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So how much "bad" debt are you in? (self.asklemmy)

submitted 1 year ago by ericbomb to c/asklemmy

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Hear about how much debt everyone in the US has all the time, curious about some of your stories!

My bad debt is 10k left on a school loan from a for profit school that is now out of business.

Only other debt is house.

So how are you all doing with debt management?

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[–] Art3sian 7 points 1 year ago (9 children)

ITT: few people having any clue what the difference is between good and bad debt, or that debt is basically essential to creating wealth.

[–] ericbomb 6 points 1 year ago (4 children)

I mean most people saying they don't have any bad debt, but saying they have good debt isn't too bad! It is interesting to know how much mortgage people are carrying.

But these days even mortgages feel bad. 400k at 7% is 28k of just interest. So houses feel way out of reach with current prices/rates.

If rates go down prices go up. So doesn't feel like there is much winning for non home owners.

[–] onlym3 2 points 1 year ago (1 children)

Not sure if you mean per year but mortgages are generally going to be over much longer time periods. A couple who I know are looking to buy somewhere new and are looking at getting £400k mortgage or thereabouts. With rates as they are now, and over 25 years, they'll end up paying back £900k!