How much debt is too much?

1. 51

   websclubsposted 13 years ago

   How much debt is too much?

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2. 60

   Webskitzoposted 13 years ago

   Any debt is too short in my opinion! But that said...if you can't afford to pay the minimum payment and then some comfortably...your screwed

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3. 61

   MickSposted 13 years ago

   My wife and I are fortunate in that we own our property with no mortgage.  We always ensure that our debt is less than our savings, we always pay off credit cards every month to ensure extended, interest free credit.  If we couldn't do that we would consider ourselves to be in financial trouble.

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4. 62

   SIJO1posted 13 years ago

   Well ask the English Government how much.Because England is in so much Debt as usual it will be the Tax payer who will suffer due to their mismanagment.

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5. 0

   Contriceposted 13 years ago

   When you struggle to pay it back...it's too much debt.  When it feels like a dark cloud hanging over your head...it's too much debt.  When the idea of checking the balance on your card or opening a bill causes stomach discomfort...it's too much debt.

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6. 60

   KnowledgeSpeaksposted 13 years ago

   When it's either beyond  your comfort level and you worry about it a lot, or when it's too high for you to make the monthly payments.

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7. 66

   Tusitala Tomposted 13 years ago

   MickS has hit the nail on the head.   Don't go into debt.   If you are in debt, get out of it as quickly as you can.
   
   Of course, when you're young you might be obliged to go into debt in order to get into your own home.   A mortage is generally necessary to eventually purchase a house.   But don't go overboard.  Keep the mortage as small as you can to get that first home.   You don't need brand new furniture, a swimming pool and two cars added to the debt you'll be carrying.   And pay off as much as you can on the debt and as quickly as you can.
   
   Too much debt is when it starts to dominate your thinking and gives you little peace.  When you're forever chasing money to pay bills, etc.. If you start 'thinking poor' you'll continueto be poor.
   
   Peace descends, when you're comfortable without beings wasteful, and always have enough put aside to meet any unexpected emergencies.

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