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Home > Our Total Debt - $909,395

Our Total Debt - $909,395

February 6th, 2008 at 07:08 am

I thought since this is my new blog and I'm tracking my spending I would share with everyone my "total" debt. This includes everything we owe. Now in looking at our "real estate" holdings you would think were big time investors. But in actuality we made some bad moves and bought houses we shouldn't, etc. and didn't really watch the CC spending etc. So here we are over 900k in debt. Last May things just got to be to much so decided to try and settle 75K worth of CC debt. 30K of it is settled and done and I need to work on the rest. We also have business debt that I'm working on paying down. All the dirty numbers are listed below for anyone who's interested. What we have going for us is my job seems pretty stable at this time, been with them 9 years and I make a pretty decent income, with bonus type things usually monthly. My goals this year is to get the remaining CC debt settled, pay off business debt and get some savings accumulated. I just wanted to share this as alot of blogs I read show the debt numbers and wanted everyone to know we are in a similar boat, alot of debt and it's time to get this straighten out. If I can get some of this paid off, then my goal would be to get the 2nd mortgages paid off in the next 5 years so the real estate will actually work for us not against us as it is now. So that's my dirty laundry, (btw - this was over 1 million last year so I am making some progress!)

ahhhh - I am having way to much fun now!

Primary house - $290,000
1st rental - $118,500
2nd rental - $198,500
3rd rental - $210,000 (bought for our friends, hopefully they can buy it this year)
Car - $22,395
Credit cards - $54000 (although for debt purposes I am trying to settle these for 20K)
Business CC - $11,000
Embroidery machine - $7850
Medical Bills - $5000 (will be capped at $8500 for this year)

Posted in Uncategorized | 6 Comments »

6 Responses to “Our Total Debt - $909,395”

  1. lost in debt Says:
    February 6th, 2008 at 07:38 am 1202283529
    1202283529

    That's a lot to worry about. Tonight I'm up at 2:00 am thinking about settling my credit cards again ... I dreamed they said "no and we are taking you to court" - Nightmare!

  2. Broken Arrow Says:
    February 6th, 2008 at 08:02 am 1202284935
    1202284935

    Um, wow, that sent chills down my spine.

    Now, is that net or just a total of all debts? If it's just debt, then I don't think it's as bad as it may seem.

    Also, it should be compared relative your earning. For example, at the height of our debt, my ex and I totaled 330k in debt... which for some may not seem so bad. HOWEVER, our income at the time didn't top 40k per year. So our debt ratio was nearly NINE times our earning. If we were pulling in, say, six figures, then 330k would not have been too big of a deal.

  3. mom-sense Says:
    February 6th, 2008 at 01:02 pm 1202302970
    1202302970

    is your income enough to cover the expenses? what sort of rent are you collecting on your rental properties and does that cover the carrying costs as well? what if you were to sell one of your properties?

  4. Ima saver Says:
    February 6th, 2008 at 02:11 pm 1202307062
    1202307062

    I thought I could make money with rentals, but I lost on every one of them. I finally sold them all for much less than I paid, and I will never buy a rental house again. I hope you can sell yours when times are better.

  5. jaiparis Says:
    February 6th, 2008 at 03:47 pm 1202312878
    1202312878

    To answer a few questions yes - this is just the debt, but with the market the way it is now, we est the houses are actually worth about 70K less than what is owed. And I can't sell them, I've tried putting two of them on the market and I can't sell them, so I have to keep them. One house they pay us $35 over the amount due each month, the one we bought for friends should be making the entire payment, and the last one we have to pay $300 every month on, but I am going to try and get another renter in there start April 1 to see if we can make up some of this $300. Right now our income is about 90K so as long as I can keep the renters paying, we should be ok, and if I can get this other debt gone, then maybe we could actually make some headway on the 2nd for the rentals. So I keep on working at it.

  6. Moneymonk Says:
    February 6th, 2008 at 05:27 pm 1202318846
    1202318846

    If your salary is higher than that, it will make sense. If not you may want to unload some houses

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