Questions on total debt vs mortgage debt

iVillage Member
Registered: 12-12-2004
Questions on total debt vs mortgage debt
4
Sat, 07-30-2005 - 1:05am
Hi, everyone. I have a question. When everyone is talking about paying off debt, does that include secured vs unsecured, mortgage vs loans, everyday debt (medical bills, car repairs, etc)? Danni, when you say you started out at $85K or so debt, was that just regular stuff like cars, cc's, loans, medical bills, contracts, or does that include mortgage and house? I mean, if one adds up mortgage, it goes on forever. I would not consider myself out of debt until house is almost paid for, which will be eternity for us. I honestly do not see how we can pay off mortgage in 5 or 6 yrs, even with an extra payment here and there. Our mortgage is over $300,000, and in this market, that is scary. Am just trying to pay off car loans, cc, etc. for now. THanks. WHiz.
Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Sat, 07-30-2005 - 11:47am

Hey Whiz,


Our 83K included my student loans, a furniture "same as cash" deal, and the rest all cc's.

All my best,
Danni

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Sat, 07-30-2005 - 7:32pm

For me, I don't include the mortgage or car payments (well, we don't have any right now!

iVillage Member
Registered: 05-30-2003
Sat, 07-30-2005 - 8:22pm

For us, when I'm talking $62,281, it includes dang near everything except student loans which haven't come due for either of us yet.

$46,580 is mortgage at 0% (my mom holds the mortgage. Good ol' First Bank of Mom, lol. No, seriously, she bought the house because after my Dad died, and her house was paid off, she had to park the money somewhere, and said, "My granddaughter needs a house to live in." I said," So, buy your granddaughter a house, and she will." Mom came out for a 2-week vacation, and the next thing I know, we own a house. Go figure...Note: I am an only child. If I wasn't,I highly doubt she would have done that!)

$4035 is money that I owed my Dad that I'm paying back to my Mom, also at 0%.

$585 is what we owe the hospital for an MRI co-payment, and $800 is what we still need to get for this upcoming year's tuition for DD.

$8707 is credit card debt, some at 0% or close, some at almost 19% (waiting to surf that).

I know that right now, if my student loans cam due, I'd owe $12,110, and I think DH's is about $18,000 (not sure). When those come due is when I will add them into the current debt total. And most likely cry alot, LOL!

I agree that we'll be debt-free the very milli-second that we no longer OWE anyone for ANYTHING, and I hope that the neighbors won't be too alarmed when I'm doing a happy dance, shouting, "FRRREEEEEEEEE-DOOOOOOOOOMMMMMM!!!"

Lisa

iVillage Member
Registered: 12-12-2004
Sun, 07-31-2005 - 11:32pm
Hi, Danni. Yes, it does make sense to pay off other debts and then tackle the mortgage. It seem we've tried this before. But, at least things are going the other way (i.e., some savings) and the IRS is done. Is it my imagination, but it seems that cc percentages are creeping upward (i.e., 21%interest, etc). ? Still doing the round up thing, which is helping somewhat. Thanks for support. Sometimes, I feel I am the only one with this humongous mortgage debt. Whiz.