Debt

Mortgage and a massive student loan.

I have roughly £6k of debt, split between 0% interest credit cards and a low-interest loan. I racked this up in my 20s when I was a low earner and a reckless spender. Now I'm in my 30s, in a better paid job and have realised that spending money unnecessarily doesn't make me happy, so I'm gradually paying it off now. I don't think I'm in a minority to have a few thousand pounds of debt, despite what the responses on this thread suggest 😅

None, mortgage paid off last year.

The question is very age dependent. Really people only have debt for homes and long lasting items eg cars and it relates to length item is likely last for so buying a sofa on 3 years interest free credit is a good use of credit as sofas should last 10-15 years, similarly a car being an expensive item purchasing over 3 years makes sense as most don't have the upfront cash. Borrowing for day to day items is a trap into debt problems especially when they aren't truly essential. I'm a debt counsellor and it never ceases to amaze me how much debt people have from odds and ends, luxuries like holidays and just how many don't understand compound interest.

Ideally you have very little debt until you get your own home (owned or unfurnished rental) then keep it in check, one credit card is plenty. But temptation is all around and who doesn't like new things!

140k mortgage left .that's it but I don't see it as debt , everyone pays for a roof over their head wether it be rent or mortgage
Excluding mortgage. Zero.debt

I've never had debt apart from a mortgage.

I wouldn't be against buying a kitchen or something on an interest free loan though, the money would be worth less in 5 years so that seems sensible.

These threads do attract the smug though - it's all very well to say never get in debt. But these are expensive times and if you have, for example, high mortgage from highest ever house prices combined with highest in 20 years interest rates combined with £££ childcare and bills/food going up - it doesn't seem difficult to see why people are increasingly relying on credit! Not just that they're irresponsible spendthrifts

Nothing, other than my student loan from 20yrs ago (which barely counts as I'm only paying £8 a month towards it) & my mortgage. We don't have credit cards or overdrafts.

Me and DP have £4,800 between us, but it's not 'debt debt' (as stupid as that sounds) it's just finance which we're chipping away at faster than we need to.

I got into significant debt when DD was born, her dad went to prison (I know) and I lost my job so was in a dire financial position and relied on credit to make ends meet. When I finally got back to work the cost of nursery crippled me and I couldn't manage that plus bills so credit extended further and further. I was in a right mess tbh with the interest rates destroying me and was in a very depressed place for a long time. I ended up racking up about 30k worth of debt. I have managed to consolidate and slowly pay a good chunk off but still have about 14k outstanding which I'm paying off at about 400 per month. Its shit and its not about it being normalised, just trying to survive through some very rough years

None. Apart from when I had a mortgage, I’ve never been in debt…credit card paid in full every month, but I hardly use it.

Zero, thankfully. Apart from a house I think if you can't afford it, you don't buy it. Took a while to get that through my thick skull though; I spent my 20s in debt - credit cards and loans that crept up because my wages weren't enough to get by.

Having some debt can be entirely fine. You can still get a mortgage with some credit card debt. You can have an amazing credit score with debt. What’s more relevant is where you borrowed it from, why you borrowed it and your means to pay it back. Getting a pay day loan to go to Ibiza when you can’t afford the repayments is idiotic. Putting a tooth filling on an interest free credit card the week before payday so you can spread the cost over three months is way more reasonable.

« Normalised » implies people have an option. Some people have no choice to fall into debt. It can come about from a number of things- relationship breakdown, job losses, illness etc.

Thing is, OP, MN is huge, and we are all in different circumstances. Different ages, and stages of life. We live in different countries. We have different salaries and work histories. We have different commitments.

Me saying I have £15K worth of unsecured debt, or me saying I have no debt helps you how ?

We have paid the mortgage and student loans (before the days of big loans) off now, so otherwise, we just have one credit card for shopping which is paid off monthly. We bought the car (second hand) outright and part/ex the old one.

of a certain age

Obviously most people have a mortgage too

AIBU to think debt is becoming more and more normalised?

most people who go to uni have no choice but to take on debt....

Debt doesn't have to be a bad thing either

Too much, cost of living has meant relying on credit for the basics, but I’ve no choice, I won’t be able to pay the minimum payments soon so will need to take out a DRO at some point..

None.
I use a credit card for convenience but pay it off fully each month.

Other than a mortgage, nothing. We're savers.

None, mortgage paid off, substantial savings.

Happy now?

Just a £40k mortgage.

Why?

None except for a mortgage. It took me 14 years to become debt free. Never again.