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What is your level of debt
What is your level of debt, and what are your plans for dealing with it?
We've slashed our costs absolutely to the bone and are seeking to cut further. Our idea of a vacation is attending a family funeral. A hot night on the town is Denny's once a month. We threw the television out the window and I delight in the please come back letters Direct TV sends us. Most of our regular costs are fixed. Using Skype as our long distance service was a major coup, thirty bucks a year rather than thirty bucks a month for unlimited long distance. We buy food in bulk and eat very well as a result, but Deb is a traditional home maker from another era. Her labor at home could not be compensated on the open market. She grinds wheat berries and cans. Most of our food is done from scratch. When I say scratch - I'm talking making our own pasta from wheat ground ourselves. We keep the thermostat at it's lowest level and the house hovers between forty and sixty degrees with the sun. But we aren't cold. 10,000 BTU kerosene heaters that can be carried where you need them keep us cozy. The Jim Phillips thermal TJ's are absolutely incredible. The temp in the house is fifty degrees at the moment, but I am cozy (Well my feet are a bit cold) Last year before we got the kerosene and the TJ's our heating costs were 65-100 gallons of propane a month plus all the firewood you could chop. So far this year we are burning about 25 gallons of propane and 20-25 gallons of kerosene - which we also use for lighting and some cooking. At that rate of usage we won't need kero until August (200 gallons cost us 1,000) and we won't need propane for two and a half years (eight hundred gallons cost us 2400 dollars) - and we haven't chopped any firewood yet. One other measure we have decided worth doing is to declare it a rainy day and start eating the long term storable food. Done for a year early on it could make quite a dent in the grocery bill along with our flock of chooks. These savings are all dumped into our mortgage, which is our only debt. At the moment, our mortgage is $126700. Using the plan I have outlined elsewhere we are aiming at paying it off free and clear in just over three years. At least that's the goal. Variation happens. If I get laid off we'll be out in the street like the rest of America. But until then, it is arses and elbows headlong towards the goal. Once achieved we will focus on improving the property which would be ideal for a horse or two and sell it. Then depart for places unknown and vanish from the tax system and under the radar. |
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I'm just going to sit on it and nibble. Not let it bring me down like so many others. |
Re: What is your level of debt
Starting to (slowly) pay off medical bills and other debts. Just paid 2 and have 2 more plus at least two other big debts left to pay off.
Getting there but I doubt I'll be totally there by Jan. Worth a shot. |
Re: What is your level of debt
Debt free :lightsabre:
:roll1: :partytime2::woot_jump: |
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Personally im deep into it. Me and my wife have a mortgage on 220000 euros, beat that if you can, haha (it its a contest to have the most debt right?:mfr_lol: ) Im not sure how to solve it, but I think a plan could be to NOT pay for the loan. Just paying the interest, and wait. The money we have over after the interest is no much, so keeping afloat and see what happens is my plan. Hopefuly we´ll be able to get a rented apartment (wich is pretty hard where i live) and then be debt free if we sell, if only the prices will stay above what is normal :sweatdrop: |
Re: What is your level of debt
in spain that´s absolute common, more in madrid even. 105m 2 costs where i live just that, 220000€, and down. 2 years ago the same costed nearly 300000€.
the world has now what it deserves. |
Re: What is your level of debt
Baggy,
Take your extra money and pay cash for something else. The monetary collapse is going to cause you to regret putting so much into the debt of your house. Hang on for about 4-5 months if you make it that long, then do whatever, because by then you will know. |
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I could pay off one of my vehicles (15k) if i wanted, but the hubbs and I wanna keep the money for now, just in case...I owe about 410,000 on my house (YIKES!!)...But no credit card debt, thank god!
I have a lot of assets, though, and assets are the key in the banks mind really. If it comes down to it, youd have to be able liquidate your "assets" in order to pay for your debts without using money. We own 4 motorcycles and 2 paid off cars. So those assets would help me if I needed them. Im not doing too bad, but my paychecks are so awful right now I have to get a second job. Working in the "finance" industry isnt too lucrative right now....ack! |
Re: What is your level of debt
But seriously? Its not going to matter, soon what debt you have. Because if you cant "pay" the debt when they "call it in" then they would NORMALLY take your assets. Well, what the hell are they going to do with a bunch of empty houses and useless cars and sh*t? Im sure it'd get so wacky that youd just end up in a gray area if the whole country was dealing with the same thing....The bank takes FOREVER to repo a house anyway...and if theres over a million houses that need repo-ing? Itd just be nuts. If the banks crumble, they wont want the houses anyway, is my line of thinking...what the heck are they going to do with them???? Same with cars INMO....
Who the eff knows. Besides, I think i heard somewhere that if there are mass quantities of empty houses and people living on the streets, that by law you can occupy those houses as to not create huge amounts of homeless citizens while the houses sit empty. Where did I hear that....hmmm..... Like I said, I work in financing for a living....so if I hear anything weird is going down with the banks, I will post immediately.... |
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I don`t worry about it cause the guys at the top look to be going down just last week Citigtoup stock was cut in half Bank of America is in bad shape as well watch the market and if it drops a third of its value in one day get your hands on as much cash as you can because 2 days after that you will not be able to get any cash out of the bank and troops will be deployed to all federal reserve banks to protect any gold in them when its gone its gone as far as food goes ... get your hands on some survival books and find out what nature has to feed yourselves with
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Good thing my husband is in the military....Maybe I can take them down from the inside? LOL :lightsabre: |
Re: What is your level of debt
Only in debt enough that I have the money to cover the full payment.
(It's my wife and the credit cards. Geez :lmao:) |
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I`m not going can tell you that I`m a fighter and certainly not going out on their terms
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I have been very fortunate not to get caught in the WEB
my parents had always taught me to pay in Full and Save |
Re: What is your level of debt
No debt.
Monthly recurring bills only. And they have been cut as much as they can be at the present time. But, am looking to cut them further when the opportunity arrives. Also have lots of LIQUID assets that can be sold in hours. Only worry is theft of assets (by private parties and/or government thugs) should things get really bad. |
Re: What is your level of debt
I have no debt.
I gave away all of my assets. I've come to believe that ownership is a farce. Everything I've ever had or ever will have is only borrowed during my time here (in physical form). I make a living through my skills...which seem to be more needed as each day goes by. This method will not work for everyone...obviously. Unlike most people...I have no dependents. This actually gives me more freedom to be of service-to-others. "A dying man takes with him, grasped firmly in his hands, only that which he has given away." |
Re: What is your level of debt
Credit Cards; No Need to Pay...you already have!
http://www.thetruthwillout.com/credit_cards.html |
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