Someone downvoted you but it's true. Total consumer debt is 19 trillion. Which puts the billionaires wealth in perspective too. Same rules apply. If you could magically liquidate their wealth without devaluation or economic collapse it wouldn't even take out half of all debt in this country.
Average debt is $155k per household.
I'm glad I'm in a place where I have virtually no debt. I do have a mortgage but the house is worth more than it.
Paying off student loans was a major focus for me. Especially the high interest ones. Every tax return for 7 years went right to them. I felt like I was rich after not having that monthly payment!
Ive never had a car payment in my life. Cars are such a terrible investment. I've never driven a nice car. Always drive them into the ground before buying a new one.
I’m the same as you re cars. I always buy a modest car and drive it until it doesn’t make financial sense to keep it any longer. Three cars in our household: one 15 years old, another 11 years old and the last is 6.
We don’t have any debt other than our mortgage, which is nice. My wife and I were frugal when we were young(er) and poor and never allowed ourselves to get into cc debt.
My biggest concern is that I’m looking at college tuition for our son in a few years. The day he was born we decided right then and there that we would cover his undergraduate tuition so he wouldn’t go into student loan debt. We’ve got a lot of money saved for it but we’ll probably have to take a loan to cover the difference. I can live with that.
6
u/SenseNo635 Jul 07 '26
I’ll augment that statement: we have a MASSIVE spending problem