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Zing Zing Zingbah

(6,496 posts)

21. About 18% of our annual income goes to debt.

Reply to Agschmid (Original post)

Mon Mar 28, 2016, 09:54 AM

Mar 2016

63% of our debt is mortgage. 23% of our debt is student loans. 14% of our debt is an energy loan for a new furnace we got recently. We have no credit card debt. The highest interest rate we are paying is on one of the student loans (some where between 6 and 8%). The home loan and the energy loan are both around 4% interest rate and some of the student loans are consolidated to 3% interest rate.

I don't think that is all that bad given my husband and I are both under 40 and we still have probably 20 years of payments on our house.

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22 replies

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Highlight:

2015 American Household Credit Card Debt Study [View all] Agschmid Mar 2016 OP

Since I made the poll... Agschmid Mar 2016 #1

It would appear as if "Nominal Income vs. Cost of Living" is comparing apples and oranges JonLeibowitz Mar 2016 #2

That's fair I'm not 100% on the source really but I read the article and a lot of it made sense. Agschmid Mar 2016 #3

... JonLeibowitz Mar 2016 #4

Yup. Agschmid Mar 2016 #5

Interesting! Lucinda Mar 2016 #6

Mortgage debt is for the most part a "healthy" debt. Agschmid Mar 2016 #7

Yeah, I don't get why they put mortgage in there. mucifer Mar 2016 #8

true, unless you are upside down hfojvt Mar 2016 #13

Student Loan debt is also "good debt" in many cases too MichMan Mar 2016 #9

In my case gladium et scutum Mar 2016 #10

We have $5200 in cc debt stopbush Mar 2016 #11

that's not a very accurate number hfojvt Mar 2016 #12

I use the same credit card on file to buy books on both Amazon and Barnes & Noble. tblue37 Mar 2016 #14

Well, student loan debt not included... a la izquierda Mar 2016 #15

Will pay off car on April 1st eridani Mar 2016 #16

Woohoo! The car is done! Agschmid Mar 2016 #17

Figuring that a 2014 Honda CR-V should easily outlast a couple of 70-somethings n/t eridani Mar 2016 #18

Almost 50% taught_me_patience Mar 2016 #19

I'm very fortunate to be completely debt free. nt Javaman Mar 2016 #20

About 18% of our annual income goes to debt. Zing Zing Zingbah Mar 2016 #21

No debt at all... brooklynite Mar 2016 #22

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