I'm just wondering why some people don't consider car payments debt :thinkin


I think it is. It's a loan and it's money you owe that has interest. :dunno It's not always a BAD debt.

I guess there's no right or wrong answer, I'm just being nosey. :P

i dunno b/c it gives you a chance to build your credit (at least i think).

:lol I was just wondering the same thing.

ANYTHING where you owe money to someone else - especially when it accumulates interest - is a DEBT.

Maybe some don't like to think of it that way because they think "debt is bad." Or maybe because it's "just another bill to pay" so they don't see it as debt :shrug.

I think of it as debt and so does my DH.

I think it is a debt. I think Kelseys right though maybe some view it as another bill. :dunno

I don't consider it debt as in something I will pay off simply because it is a payment that we will always have! We don't keep our cars long enough to pay them off so we will always have 1 car payment. That probably doesn't make much sense! It's still a debt. It's just something I know we will always have.

As for what others think, I have no idea!

i dunno b/c it gives you a chance to build your credit (at least i think).

Credit cards can do the same thing, if you are smart about it...and that's considered debt.

Just playing the devil's advocate.

Credit cards can do the same thing, if you are smart about it...and that's considered debt.

Just playing the devil's advocate.

:yes Yep! As long as you're paying off at least the minimum amount on credit cards, that also builds credit.

I just have never considered house loans, car loans and student loans debt. those are 3 things that are pretty much a garunteed debt across the board for anyone.

ceridt cards and personal loans are what I consider to be debt.

I just have never considered house loans, car loans and student loans debt. those are 3 things that are pretty much a garunteed debt across the board for anyone.

ceridt cards and personal loans are what I consider to be debt.

same here

I just have never considered house loans, car loans and student loans debt. those are 3 things that are pretty much a garunteed debt across the board for anyone.

ceridt cards and personal loans are what I consider to be debt.

Mortgages are the best kind of debt you can have. Esentially you own it, and can build equity. But it's still debt, as are student loans and cars.

Car loans aren't something you HAVE to have. :dunno In fact, whenever possible you should pay for a car in full up front or at least put down a large down payment to lower the loan amount. You save tons of money in the long run.

I was wondering the same thing. Debt is debt. If you borrowed money that wasnt yours to pay for something that you are using, thats debt. Debt always isnt bad, its natural. But debt is debt. Whether you owe your friend $100 that you borrowed, or the bank $200,000 that you borrowed for your house, they are both debt.

Mortgages are the best kind of debt you can have. Esentially you own it, and can build equity. But it's still debt, as are student loans and cars.

Car loans aren't something you HAVE to have. :dunno

I can still build equity in my cars as well. Once they are paid off and I really need money, I can sell it. Student loans, I wish no one had the need for those, but in todays world.... That doesnt leave many that can do it without those loans.

You cant build equity in credit cards and personal loans.

I can still build equity in my cars as well. Once they are paid off and I really need money, I can sell it. Student loans, I wish no one had the need for those, but in todays world.... That doesnt leave many that can do it without those loans.

You cant build equity in credit cards and personal loans.

I wish there was a way to get around student loans :no But they were worth every penny for me.

I don't agree with the car loan part though. And this is just my POV, but as you are paying it off, in MOST cases not all, it is worth less than you owe. So to me, that isn't equity. Cars don't increase their value over time, they loose it.

Anything that makes our account balance less, is a debt to me. :lol

I just have never considered house loans, car loans and student loans debt. those are 3 things that are pretty much a garunteed debt across the board for anyone.

ceridt cards and personal loans are what I consider to be debt.

:yes

I'm trying to pay ours off. We have a 12 year plan not to have any debt when he retires.

when you apply for a mortgage though, they consider a car payment debt.

Car loans aren't something you HAVE to have.

IMO they are something I have to have! I refuse to drive a vehicle that is more than a few years old! I do not have a husband here who can constantly be working on a vehicle nor do I have the money to always be putting into one that constantly needs maintenance. One of my fears is breaking down when the kids are with me & me not having the money to get it fixed or even towed back to somewhere.

Granted a new vehicle can break down too but the chances of that are much smaller in my eyes. It is all a comfort thing for me! I think I would feel differently if DH was here & we didn't do as much distant driving.

I am ok with always having a car payment, though!

I wish there was a way to get around student loans :no But they were worth every penny for me.

I don't agree with the car loan part though. And this is just my POV, but as you are paying it off, in MOST cases not all, it is worth less than you owe. So to me, that isn't equity.

Exactly. It depreciates which totally prevents it from building any equity. If you sell after paying it off (usually 3-5 years) you will get much less than you paid for it. It doesnt earn any value.

