How much do you owe?

[bane]

alot of nice new machinery has been "paraded" on Kiwibiker recently. In the past we have had "what do you owe on your bike" threads, this poll expands that theme.

[excluding mortgages and student loans], what do you owe on credit cards/finance/HP's/personal loans?

[johnnyflash]

Notink, Zilch, Nil, Zero, :rolleyes: You are missing an Option..:laugh:

[riffer]

Yeah, me too.

No option in the poll buddy. Less than $1000 doesn't cut it.

[T.W.R]

Absolutely zip, not a penny :2thumbsup

No mortgage, No HPs, loans or the such like. Just the usual weekly expenses and household bills :cool:

[Coldrider]

I'm all cashed up as well, waiting my next capitalistic exploit.

[Bullitt]

Zero here too. Well I owe about 5 grand on my credit card but none of it is interest bearing and itll be paid before it is.

Always had a philosophy to never borrow on an "asset" that depreciates

[McJim]

I have no disposable income available with which to service any loan therfore I sensibly have not got any loans (and only have a $6,500 bike!)

[Disco Dan]

Same here... nothing. No loans, nothing owed to anybody.

[avgas]

I still owe i think about 2K for the FZ, i could easily pay this off right now with savings. but then i would have less respect for her.
i think the credit card is sititng on about 1K this month cos i bought an xbox ha.
that will be back to zero before month end.

[banditrider]

Zip, zilch, zero.

[Jeremy]

Student loan + taking the max number of papers per year :P

Discounting that, then nothing, there's even a postive balance on my credit card.

[Sketchy_Racer]

hmmm..

$4k of loan..

yet $10k of bikes.. and another $3k of gear and tools... hmm. weird maths huh

[R6_kid]

Owe the better part of $4k to a mate for my current bike, and somewhere in the realm of $8k to my father for the last one. Paying off at around $350 per week at the moment ($100 to one, $250 the other) and should be debt free by xmas by the time the money a couple of people owe me comes through.

Been thinking lots lately about my current 'dream' bike and if it weren't for existing debts i would have it now :bash::bye:

Sucks having the internet because you get to look at all the nice exausts/levers/rearsets/suspension/wheels etc you can put on the bike you want. Can't complain though i've had/got some pretty grouss toys, and other people even let me crash their bikes for them!

[deanohit]

Currently owe nothing on my bike as it was so cheap (and shit):scooter:, but owe my mum $3000 for my truck. Mums are good:love:Especially when they live bout a 1000 kays away.

[JimO]

so i take it you people who dont owe anything aslo arnt on the property ladder

[Disco Dan]

so i take it you people who dont owe anything aslo arnt on the property ladder

More of a "hydroslide" than a ladder.

[smoky]

It’s kind of irrelevant asking how much someone owes – in isolation, they may have capital and what about debt to income ratio.
Just for example;
1. If someone owes nothing (well done to you guys) and owns a handful of devaluing asset such as a car, some bikes and a cool stereo worth over $10k, earns $40k

2. And another someone who owes $300k to the bank but has properties worth $750k and rental income paying some of the mortgage. Capital value that’s called. Earns $40k

3. Or someone who owes a small or no mortgage at all, owns their own home, has no other debt and some expendable cash flow from earnings of $40k - so they can enjoy life a bit.

Who’s better off?
Wonder if capital will continue to grow?
The real estate market seems to be holding up – only just. Sales in our area are definitely taking a while to happen.

[klyong82]

Don't owe anything on the bike. Will never take a loan on depreciating items like bikes cars unless it is used for business.

[McJim]

[excluding mortgages and student loans], what do you owe on credit cards/finance/HP's/personal loans?


so i take it you people who dont owe anything aslo arnt on the property ladder

I have a huge millstone called an "Auckland Property" round my neck. This is the direct cause of me having no disposable income with which to service another debt.

[The Lone Rider]

Except for the $90,000 left on my mortgage, I owe nothing to nobody no how! :D

[bane]

Yeah, me too. ($0)

No option in the poll buddy. Less than $1000 doesn't cut it.

