Salary vs. money owed
I thought it might be interesting to run this poll: How many years’ worth of salary would it take to equal all of the non-mortgage debt that you have? This includes credit card debt, car loans or leases, student loans, and any other type of debt except for mortgages. (I’m excluding mortgages so that renters don’t skew higher, although I do wonder what the results would be like with mortgages included as well.)
For example, if I owed $175,000 in total on things like a car, credit cards, and student loans, and I made $35,000 annually, that would equal 5 years’ worth of salary. (If you combine your finances with someone else, you can either do your half of the debt compared to your individual salary, or your combined total debt compared to your combined total salary.)
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September 14th, 2007 at 6:31 am
I answered less than one year, but if you include mortgage it’s about between 2 and 3 years (closer to 3).
Less than one year sounds so… small… I wish :)
September 14th, 2007 at 10:00 am
Actually, we’re at a point where my wife’s salary and a little bit of my own would pay it off in a year, but of course we have other obligations (mortgage primarily).
September 14th, 2007 at 10:19 am
We don’t have debt, but my husband and I would need 2.5 years of salary to pay off our mortgage debt. Without my husband it would take me A LOT longer, so I think I’ll be nice to him today. ;)
September 15th, 2007 at 2:45 pm
Less than a year. If I had $0 expenses, and just socked every penny into debt… what a wonderful idea :P But I guess I can settle for clearing it in 2 years instead.