IMO they are something I have to have! I refuse to drive a vehicle that is more than a few years old! I do not have a husband here who can constantly be working on a vehicle nor do I have the money to always be putting into one that constantly needs maintenance. One of my fears is breaking down when the kids are with me & me not having the money to get it fixed or even towed back to somewhere.

Granted a new vehicle can break down too but the chances of that are much smaller in my eyes. It is all a comfort thing for me! I think I would feel differently if DH was here & we didn't do as much distant driving.

I am ok with always having a car payment, though!

It's not a BAD thing. As long as you have good credit and aren't paying out the wazoo in interest :lol And I mean you in general, not you personally.

I'm much more at ease with new cars I don't have to worry about verses older cars that have a greater chance of breaking down.

I consider it debt! It's freakin 24k of debt!

Credit cards can do the same thing, if you are smart about it...and that's considered debt.

Just playing the devil's advocate.

oh i know. i consider it debt i guess. i never really thought about it i just consider it a bill just like the cable or phone kwim?

I just have never considered house loans, car loans and student loans debt. those are 3 things that are pretty much a garunteed debt across the board for anyone.

ceridt cards and personal loans are what I consider to be debt.

Exactly what I was thinking. Or having car pyments that you can't afford. I think cars are a must have. So we don't consider that debt. We do have 2 cars. One is paid one is not. I guess we don't look at it as debt when people ask "are you in debt" because it is not bad debt. We can still go apply for a house or anything else if we wanted to and be approved because our credit is good and our debt to income razio is very low.

Anything that you have to charge or get a loan for is debt to me. Good or bad, it's still something that you owe someone else for..

I consider it debt because a vehicle isn't going to appreciate in value (unless you have some antique classic vehicle or something).

And I agree with what Erika said...I consider anything I have to "pay" on to be debt, whethers its good or bad debt, its still coming out of my pocketbook.

i consider anything i don't own debt, anything that the bank still owns, such as my education. i pocess it but they own it, just like my cars and a house.and credit cards. debt sucks!! anything else is ultilties, food, lights, phones, gas. clothing. anything other than that are luxaries.

:dunnoI dont know why some people do not think it is debt. I don't have a car payment and that is why I know I have no "car debt"!!:D

I think of it as debt and so does my DH.

we do as well:agree

I don't really consider car, house and student loans as BAD debt, but they are debt. Anytime you owe someone money for something, it's a DEBT. You are indebted to someone for something. I don't count our student loan as a debt because it's almost gone. We only have a few months left on paying it.

I don't really consider car, house and . I don't count our student loan as a debt because it's almost gone. We only have a few months left on paying it.

i am SO jealous!

My thought is - Any money owed, regardless of who it is owed to, or what it is for, is debt.... Car payments, House payments, all loans, credit cards, even if you owe an individual.....it's all debt.

My thought is - Any money owed, regardless of who it is owed to, or what it is for, is debt.... Car payments, House payments, all loans, credit cards, even if you owe an individual.....it's all debt.

I do totally agree with this.
Chuck and I believe the borrower is a slave to the lender.
proverbs 22:7

IMO anything I owe money on is a debt.

I just have never considered house loans, car loans and student loans debt. those are 3 things that are pretty much a garunteed debt across the board for anyone.

ceridt cards and personal loans are what I consider to be debt.

:agree

we don't consider it bad debt- but it is debt-
I also don't consider school loans or A mortgage bad debt.

Some people view debt as only things you have trouble keeping up with. :shrug

I personally view debt as any money I owe.

Its debt, but I don't consider it bad debt at all. When I went to our bankruptcy seminar, they said one of the absolute best ways to rebuild credit is to have a car payment. As long as you don't have too much additional credit card debt, having a car payment is a good thing for your credit. As long as you are current on it, obviously.

to me its DEBIT but it's not a big deal because if I didn't have a payment I would feel then need to save a certain portion back each month for repairs...this is assuming I had an older car...I doubt there will come a time where I could get a new car without a payment

My thought is - Any money owed, regardless of who it is owed to, or what it is for, is debt.... Car payments, House payments, all loans, credit cards, even if you owe an individual.....it's all debt.

I agree. I always consider car payments as part of our debt. I consider all bills besides the ones you pay off monthly like cell phones, utilities etc debt. If you borrowed money for it and owe money on it, it's debt.

Debt to me is anything I can actually pay off (car, house, CC, personal loan, etc...) the rest are bills. To me debt is debt, good or bad it's still debt.

I think it is a debt that you will always have.