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AIBU to ask how much personal loan/CC debt you have?

(60 Posts)
AllTheGlitter Sun 24-Mar-19 20:41:21

Hi guys, I’ve just done a blush debt consolidation loan and having a bit of a panic. The payments are fine, we can definitely afford them. Just want to know if anyone else is in my situation as I feel like the only one! sad

Fluffyears Sun 24-Mar-19 20:45:59

I’ve just finished my loan this month. I’m finally nofnin any debt apart from our mortgage. It’s worth it to pay off your debts just don’t run up your card whilst paying off the loan.

MustBeAWeasly Sun 24-Mar-19 20:49:04

We've got 7.5k on a loan at 7% and 1k on finance for out couch at 0%.
Deaperatly trying to pay the loan off early though it makes me sick having one I'm constantly worrying the car might go or something else will happen and we'll have to take out another

AllTheGlitter Sun 24-Mar-19 20:49:32

@fluffyears congrats! Bet that feels amazing! My cards are being cut up, no more cards.

CheekyChappy710 Sun 24-Mar-19 20:50:46

So you've done debt con so how much debt have you got now? At least tell us your situation before we share ours...

AllTheGlitter Sun 24-Mar-19 20:50:55

@mustbeaweasly yeah it’s making me feel sick I’ve had to do it but after living alone for 3 years I did mount up a fair bit of debt. Now have £10k over two loans and not doing anything else now.

Myextensionisgivingmeaheadache Sun 24-Mar-19 20:51:27

Around £3k on a credit card which as been there pretty much consistently for a few years, we chip away at it then put more on, then repeat the process. We are desperately trying to pay it off though and throwing as much as we can at it per month.

AllTheGlitter Sun 24-Mar-19 20:51:35

@cheekychappy710 it’s £10k in total, sorry thought I’d put it

Fairylea Sun 24-Mar-19 20:53:00

We have quite a lot of debt and a low income - we manage on dhs low wage and disability benefits for ds etc, to be fair a lot of our debt comes from buying a house that turned out to need a lot of work doing (roof / electrics etc). We have £10k personal loan and £3.5k on our credit card and an overdraft of £1k. Madness really but we can afford it all so don’t really worry about it. My mum just passed away and I have inherited her house so all debts including mortgage are due to be paid off. We will have to be careful not to run it all up again. blush

Pinkyponkcustard Sun 24-Mar-19 20:53:20

Consolidation is all well and good if you don’t run up the debt again. Can you pin point where the debt came from and what you’ve got in place to stop it happening again?

AllTheGlitter Sun 24-Mar-19 20:54:17

@fairylea sorry to hear about your mum but that’s good news about the finances! flowers

Spanglybangles Sun 24-Mar-19 20:54:22

£184 on cc and £300 on next account. Nothing else but offering on a house this week so will soon have a mortgage to add to that (hopefully).

Fluffyears Sun 24-Mar-19 20:54:47

It is a great feeling and I am now going to build my savings up.

AllTheGlitter Sun 24-Mar-19 20:55:47

@pinkyponkcustard it’s from a few years ago when I lived alone and earnt less than I paid out for bills unfortunately. Now about 13k better off salary wise but seemed to be throwing money at cards and then not seeing a difference

Disfordarkchocolate Sun 24-Mar-19 20:55:58

About £18 but its been a long hard slog to get there, some good luck too. I hope it all works out for you, the relief of not living in my overdraft and not owing money is immense.

AllTheGlitter Sun 24-Mar-19 20:56:32

Thanks all, makes me feel less alone! Hope everything works out for you all xx

Fairylea Sun 24-Mar-19 20:57:11

Thank you, yes I appreciate how lucky we are to be in this position financially. We’ve spent many years really struggling - we even had a local charity pay for us to fix our leaking toilet once as we just couldn’t afford it! blush Once you get into debt it becomes such a spiral and sometimes if you are low income you really can’t manage without borrowing - especially if you own your own home as we do (house repairs etc).

Good luck to everyone trying to pay off debt flowers

riotlady Sun 24-Mar-19 20:57:56

None
(Mind you we have no assets either... no car, rented flat, about £1000 in savings)

LorelaiRoryEmily Sun 24-Mar-19 21:02:43

I’ve literally just finished paying off my Mia spent 20’s🤦🏻‍♀️ I’m 35. 5 years ago I owed €6000 on credit card, €700 overdraft and €16000 personal loan. And I drove a banger🤣 now I have no overdraft, no credit card, no loans, drive a nice car that I own outright, have a very healthy savings account and paid for a wedding without borrowing.
We’ve just got mortgage approval so hopefully we’ll have a mortgage soon but that’ll be it. Lesson learned the hard way

SkinnyPete Sun 24-Mar-19 21:05:58

I've been in bad places before, like ~£15k. Currently at zero debt but going through a bad divorce that's insistent on solicitor lead everything. I think I'm gonna be back in the bad place soon 😬

Lazypuppy Sun 24-Mar-19 21:07:06

I've got a£10k loan for a car but thats it. CC is used and paid off in full every month, normally around £200

BillyAndTheSillies Sun 24-Mar-19 21:13:03

Around £2k on credit cards. I had a 0% card and the deal ran out about 6 months after I had to put a load of white goods on it.

Since then, I did a balance transfer, applied for a new card but never took it out of the envelope or looked at the pin. It's purely for paying off the kitchen. This time last year I was at nearly 8k so quite happy with how much I've managed to pay down.

bibbitybobbityyhat Sun 24-Mar-19 21:13:20

None at all. We (dh and I) decided to give all that up and live in a scruffy house that needs loads doing to it (which we'll get round to gradually) about 20 years ago.

We have had big credit card debts at times. It's a terrible feeling.

PookieDo Sun 24-Mar-19 21:17:02

£3k
I moved house and it was much more expensive than I anticipated
It’s 0% at the moment but I don’t know how I will actually clear it...

dementedma Sun 24-Mar-19 21:17:03

2K on interest free credit card and 28K on mortgage.

Youmadorwhat Sun 24-Mar-19 21:22:07

No loans or mortgage (paid off thank god) just a cc bill of 1,200 that I pay the minimum on as its 0% but could pay it if necessary with savings.

Princessmushroom Sun 24-Mar-19 21:22:56

We had £15k credit card debt. Paid it off whilst earning less than £7 per hour and my husband being unemployed.

We scrimped a LOT, and learned about side hustles to make extra money on the side. We did all sorts.

That was a few years ago now and I’m so glad we tackled it. We did it debt by debt, paying off the highest interest first then closing the credit card account.

weekendsleep Sun 24-Mar-19 21:23:39

I have about £400 on a credit card + loan. It used to be over 1k! Paying it all back now & only use cc for emergencies (limit of £300) most recently for Ddog emergency vet visit which we are still waiting for insurance to pay back.angry

Figgygal Sun 24-Mar-19 21:25:30

£400 on a cc
No loans or other cards

puppymouse Sun 24-Mar-19 21:29:00

I have a fair bit. Two 0% cards with around 9k between them and my car has about 5k left in finance to pay. I just got rid of a loan and another card.

Payments were affordable and all low to zero interest and perfect credit rating but it was starting to scare me. Mainly vets bills and generally living beyond my means, nothing that extravagant.

Tunnocks34 Sun 24-Mar-19 21:30:40

4K at the minute on a cc, which had a 15k limit.

We’re going to be clearing about half of that in the next couple of months and putting the rest on a zero interest card. I’d rather not have it of course but the payments are extremely affordable.

BuildAParsnip Sun 24-Mar-19 21:31:48

Just mortgage

TapasForTwo Sun 24-Mar-19 21:34:40

Nothing. One advantage of being old is that we no longer have a mortgage. Our cars are getting long in the tooth, but belong totally to us.

BitchQueen90 Sun 24-Mar-19 21:35:24

I don't have any. I have a credit card but I pay the balance off every month as I only use it for food shopping.

But I am a low earner and a single parent. In my situation debts could very quickly spiral out of control, no way could I afford big repayments. So I am very very careful to spend within my means.

In the past I had over £2k of debt from a loan and overdraft and there was a period in my life when I had to survive on £20 a week for all food, toiletries, leisure etc because I had so many repayments to make. I vowed never to get into that situation again.

MadameMaxGoesler Sun 24-Mar-19 21:37:17

Other than mortgage, none.

