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  #1  
Old 01-15-2011, 10:50 AM
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I'm $45,300 in debt

Help me.

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  #2  
Old 01-15-2011, 10:54 AM
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Ok. Ill bite. How did you get $45,000 in debt.
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  #3  
Old 01-15-2011, 11:01 AM
Craig
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Been there, done that. Maximize you income and eliminate all unnecessary expenses. Sell whatever you don't really need (including extra cars). Pay down the debt as aggressively as you can. Depending on your income it may take a few years. Once it's payed off; never, ever borrow money again.
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  #4  
Old 01-15-2011, 11:04 AM
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I'm guessing Kuan is referring to how much each US citizen is on the hook for the national debt?
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  #5  
Old 01-15-2011, 11:16 AM
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Quote:
Originally Posted by 10fords View Post
I'm guessing Kuan is referring to how much each US citizen is on the hook for the national debt?
Bingo!
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  #6  
Old 01-15-2011, 11:20 AM
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Boy, that was a kick in the stomach!

Luckily my wife and I are gonna save over $100,000 in interest due to our recent refinance on the house! So about half of that can go to help Uncle Sam and his appetite for my hard earned cash!!
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  #7  
Old 01-15-2011, 11:23 AM
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Quote:
Originally Posted by Craig View Post
Been there, done that. Maximize you income and eliminate all unnecessary expenses. Sell whatever you don't really need (including extra cars). Pay down the debt as aggressively as you can. Depending on your income it may take a few years. Once it's payed off; never, ever borrow money again.
Good advice for Uncle Sam though!
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  #8  
Old 01-15-2011, 11:24 AM
Craig
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Originally Posted by 10fords View Post
I'm guessing Kuan is referring to how much each US citizen is on the hook for the national debt?
Cute.
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  #9  
Old 01-15-2011, 11:27 AM
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Quote:
Originally Posted by 10fords View Post
I'm guessing Kuan is referring to how much each US citizen is on the hook for the national debt?

Good catch.

So that is how much the national debt is......any idea how much individual debt American citizens have accumulated themselves and how much that would be if distributed equally?
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  #10  
Old 01-15-2011, 11:47 AM
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BTDT in real life, this way is a piece of cake.
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  #11  
Old 01-15-2011, 11:56 AM
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Quote:
Originally Posted by Craig View Post
Cute.
You were saying....
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  #12  
Old 01-15-2011, 11:59 AM
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Originally Posted by Fulcrum525 View Post
Good catch.

So that is how much the national debt is......any idea how much individual debt American citizens have accumulated themselves and how much that would be if distributed equally?
No idea, but we may find out soon. My contribution would be zero other than my house mortgage.
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  #13  
Old 01-15-2011, 12:22 PM
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I owe $142,000, the good part is that the real estate I owe on is worth $320,000.
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  #14  
Old 01-15-2011, 12:40 PM
Craig
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Originally Posted by 10fords View Post
You were saying....
Actually, when you put it in terms of "per person" it seems much more manageable than the total debt number. That is the kind of number that an individual can actually pay off within a few years.
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  #15  
Old 01-15-2011, 12:43 PM
Craig
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Originally Posted by Fulcrum525 View Post
Good catch.

So that is how much the national debt is......any idea how much individual debt American citizens have accumulated themselves and how much that would be if distributed equally?
According to this, it's about $18K and change per household (not including mortgage debt):

http://moneycentral.msn.com/content/savinganddebt/p70581.asp

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