Given the overall scale of debt these days, <$1000 effectively "sweet FA"



It’s kind of irrelevant asking how much someone owes – in isolation, they may have capital and what about debt to income ratio

Agree, however Im interested in how much "non appreciating asset" debt people have (hence why mortgages and student loans excluded).

I find it pretty amazing just how many people have zip. Perhaps its just a media beatup that we all live on the never never. We all save up for the "wants"?

[johnnyflash]

so i take it you people who dont owe anything aslo arnt on the property ladder

Reason its called a ladder is because you need one for the rest of your life trying to climb out, and fortunately we succeded :laugh:

[Coldrider]

I'ma only build new houses and take the capital gain tax free type of guy. (one of the pricks that Bollard refers to :violin:).
Will need a mortgage at the end of the month though.:crybaby:

[jade]

1500 on the credit card
6k on the loan for bike
3k in fines (cunts)
800 to my mum for the 1000 she had to give the baliffs to stop them from taking my bike
500 ipod on hp

currently all my pay goes on trying to get myself outa debt by the end of the year
wont catch me ticking up anything after that..
maybe a house one day
or a wife

[Disco Dan]

1500 on the credit card
6k on the loan for bike
3k in fines (cunts)
800 to my mum for the 1000 she had to give the baliffs to stop them from taking my bike
500 ipod on hp

currently all my pay goes on trying to get myself outa debt by the end of the year
wont catch me ticking up anything after that..
maybe a house one day
or a wife

Yeah I hear they are expensive (http://www.russianbrides.com.au/index.html):Pokey:

[JimO]

Reason its called a ladder is because you need one for the rest of your life trying to climb out, and fortunately we succeded :laugh:

the two houses i own have tripled in value in the last few years

[RC1]

dont have a paying job and dont owe anything to anyone since you said excluding morgage

[avgas]

Don't owe anything on the bike. Will never take a loan on depreciating items like bikes cars unless it is used for business.
Suppose - but i dont mind for bikes as i have never had one depreciate.
I guess i have been most fortunate on my choice of bikes over the years. That and i dont buy new.
Saying that - i would not take a loan of more than 5K for a vehicle as the intrest would not make it worth my while.

[johnnyflash]

the two houses i own have tripled in value in the last few years

Another wise old saying states that there is much more to life than money, and personally we have enough to lead a very happy life. Just how much do you NEED?, :yes: there are far more important things in life. Hope you find it with your money :yawn:

[JimO]

Another wise old saying states that there is much more to life than money, and personally we have enough to lead a very happy life. Just how much do you NEED?, :yes: there are far more important things in life. Hope you find it with your money :yawn:

whatever.....one is the home i live in the other my 82 yo mother in law lives in rent free......i also have a happy life, let me know what bridge you live under i will give you a tootle on the horn as im passing

[riffer]

I have a mortgage. But I also have over 50% equity in the property at todays value.

I just don't believe in usury. So I avoid being a part of it.

[johnnyflash]

whatever.....one is the home i live in the other my 82 yo mother in law lives in rent free......i also have a happy life, let me know what bridge you live under i will give you a tootle on the horn as im passing

:clap::rofl: sorry JimJim none of my properties are under a bridge:laugh:

[Brett]

I learnt my lesson when I bought my first car with a $6500 bank loan. Once that was paid off, I decided I would never be in debt again for anything except property or appreciating assets. It has worked well for me.

[Coldrider]

i also have a happy life, let me know what bridge you live under i will give you a tootle on the horn as im passing
There is going to be abit of this in the future the way the property market is heading, and rents won't be cheap either, just need to look at the European markets, you may not owe anything, but you don't own anything either.

[Albino]

so i take it you people who dont owe anything aslo arnt on the property ladder

The first rung is out of reach of a lot of people these days.

[ManDownUnder]

The first rung is out of reach of a lot of people these days.

