The Average American Has This Much DEBT (How Do You Compare?)
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- Опубликовано: 1 окт 2024
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Americans run on debt. We take on debt for our education, cars, houses, and often just to purchase small items. I recently was looking at a video about the average debt an American had and wondered, how do we compare?
Do you have more debt than average? Do you have less debt?
I'm personally a huge fan of living with as little debt as possible. Because of this I have way less debt than average.
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Mary
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Memphis, TN 38124
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❓Do you have more debt than average? Do you have less debt?
✅ Watch 6 steps for paying off debt ➝ ruclips.net/video/sjyMYeb9i90/видео.html
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68k left on my house. Everything else is paid for. I use my credit cards but pay them in full weekly
That's pretty amazing!
@@PenniesNotPerfection thank you :) I was 52k in credit card debt back in 2006. I'm trying hard to get my mortgage paid off. I remember the feeling of drowning and I never want to go back there!
For sure, that feeling is the worst and a strong motivator!
My debit is 30k on my mortgage, and then I will be debt free , no credit card debt my vehicles are paid off and I should be debt free by the end off the year of 2025.
👏👏
25K on my mortgage, Need to up my sinking fund for my car though.
I've had NO debt for 7 years, I have $250,000 in savings, an 845 FICO score, and I save $3,700 every month. I have 10 credit cards
(with over $80,000 in unused credit) which I use to pay for everything, I pay off the full balances every month, and I "rake in" the
cash back. "Life is hard, but it's a lot harder if you're stupid" - John Wayne
Right there with you.
Sounds like a really nice and stress free Place to be!
Good job man
Easy to do when you make six figures
Why do you have 10 credit cards 😂
Debt Free as of 27.09.24 😢🎉
Congrats!!!
🎉 congrats 🎉 feels great doesn't it
One of my mottos in life, comparison is the thief of joy.
It’s a good motto!
90k remaining on the house the only debt and have enough cash to pay it off but not going to becaue mortgage is 1.875% and making a little over 4% in savings. 🤷♂️.
Nice! I’m in a similar position. We owe around $99k but have a low rate (not as low as yours, wow) and it’s not worth paying off. Many people in similar situations if you bought when rates were historically low!
Nice mortgage %%%!!!!
@@JB-fq9dp it's on a 10 year fixed
@@PenniesNotPerfection we bought before that 11 years ago but did a refi onto a super low rate 10 year fixed when rates dropped to bottom (3 years ago I believe) House is worth about 650k and have 5 years remaining on the loan if we do minimum payments. Paid chunk upfront after the refi before savings rates went up knocking an additional 2 years off the 10 year loan. Probably just go ahead and pay it off when it gets down to the last 30k.
mine is 3.25% and can pay it off too but not worth it. It takes a certain mindset to understand leverage. 2% conservative on 90k is $1800 a year. My grandpa took out a mortgage on a paid off house in the 80s at around 11% cause could make more investing, yes seems crazy now but rates were much higher then.
100% debt free for 2.5yrs, Thank you Dave Ramsey. It was a lot of self sacrifice.... a lot of delaying gratification. Setting a goal and achieving it.....
Let me tell you that it is all worth it. Keeping 100% of your paycheck takes away stress and gives you extra margin since we all have to pay higher prices on everything!!
For example, we REALLY wanted one of the new Chevy Blazers when they first came out a few years ago, but it was 52k, so instead we ended up with a 2019 & 2016 Subarus, that are nice but not fancy, for $35k (combined). We spent 17k less and upgraded both vehicles, instead of one.....
Is saving $5,200 a year considered too low for a 23 year old? I feel as if I'm late. This is my first time actually trying to save money but at the same time I want to make sure it fits my budget.
You are not too late! Please don’t think that. If it’s your first time trying to save then that’s a great goal. Honestly many at your age aren’t able to save at all yet. Saving that much at your age is a great start and you’re building a habit that will only continue to grow.
When I was your age I was saving/investing around that much (considering inflation). It felt like it was not much but over the years and with compounding it has grown so much!
Great start and keep it up!
Great video, Mary. It is scary to see so many people in debt
Student loan debt isn't just a black and white issue on whether it's good or bad debt. Going into student loan debt for a medical degree or engineering, etc. is good student loan debt, but going into student loan debt for gender studies or European history is very bad debt.
Not necessarily even black and white on your answer… many history degrees lead to law school which can lead to large salaries. I had a history and most of my friends ended us as lawyers and are doing quite well. So what some people call “bad debt” or “bad degrees” is really just their perception.
