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  1. #1
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    Default What debt are you comfortable with?

    My DH and I disagree on what size debt is comfortable. We only have a mortgage, no other debt, but I am always worried about getting it paid and am scared of more debt, for a better car etc. I have no idea what others owe at our age and whether I'm being unreasonable.

    So my question is, when do you plan to be debt free? At what age do you see yourself owning your home etc?

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    The only debt we have is a fairly modest mortgage (atm minimum repayments are about 15% of our net weekly income, but we pay double). We don't go into debt for cars etc - all bought outright with savings. The only time we will go into more debt is to take out a slightly larger loan when we sell the current house we're in and upgrade to living on acreage. I guess we'd like to be debt-free/ own our home by our 50's.
    Last edited by decemberbubba; 05-03-2014 at 21:26.

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    We only have a mortgage (no car loans, credit card debt etc) but it is enough to keep us skint on one wage. When I am working again we will have a lot more breathing room. We have a mortgage of $340k. I can't see us debt free for 20 years at least, so when we are 50.

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    Our home mortgage is massive $880k left.... Then we have 4 investment properties one of which is paid off and the other three the rent almost pays off the mortgages.
    We also have one credit card but that is paid off monthly and just used really to gain frequent flyer points.
    I doubt we will ever be out of debt though as we are about to buy a few more investment places soon.... Hopefully they will pay for themselves as well and we won't have too much out of pocket expenses.

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    Like PP, just the mortgage. I've just returned to work from 16 months mat leave and have just under 1k on my credit card that I was partially relying on while I had no income, and it makes me super nervous. I expect/hope we will be debt free by the time we retire. Hopefully before that but I am comfortable going into more debt for property, renovations or extensive travel. Not for a car or for shorter holidays or credit card debt, ideally.

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    We have a large mortgage ($700+k) that we only got last year. We moved from a small place in suburbia to acreage with a 5x2.5

    Our plan is to not move again until we downsize when empty nesters so were comfortable with our debt for our long term plan.

    We have no smaller debts and I wouldn't want to owe more than $1000 on a credit card. I wouldn't feel comfortable with that on top of our huge mortgage. DH disagrees and thinks credit cards are free money :/ lucky he doesn't control the use of it and doesn't even have one, I purely use it on everyday things and it's paid off at the end of the month to keep more funds in our offset account for longer.

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    Quote Originally Posted by decemberbubba View Post
    The only debt we have is a fairly modest mortgage (atm minimum repayments are about 15% of our net weekly income, but we pay double). We don't go into debt for cars etc - all bought outright with savings. The only time we will go into more debt is to take out a slightly larger loan when we sell the current house we're in and upgrade to living on acerage. I guess we'd like to be debt-free/ own our home by our 50's.
    Yes we've moved onto acreage so this is our 'forever' home. We're still finishing the extension and I'm trying to live with everything half done because I don't want more debt, but DH would happily spend the money and have it how we want it now. I wonder if I'm too conservative and will wish later that I'd just made life comfortable.

    Bubblesk....your situation would be my worst nightmare! I completely understand why you do it but I'd be a mess!!

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    We have a mortgage 215k and car loan 55k. Car will be paid in 7 years if not sooner.

    We have no other debts. But now hubby is out of work its skin tight. I sont believe in cc

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    Quote Originally Posted by NAT256 View Post
    Yes we've moved onto acreage so this is our 'forever' home. We're still finishing the extension and I'm trying to live with everything half done because I don't want more debt, but DH would happily spend the money and have it how we want it now. I wonder if I'm too conservative and will wish later that I'd just made life comfortable.

    Bubblesk....your situation would be my worst nightmare! I completely understand why you do it but I'd be a mess!!

    Sent from my GT-S7500T using The Bub Hub mobile app
    We're still renovating, so I know that feeling. With little kids, I'm more likely to go with just getting it over and done with. We're paying people to do jobs we would normally do ourselves, but we just don't have the time. We're using savings though, I don't know if I could justify more debt to get it done.

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    We have a lot of debt as well but the worth of the investment is bigger than the debt - all in property or the business but I'm a believer that good debt can earn you money ( property/investments etc ) and avoid bad debt ( credit cards/car loans etc ) so debt can be a good thing!


 

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