Alone yes, together - no. Check out http://www.co-buywithme.co.nz/aboutus.php

It's not for everyone, but it's a good leg up for those that can...

[NotaGoth]

I owe nothing.. And I own nothing except for my bike.. Says it all eh....?? I'm almost 21 and all I own is a bike..... How pathetic..:laugh:

[Blondini]

Notink, Zilch, Nil, Zero, :rolleyes: You are missing an Option..:laugh:wot they said:2thumbsup

[Disco Dan]

I am so suprised how many people are actually debt free... I thought so many more people would be up to their necks in debt... certainly the picture the media paints!

[Bullitt]

I am so suprised how many people are actually debt free... I thought so many more people would be up to their necks in debt... certainly the picture the media paints!

I suppose the next question is how well does Kiwibiker represent society as a whole. I suspect not very well, although there is a wide cross section of people here the average of many things will be well off.

Perhaps people who own motorbikes need to be better at saving in order to afford them therefore on average have less debt than non motobikers.

[discotex]

+1 for zero, zip, nada. :banana:

Ok there's like $1.5k on credit card but it'll be paid at day 54 of it's interest free days.

Got the cash set aside for my end of year upgrade plus cash to buy a house. The property market in West Auckland is softening nicely so I'm looking forward to grabbing a bargain sometime soon :yes:

[SPman]

Too fucking much!

[scumdog]

I 0we heaps on my 'toys' ferkin' heaps.
$10,000 on the Thunderbird.
$18,000 on the Superglide
$2,600 left to pay on the '37 Ford Coupe (Credit Union loan)

Living in a sustainable level of debt.

If I sold the above I would make a profit - but I'm too busy enjoying them.

[Usarka]

i aint got jack and i aint got shit

all i got is this little bit

of beer

and a bike.

and i dont want a roof that i can call mine

when the horizon calls theres nothing to leave

behind.

[carver]

ZeroDollars

[orangeback]

zipo , i owe on my toys and cars , but the the house is a diffrent story ,
and the dentist from last week 2k:buggerd:

[madmal64]

Add me to the owe nothing brigade.
I like being able to say "Its mine"
Even the credit card has a $0.00 outstanding balance. I hardly ever use it

[Dilligaf]

We too owe nothing apart from a mortgage.
We have an AMEX so that has to be paid off every month and we load as much as we can off that which gives us lovely lovely points to get things for free :woohoo:
Could live in a nicer house but enjoy actually living life and not being constrained by a tight budget.

[caesius]

Christ is it easy to rack up credit card debt. Admittadly I'm a student and most went on textbooks but it's difficult to get motivated to pay it off. However the first thing I did when I sold my bike was to chuck $500 bucks in there to pay it off then some.

Trap really.

[Curious_AJ]

I owe just over 5 grand to the government (yay student loan.. NOT!!) and around 5 grand to my father... (vietnam trip for school)

[HenryDorsetCase]

Alone yes, together - no. Check out http://www.co-buywithme.co.nz/aboutus.php

It's not for everyone, but it's a good leg up for those that can...

interesting. Ive acted for quite a few (like maybe 5 or so) of these this year. It can be an excellent way to proceed. Given I dont do a lot of entry level conveyancing work, it seems to be a trend that is gaining ground.

As long as you know the EXIT strategy going IN, you're fine (works for corners on ya motorbike too.....)

[bane]

,
and the dentist from last week 2k:buggerd:


ouch! i supposed that's two fillings and a clean these days...

mind you, someone has to pay off their $100-200k student loans!

[Bullitt]

Christ is it easy to rack up credit card debt. Admittadly I'm a student and most went on textbooks but it's difficult to get motivated to pay it off.
Ive always found a 19.95% interest rate was good motivation to pay off my credit card...

I wouldnt trust buying a house with complete strangers. Some flatmates have been good, others less so...but Ive never wanted to live with any of them indefinately.

[Boob Johnson]

You also left out the option when a P head sinks the company you work for forcing you to sell your investment property, your BMW & loose $40,000 cash



:brick: