AIBU to ask how much personal loan/CC debt you have?(60 Posts)
Hi guys, I’ve just done a 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!
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
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.
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.
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)
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.
Rather like bitchqueen I'm a LP so I tightly control what gets spent. And I cross my fingers that nothing major breaks.
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.
@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.
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.
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.
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.
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.
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.
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
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.
£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
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.
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. 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.
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
Zero. Have a mortgage though which we're try to pay off ASAP.
Hate being in debt!
Not completely sure 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.
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.
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.
Zero. Feels so good.
But 20 years ago it was 50k
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 😞
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