Argon Posted September 5, 2012 Share Posted September 5, 2012 morgage, or school? Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 morgage, or school? Link to comment Share on other sites More sharing options...
sixwings Posted September 5, 2012 Share Posted September 5, 2012 The person in the story is ridiculous. Don't buy a car for your kid if you can't afford it. Link to comment Share on other sites More sharing options...
-DLC- Posted September 5, 2012 Share Posted September 5, 2012 Zero. Own my condo. No student loans. No car payment. Actually saved up a nice chunk of money already. I don't understand debt other than mortgages. The woman in the OP's post says she has XXXXX amount of debt and then in the next sentence talks about Christmas being crazy and having 5 kids. if you have 5 kids, spend money like an idiot on Christams and have a low income; you deserve to be in debt. You're an idiot. Everybody just wants to live over there means. Same with the idiots I hear complaining about living costs in DT Vancouver being to high for the average Joe. Hello! The rent didn't jump overnight. It's been trending upwards for like a decade. If you wanted to live in a 3000 dollar a month condo and have a nice car you should have went to school and got an education/job that allows you to live DT. I don't want to hear about some idiot who got his grade 11, ended up being a security guard bitching about not being able to live DT. you aren't allowed. That's life. It comes down to people not living in reality and understanding the world they live in. Be more cautious of your situation. no education and barely making payments? Don't have kids. If you can't afford it - Don't buy/spend it. if you want it, work for it and buy it. It's a fairly simple idea. Cliffs: Hate poor people. I find this entire statement reeking of ignorance and arrogance. Not everyone has the good fortune of "choosing" their situation. Critical illness in a family can turn things upside down and it sounds like you've been blessed with some good luck along the way and it isn't just that you are so much smarter than the rest. We all have our own stories - personally, I had my kids before things exploded here and was looking forward to a modest lifestyle...don't particularly care about material things beyond the basics. Was in a bad situation that I got out of and then both parents got very ill - one, terminally. So a lot of my focus was on taking care of those around me ...now, I was able to stay afloat without going into debt beyond my mortgage, but everyone's situation is different. Perhaps others have endured some hardship that you simply haven't had to overcome? Doesn't mean you're any smarter/better, yet you speak like you are. And people who study for a career aren't guaranteed a free pass either...."should have went to high school?". I did - graduated, then my life started falling apart due to circumstances beyond my control which is the hand that others may have been dealt. You run with it and make the best life you can. I grew up here - born and raised, and no one could see how things would spiral out of control unless they had a crystal ball...as you say, things didn't happen over night and when it's a gradual rise in prices, people expect for things to level off but they didn't...they kept climbing to ridiculous highs. So in hindsight you can call it "reality" but reality is that some of us wanted to keep this as "home" but it's been increasingly more difficult to do so. It isn't a matter of choosing an expensive place to live for some of us...it's home and now it's incredibly hard to maintain as such. Sure, the woman with 5 kids is silly and sounds to be living irresponsibly beyond her means, but you talk about "idiots" like you're somehow better than others because you've listed off your "I have's". I'd choose to sit with the friendly, humble homeless guy on the street before I would a rich, pretentious clown who thinks he's better than everyone else. People with a holier than thou attitude aren't really as rich as they think and should remember that saying about assumptions. Honestly, this should be renamed how big is your....ego. Link to comment Share on other sites More sharing options...
Dion Phaneuf Posted September 5, 2012 Share Posted September 5, 2012 Zero, well in the green. Link to comment Share on other sites More sharing options...
D-Money Posted September 5, 2012 Share Posted September 5, 2012 Four years left on a car payment, and over a quarter mil on a mortgage. But the value on the two exceeds the money owed, including the vehicle. Even if the house market falls by 20%, I'll still be in the black. Other than that, I had almost finished paying off my other debt (mostly from a big house reno when we bought), but then we had another small reno (related to a business opportunity). Hope to have it clear by Spring. Link to comment Share on other sites More sharing options...
