Posted on 05/15/2023 12:21:17 PM PDT by ChicagoConservative27
Total consumer debt rose to an all-time high in the first quarter of 2023, according to the Federal Reserve Bank of New York, with increases to mortgage balances, auto loans and student loans putting debt at a record level.
Consumer debt rose to over $17 trillion for the first time ever, according to the data released by the New York Fed. The total represented a $148 billion increase from the previous quarter and a $1.2 trillion surge from last year.
The rise in debt was spurred on by a $121 billion climb in mortgage balances in the U.S., bringing total mortgage debt to just over $12 trillion. It was the most substantial growth in any category.
(Excerpt) Read more at thehill.com ...
Don’t want to be a downer, but I haven’t had a house payment in years except....I pay what amounts to over $500 a month in property taxes. When that reality hits, you wonder if you really own anything.
I don’t believe that a mortgage counts as consumer debt.
I don’t think that debt secured by collateral counts as consumer debt.
A home loan or a car loan would not be consumer debt.
Credit card debt is unsecured debt.
I have plenty of medical and related to pay for.
Going to take a while.
Anything above $200K requires 20-40% downpayment
Anything below $200K requires 10% down.
I read that same book. Used to listen to Dave and Rush when traveling around doing service calls. I am debt free also..Just started getting SS and investing every check.
Proud to say I have been debt free since I retired in 2016. I haven’t paid a penny of interest on a Credit Card in 20 years.
Bernie Sanders approves.
“No one needs a million dollar home”. Ok, what —specifically— is the total mortgage anyone should have?
How about net worth? Should anyone have a net worth more than 1 million dollars? Keeping in mind that net worth is the difference between what you owe against what you own. For example, if you have a paid off house worth $300,000, a 401k with 400,000, and assorted other assets worth 100,000 you’re getting close to a million in net worth. Untouched, those assets get to a million pretty quick.
There are plenty of couples with average incomes (let’s say, firefighter married to a teacher) who will hit that million-dollar net worth in their 50s.
The evil-rich narrative is easy to fall into. I’ve done it myself in the past, friend.
Same here. Finally, all debt paid (including house) before retirement. I would ride a freaking bicycle and live in a tent before I’d get into debt again. NEVER again.
A million-dollar home is nothing where I live. It will be really old and tiny.
“I read the book “The Millionaire next door” about 20 years ago and am a follower of Dave Ramsey. House paid off. Cars paid off. Kids are grown and paying their own bills. Credit cards get paid off every month and I have a hell of an emergency fund. Hunkered down for the economic storm that is coming.”
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We are in Baby Step 7. One thing I have learned when we paid off our mortgage (in 12 years) and all of our other debt we realized that debt is a form of voluntary bondage. Not saying all, but most people that try to make the distinction between good debt and bad debt have both kinds in good amounts and are simply jealous of those with no debt.
That’s the only way to live.
I’m debt free!
Hey we Learned from the government LOL:-)
Perhaps you have me confused with the recipient of my comment. I paid off my mortgage 11 years ago, which was 16 years ahead of the original 30 year mortgage.
Once the mortgage is satisfied, that money goes a long way toward investment toward retirement and maintenance of one's most valuable asset.
Therefore, I should not have provided support to a FReeper who is closing in on being mortgage free. You are more intent on criticizing others than sharing joy in their success.
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