How Much Debt do You Have?

[Spiffor]

0€

Though I have a moral debt to my parents and to society, as they paid for everything expansive I benefitted from.

[Addled Platypus]

house
car
credit cards

spending like the US gov'ment does

wont be seeing black ink for awhile

[snoopy369]

Just curious, is there a positive, negative, or nonexistent correlation between those of you/us with zero debt and relatively wealthy slash generous parents?

I don't mean "give you tons of presents and all the money you want" parents, obviously those folk will have zero debt unless it's a mortgage, and maybe not that either.

I mean, "pay for your college, make sure you're okay, provide a monetary safety net if you are in trouble".

My parents for example did not pay much of my way through college, and although they are helping deal with some of the debt from afterwards, I would not define them as generous with money, compared to most other parents I've known. (If I want to come home to visit, I have to buy the plane ticket, and have *since* college; while my GF's parents fly both of us back and forth frequently with no complaint or expectation of payment, for example).

I'd almost expect a middle row of in-debt folks surrounded by (richer/generous) and (poorer) non-debtors (poorer because their parents have scared them off of debt).

I suppose I should also indicate that I expect age and/or recency of connection to parents' incomes to play a major factor here; those that are 30+ probably are more likely to be in or not in debt more independently of their parents' status/generosity than those in the 20-30 range who are more affected by parental values and monies.

[Dis]

well if anyone cares, my parents were poor, and I grew up poor. I never recieved a dime from them after age 18. In fact, even before 18, I never got any kind of allowance. I had a high school job, and paper route before that.

Never went to college. That should be obvious. . Actually, I'm willing to bet I'm smarter than most people with a degree. Most people quit learning after leaving college, while I continue learning. I have a thirst for knowledge. I use the internet more for learning than for porn (actually I don't use the internet for porn at all anymore).

That, and a lack of a girlfriend/wife all my life has kept my debt pretty low.

Only kidding. I knew guys who couldn't get girlfriends who were flat broke. it's really all in the lifestyle and financial discipline. Some people spend money like there is no tomorrow.

[flipside]

I owe about £87000 in mortgage, overdaft,credit card and bills.
My flat is worth about £130000.

[Nikolai]

I'm at the start of my years at university, so I don't have much debt yet, but it's steadily increasing I'm afraid...

[loinburger]

Aside from the house and the car, I'm debt-free.

However, I bought the house and the car about six months ago, so when you factor those in I ought to be debt-free by about 2028.

[Richelieu]

I'm about even right now but i'm going to be buying a condo in the next few months. The man's gonna get a hold on me.

[Eli]

Nothing.

Not many assets either, though.

[Adagio]

~$8,000 in student loans, I do have enough money to pay off most of my dept though

[Lorizael]

No debt at all. But, like others in this thread, also no assets.

[Arrian]

~$135k on a mortgage. No other debt.

-Arrian

[Tattila the Hun]

About 700€, should one count stuff bought in instalments.

[Ogie Oglethorpe]

I got about $200,000-$250,000 inclusive of car, mortgage and my wifes school loans.

Lancer's right some debt is worth having if you can get a better return than the interest on the debt.

[Spiffor]

Originally posted by snoopy369
Just curious, is there a positive, negative, or nonexistent correlation between those of you/us with zero debt and relatively wealthy slash generous parents?

There's that, but not only.

My parents supported me through college, and are still supporting me as I'm still a student.

However, almost none of my friends are heavily indebted in student loans, even those from poorer backgrounds than mine. Uni is basically free here, and if you have low resources, you can benefit from vouchers and even social student housing. Most of the resourceless students still need a job to pay the remaining bills and the occasional fun, but almost nobody ends the studies with a heavy debt.

I have only two friends who took student loans: they studied one year in Poland, and the fee was something like 3000€. These two friends are from the iddle class.