JaceLancs Sun 24-Mar-19 21:37:39

2.5k left on an interest free credit card
I am about to borrow another 3.5k again on interest free credit card to loan 2k to DD for car and 1.5k for cat to have surgery 😞

LaurieFairyCake Sun 24-Mar-19 21:41:04

Zero. Feels so good.

But 20 years ago it was 50k

Ambi Sun 24-Mar-19 21:41:52

We've maxed out credit cards and had loans worth thousands, paid all that off and got ourselves some savings.
Then DH was made redundant and we invested in a new business that didn't amount to much and back into debt we got but harder to pay it off with my wages. He took a job with a pay cut for a regular income and a few years later we're debt free with a savings cushion.
It's a hard joyless slog to climb out and I'm pretty frugal these days as a result.

CasperGutman Sun 24-Mar-19 21:43:32

CC is paid in full every month, so not really debt but about £1000. No loans or finance. So that just leaves the mortgage of £shitloads.

Slazengerbag Sun 24-Mar-19 21:45:45

Not completely sure blush a sofa from dfs at 0% but that ends in May. My car which ends in August.

We have no credit cards at all. About 18 years ago every time I went in to a shop I was offered a store card which I took and my bank offered me a credit card. I got in to about 10k worth of debt in about 12 months! It was all on stupid things like clothes, nights out, takeaways and fags!! It took me years to pay it all off and I never want to be in that situation again. Our home needs quite a bit of work which we could bung on cards but my husband has an illness that has left him unable to work in the past ( thankfully he has been okay for a few years) and I just can’t risk adding to our outgoings so we save until we can afford to do it.

blue25 Sun 24-Mar-19 21:48:13

Zero. Have a mortgage though which we're try to pay off ASAP.
Hate being in debt!

AllTheGlitter Sun 24-Mar-19 21:50:46

Thanks everyone for being so honest, I’m not in an awful situation just embarrassed I guess! This will help me save though at least so just paying off the 2 loans

NellWilsonsWhiteHair Sun 24-Mar-19 21:58:10

About 10k across two (0%) credit cards. It's the most I've ever been in by some distance - a lot of it is from the costs of moving/buying first home, and from covering the unpaid bit of maternity leave, but some of it is probably from holidays I should have saved for first. blush It's in control (the repayments are affordable, one will be cleared by the time the 0% ends, the other will be much smaller and I hope it won't be difficult to move it to a fresh 0% offer) but it does stress me a bit and I'll be glad when it's all paid off.

zebrapig Sun 24-Mar-19 22:02:24

Only a new carpet on the credit card which will be paid off next month. 10 years ago we were £17k in debt, finally paid it all off 5 years ago and never going to get in that situation again. Now if we don't have it, we have to wait for it.

RMogs Sun 24-Mar-19 22:54:15

£750 on a loan and about 200 on cc, loan will be gone in May (can't wait) so should clear cc in June. Been a long slog but so glad to see the light at the end of the tunnel now

Flaverings Mon 25-Mar-19 07:23:24

In the past I’ve had a student loan and a mortgage, both now paid off. It was drummed in to me never to get in to debt so I never had a credit card, car finance, overdraft etc.

I listened to a piece arguing that personal debt (eg credit cards) should just be wiped out, and thought that was very persuasive.

BarbedBloom Mon 25-Mar-19 07:32:01

About 5k between me and my H. Unfortunately we had a bit of a bad patch where we were both made redundant and couldn’t find anything else and a lot of stuff went on credit cards, including a deposit for a new rental place as the landlord sold up during all this. I have since been diagnosed with a chronic condition and can no longer work full time, which is pants as I was main wage earner. Not ideal but we are chipping away at it best we can and are due a small inheritance which will clear it.

I hate being in debt, it is awful

PlainVanilla Mon 25-Mar-19 07:38:37

Mortgage free now for 3 years and anything I might put on a credit card is paid off in full every month.
I hate the way the UK economy is based on credit and debt.

LoubyLou1234 Mon 25-Mar-19 07:40:56

Been there done it, cleared it all by mid 30s. Consolidation didn't work for me I just ran tthe card and over draft back up and paid minimal.

Just the mortgage for me and we are overpaying that to reduce the term. Who knew that I'd actually enjoy saving and watching the money build. Everything is now saved for and paid for that way.

scaryteacher Mon 25-Mar-19 07:42:03

In credit on my UK card, the Euro one gets cleared every month, and sub £30k on the mortgage. We cleared the cards last year, as dh retires at the end of this one, and we want to go home debt free.

