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Sara | How bad is our debt? |
My husband and I have a total of about $20,300 of debt all together (credit card and student loans -- heavy on the student loans). How bad is this? I am 23 and going to graduate college in December -- he is 26 and has already graduated and is working. We want to buy a house within the next year and a half. Is that crazy? Is it ever going to happen? How bad is this? I added it all up and was just shocked.
Additional Details
ETA: When I graduate, our gross income will be about $67K a year. It's not anywhere near that now. :-/ |
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Helena Handbasket
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What's your income. It's all about the ratio. If you make $100K per year, $20K is no problem. |
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Pennstate98
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Your student loans are deferred until you finish school...right? That number really isn't that bad and it's considered "responsible debt" so I wouldn't worry too much about it. You should be fine with buying a house. |
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DCG
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Banks are getting very picky with loans right now. If your credit score is lower than 700, they're going to be hard on you. Try to get your credit amounts down as quickly as possible, especially the non-student ones. They should be a little more forgiving on the student loans. Start talking to lenders now (and more than one of them) to find out where you stand. Don't let it discourage you. And don't get into a bad loan!! |
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brooklyn_1948
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It's probably not as bad as it looks on paper. You most likely have a low interest rate on your student loans. (much better than credit card rates). Bothe my sons are out of collge for about 4 years and are still paying off student loans. You might have to ride the wave and I'm sure you'll land on your feet. Don't use your credit cards (only for emergency) and, if you can pay even a little extra on the loans, you will most certainly learn your budget limits. You both are young and obviosly intelligent (college grads) so don't fret. We all want things to happen yesterday, but the real world doesn't allow it sometimes. Good luck and keep the faith. |
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T. Bansal
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Dear, You can get a free report on your debt and we do provide you a proper solutions. Managing Debt is a matter of expertise and we can help you in it. Just a little awareness can help your Finance healthy. for details please visit us at http://www.abcofdebtconsolidation.com and fill a short form to get free Call from our finance experts. |
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beauty s
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The income is good but u need to pay off your debt before u buy a home.. |
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Locked and Loaded
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20k not that bad, trust me I've seen much worst. buying a house 1 1/2 years? i'd hold out on that for a while if I were you. Morgage companies and lenders will be looking at your CBR. are any accounts in collections? past due? charged off?
you need to make sure your CBR doesnt have any of those things on them. |
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Othniel
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Pay off the credit cards and the student loans will be manageable. Once you are both earning money instead of just spending it your situation will stabilize. Don't add to your credit card debt -- just pay those cards off quickly.
This is an excellent time to buy a house since interest rates are low and the market is very favorable for buyers. You can find excellent value for the money.
It will be up to you as to the time table. If it takes a year or more than so be it! Don't pick the most expensive house. You may have to drive old cars, settle for hand-me-down furniture and clothing and declare war on that debt! Don't eat out any more than is necessary. Even spare change will go toward paying off the credit cards and savings! |
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Mandi E
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Be proud of those school loans because an education is very important. As soon as you are done with school dump everything you can into your debt to get rid of as much as you can. You can still by a house but don't go hog wild on all the material things becaue they will only put you further into debt. |
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Judy1
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If it's mostly student loans and just a few thousand on the credit cards and your payments on those are current, it's not all that bad. If the credit card part is $10K or your payments aren't current, then it's not good - work on getting them paid down or paid off. Student loans have long payment times and low interest, so keep those current but don't worry about them until you get the credit cards under control.
A suggestion - you are used to living on what you're making now and OK, money is probably tight but you are surviving. When you graduate, put most of your income toward paying off the credit cards, then into savings for a down payment for your house.
Good luck. |
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mikeherman45
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Depending on your income it may or may not be to much and affect your being able to buy a house.
The ratio aceptable to lenders is roughly 30 - 40% that is debt to income. $20,000 (of debt) to $50,000 ( of income) is a ratio of 40%. Some lenders will be OK with that, but the lenders with the really good rates "the prime lenders" won't like it.
If you do have good income, stop your spending and use the money to pay off your debt.
For more information go to http://www.too-many-debts.com/online+consumer+credit+counseling+services.html |
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