are good, but ride a bike to work?? That is just not realistic for everyone.

My fiancee and I are just starting to combine savings. We have similar incomes and are paying off all outstanding debts (except one school loan) by 1 January and then working to live on one salary and bank the rest. If we can do this, we should have a reasonable down payment for a home in no time.

My comment would be…don’t forget to save too. Pay off your debts, but make sure you are saving so you don’t get caught by the unexpected – such as a house repair or car repair. First thing every paycheck put a set amount aside in another bank account and don’t touch it.

Good Luck!

]]> By: Our Credit Card Journey: Swipers To Shredders | Frugal Dad http://frugaldad.com/2009/12/04/we-are-in-debt/#comment-35188 Our Credit Card Journey: Swipers To Shredders | Frugal Dad Fri, 11 Dec 2009 17:02:35 +0000 http://frugaldad.com/?p=4178#comment-35188 [...] be honest with you. My wife and I loved to spend money. I loved it so much that I racked up over $16,000 in credit card debt over a period of a few years. That $16,000 doesn’t even include all of the other things that [...] [...] be honest with you. My wife and I loved to spend money. I loved it so much that I racked up over $16,000 in credit card debt over a period of a few years. That $16,000 doesn’t even include all of the other things that [...]

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