MsHopey Mon 25-Mar-19 07:49:30

Me and DH jointly have £24k.
Barclays kept upping the balance and we kept needing it to pay bills and car repairs, food and petrol just kept getting put on the CC. Even council tax went on it a few times.
We were privately renting and got no help, both on NMW and were only 21yo. We got a loan to pay off the CC at a better interest rate, but still didn't have enough to pay the bills so money went back on CC.
I lost my job and we couldn't pay them back, companies were understanding for a few months but then sold them all off to different debt collectors.
We're now 26 and haven't paid any payments in years. When we think about it we feel sick, we're on a very low wage and get UC now, not idea how any if these companies think we can pay back £24k in a reasonable amount of time.
Seems bankruptcy might be the only solution to get rid of the knots in our stomachs but seems so mad to go down that route at just 26.
We've buried our heads in the sand and just got on with life but its constantly there.

ncagain222 Mon 25-Mar-19 07:51:39

No debt as such, other than the mortgage. However, we spent about £100 on the credit card last month which we shouldn’t have, and that will have to be paid off this month. We also “borrowed from ourselves” by spending £1700 from our savings account (meant for home improvements/emergencies) last year on a holiday, which we’re now paying back into the account in monthly installments.

Disfordarkchocolate Mon 25-Mar-19 07:55:12

@MsHopey have you considered StepChange or Christians Against Poverty for financial advice. Neither will judge, just offer a way out. It's probably going to be a very long term solution with your income but there will be a solution and far far less stress once you start the ball rolling. Good luck.

GreyBird84 Mon 25-Mar-19 08:00:17

Recently cleared off all overdrafts & now working on a 2K credit card debt - will be cleared by end of this year because our mortgage deal is up in January! We plan to reduce mortgage term by 5 years then.

It can seem daunting but chipping away at it is our method.

megletthesecond Mon 25-Mar-19 08:03:52

Nothing.
Rather like bitchqueen I'm a LP so I tightly control what gets spent. And I cross my fingers that nothing major breaks.

Disfordarkchocolate Mon 25-Mar-19 08:03:54

GreyBird84 clearing the overdrafts and not using them again was a massive positive change for us. You feel so much more in control of your money, wish we'd done it earlier.

Moanranger Mon 25-Mar-19 08:23:10

Debt-wise, I am probably in worse shape than anyone here, though I have a high income from a variety of sources:
Mortgage £2315/mo paid off Mar 2022
Car loan £201/ mo paid off in May 2021
HMRC £336/mo paid off Oct 2019 - champagne will be opened.
£7000 on 2 zero interest credit cards, pay about £175/mo. Will continue to juggle these for awhile til either mortgage is finished or I liquidate some assets.
Mortgage & car are necessary for most people & I did not run up the debt due to expensive handbags, holidays, but mostly accrued to pay tax debts.
I have to keep zero interest going to pay for stuff like dental work. When the mortgage goes, that is my last debt, & Iwill be very happy.
Although I feel debt heavy, I have a good credit rating, & worked with my personal banker for loans, so they don’t think it is excessive (tho I do!) Debt is a bummer - avoid)

ShatnersWigIsActuallyAMammoth Mon 25-Mar-19 08:28:21

None. 45, never had a credit card. Salary currently £21k per year. Other than mortgage on my flat (£316) I have no debts, savings of £19k. Only loan I ever had was for a car when I was 21 over 2 years and was 0% interest. Probably because we were pretty poor when I was growing up and my parents mantra was to save and then buy it rather than put things on credit.

weaselwords Mon 25-Mar-19 08:34:57

I have noticed, from years of fluctuating finances, that it takes a good 6 months from when they actually change to when you feel the difference. This means a delay in hardship, when you lose a job or buy something massive but equally, once you’ve paid it all off, you still feel skint for absolutely ages.

GreyBird84 Mon 25-Mar-19 09:09:36

Absolutely disfordarkchocolate overdraft used to free then started costing £12 a month so it became priority whereas cc is 0% until April 2020

It’s a wonderful feeling not seeing red when I log on to online banking - even if there is only a fiver lol

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