Dittohead Posted September 5, 2012 Share Posted September 5, 2012 My Personal debt is only my mortgage @ $82,000no CC debt or car payments. I owe about $23k on my business which 1/2 of will be paid off by end of next year. I have about $40k in savings in RRSP's and savings account most in RRSP's Link to comment Share on other sites More sharing options...
Hobble Posted September 5, 2012 Share Posted September 5, 2012 My debt keeps me awake at night. Sometimes involuntarily, even when I just want to go to sleep. It can really be hard on me some nights. Link to comment Share on other sites More sharing options...
Armada Posted September 5, 2012 Share Posted September 5, 2012 Zero I owe 500 to my Visa but I'll pay that in a few days. Link to comment Share on other sites More sharing options...
The Colt 45s Posted September 5, 2012 Share Posted September 5, 2012 College bills are close to a hundred grand. Link to comment Share on other sites More sharing options...
Monty Posted September 5, 2012 Share Posted September 5, 2012 $109,469.53 left on my mortgage, that's it. Wife and I paid off our $25,000 line of credit last year, student loans were paid off a year after we graduated. No leases or anything. Very fortunate. Link to comment Share on other sites More sharing options...
SukhKular Posted September 5, 2012 Share Posted September 5, 2012 studies have shown house value barely beats inflation at the best of times. Look up the Herengracht Amsterdam study which showed over the course of 300+ years prime real estate barely beat inflation. Link to comment Share on other sites More sharing options...
TOMapleLaughs Posted September 5, 2012 Share Posted September 5, 2012 http://www.calgaryherald.com/business/Bank+Canada+holds+interest+rate/7194043/story.html Bank of Canada holds interest rate at 1%, expects growth for 2013. The export sector is particularly weak, due to weak foreign demand (the US still hasn't gotten it's act together.) As long as the US has a weak economy, our interest rates will remain low. Otherwise, the main reason to raise interest rates is to prevent a major housing bubble (One that already exists in the lower mainland, but whatever), but there are signs that the housing market is slowing, nationally. Meanwhile, we'll have to chug along and pay our personal debts as we can. (Banks are to blame for it, btw. They were handing out credit lines like candy, but now they're like, 'Hey, why you so bankrupt?') Link to comment Share on other sites More sharing options...
Carpe Diem Posted September 5, 2012 Share Posted September 5, 2012 not all debt are created equal. Credit card bills so that you can have the latest Iphone is bad. Debt so that you can get trained for a career, or for that car that gets you to your work, thats fine. Link to comment Share on other sites More sharing options...
Carpe Diem Posted September 5, 2012 Share Posted September 5, 2012 . Link to comment Share on other sites More sharing options...
UMB Posted September 5, 2012 Share Posted September 5, 2012 20" Link to comment Share on other sites More sharing options...
لني Posted September 5, 2012 Share Posted September 5, 2012 When I buy my first home, I probably won't consider what it's value would be in the year 2312. I guess I'm one of the idiots. Link to comment Share on other sites More sharing options...
Down by the River Posted September 5, 2012 Share Posted September 5, 2012 Right now, I have no debt. However, I'm now into my 7th year of school (first year of my PhD) and I have a feeling things are going to start to take a turn. I haven't touched my $40,000 line of credit, but with car insurance expiring and tuition due this month...... I had been quite proud of myself for not getting into debt, but kind of disappointed in myself that I didn't plan better for the coming year. Link to comment Share on other sites More sharing options...
Sharpshooter Posted September 5, 2012 Share Posted September 5, 2012 About $16k....but that generally fluctuates because of my lines of credit and credit cards which I use mostly for business, inventory, and other related expenses. Debt and credit and payments of that debt are a monthly cyclical routine for me. Other than that I probably have currently about a $1k in other debts from personal credit cards, but i'm ok with that, as they'll get paid off before I use them again. House was passed down to me so no debt there other than monthly bills and taxes and other expenditures. Link to comment Share on other sites More sharing options...
SukhKular Posted September 5, 2012 Share Posted September 5, 2012 You missed the point. Over the course of 300 years it barely beats inflation. That means in 300 there are swing between growth in equity and reduction in equity. Proves the "house prices always rise" and "houses are the best investment" ideas are not true. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.