So how much "bad" debt are you in?

posted 1 year ago

ericbomb@lemmy.world

asklemmy@lemmy.world

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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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onlym3@lemmy.world

2 points

1 year ago

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!

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ericbomb@lemmy.worldOP

1 point

1 year ago

7% per year yes.

28k per year in interest on just a normal home is crazy.

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