The borrower is slave to the lender.
Love your hair in this one, Mary 😍
Ahhh debt…I wish I wasn’t so familiar will all of the types of debt.
I love how informative your videos are.
Oh thank you!! I felt like it was a little out of control haha.
I too am super familiar with almost every type of debt from personal experience haha... I definitely prefer less debt in my life!
I think part of the problem is people just don't care. I know a few people that have over 80000 in debt in there early 30s. There thought is im going to enjoy life while I'm young our government is in debt so why should I care.
Great video! its helpful to know where you stand amongst the averages of the country. Thank you for continuing to make such positive, informative and educational content! 🙌
Random anecdote from my week, I was talking to a co-worker and telling them about my massive student loans, they said they had a small fraction of that and i was like omg im so happy you don't have to deal with this! and they were kind of confused and said 'deal with what, debt? i have a bunch of consumer debt!' and i was so surprised. i would have never known. everyone's situation can be so different and dynamic!
You just never know what people are dealing with financially! It's always so interesting to have those conversations.
If you get the Robinhood credit card, you get 3% cash back that you can immediately invest that money into the stock market. Buy the exchange traded fund SPY so that you are a part-owner of the 500 largest corporations in America.
Totally debt free since 12/6/22
Congrats! Has it felt amazing?
@@PenniesNotPerfection It is beyond amazing. When we (Sue and I) finally decided to get serious and pay off all of our debt and mortgage we went all in, total scorched earth. You know people talk about self care and you have to treat yourself sometimes and I'm not against that at all, but in the 5 years we were in our debt free journey we ate out 3 times and less than 10 take home meals. We went on no vacations and really watched our spending. I (and actually we) understand this is not for everyone but those 5 years went fast and now our future is completely different. Best feeling ever! If someone has said to me 10 years ago that in 2024 we would be maxing out my 401K, Sue almost maxing our her 403B and that we are putting $1,000 per month into a brokerage account I would have told them they were crazy. First to have that amount going into investing and savings and second only rich people have a brokerage account, right?. But here we are and sometimes i wake up and still cannot believe it. Changes everything.
Wow, you were dedicated!! Congrats!!
I have 24k left on a personal loan besides my mortgage.. I will be so satisfied once that is paid off.. hopefully by next year… I’m just glad we have no other debt..
I’m sure it will feel great to pay it off!
@@PenniesNotPerfection yes indeed
great video!
Thanks!
Its the American way. Buy everything on credit. Lol 😂😂😂 i go in debt then out then back in debt. Lol😂😂😂. There is good debt and bad debt. I have both😂😂
Your comments about being in and out of debt always crack me up. So realistic though. It's sooo easy to go into debt!
Hiiii Mary! ❤ i felt so good this yr paying off my 12k now no cc ..it feels amazingggg
Great job!
Love the channel. Keep it up
Thanks, will do!
At my worst, at 28, also the last time I got laid, I had over $80,000. When I got serious at 32, I had it at just above $50,000. I paid that off in 8 months.
Now I own two houses, two 20-30 year old vehicles, and almost $50k in retirement. One house is free and clear and earns $1,500 a month. My house I’m living in has a $751 mortgage with a $88,000 balance and I’m making double payments with the rent from the other.
I’m 35 now, and I still haven’t gotten laid since 28….
Not sure why I clicked on this as I already knew how I compare. I suppose I just wanted to get a little schadenfreude.
I've not had any debt for twenty years and before that my only debt was my mortgage which was only about $50,000 (I put a lot down and made extra payments). I've always been debt averse and have never once paid interest on a credit card. I've always bought good used cars for cash. I don't deny myself but just don't buy something unless I have the cash (i.e. have had to save up a few times).
Oh, I did once have some student loan debt but that was decades ago before it was the ugly phenomenon it is now and that was the first thing I paid off when I finally got a real job. And my degree was quite marketable.
I honestly dont see the need to spend money on buying your items when we csn easily do it ourselves. The 1014 a month challenge i drew it and didnt have to spend a dime.
lol congrats to you! There isn’t a need other than some people aren’t like you. They either want it done for them already and don’t want to draw it out themselves, or they want to support me and what I do. Both are valid and so is yours. It’s not quite a secret to write down $385 26 times. I show that one so people can copy it!! The other savings challenges included however are random amounts that go much lower and higher that I’ve done the math on already and that is worth $3 for some people to not have to calculate out.
Thanks for the views!