How much debt are you in?

[ScottyDottyDooDah]

DH and I were stupid when we were younger. Got into c£20k of debt, then a combination of redundancy and other circumstances meant we had to enter into a debt management plan

We paid it off over 5 years and obviously completely screwed our credit rating in the process. I swore that id never be in that position again.

Fast forward 10 years, and we're both good earners and live a comfortable life.

He was diagnosed with a life-changing but not terminal illness last year, which we were advised that his critical illness insurance would pay out on.

So (stupidly, I know), we splashed out.on some home improvements and other bits and pieces, on the tick, with a view to paying the debt off with the payout.

A technicality means that, you guessed it, the policy isn't going to pay out. (We've argued it all the way to the ombudsman, to no avail.)

So we're now £30k in debt. We can easily afford the repayments, so we're really lucky in that respect, and have as much job security as we could hope to have, but im feeling so foolish.

So I'm hoping that I'm not in my own with that amount of debt? (I'm not even counting our mortgage!)

Please, no harsh judgement - we couldn't feel more stupid. Also, please no "I'd never let myself get into debt..." replies - they're not going to make me feel any better!

Is your debt on a credit card or anything?
I have a 0% balance transfer so debt on that but I'd rather do that than have everything on finance (I use 0% cards to buy cars, phones, home appliances etc then pay off before interest applies). So I have more 'debt' than my friends but so much of their stuff is on finance.

Car -16k
Crddit card -£8k
Loan -£8k
Mattress - £600

Plus mortgage
It worries me daily due to covid now. But we are comfortable paying this and will continue to pay it until something happens that means we cant.

The car is being voluntarily surrended in January. I just need to last till then!

Various world governments worship the false idol of The Economy. Spend spend spend on more and more consumerism wrecks the planet and wrecks people's lives with the debt openly encouraged by policy, because it all helps raise the G.D.P, so one country can say "mine's bigger than yours is, so there"

Brunei in 90's and other countries too have stopped attempting at all costs to boost The Economy, and instead make the wellbeing of their people, and of the planet, a priority. For instance chopping down forests and encouraging casinos, importing throwaway tat and plastic then putting it in landfill, encouraging pubs to stay open, writing a blank cheque for HS2 nobody wants or needs, but not putting a penny into social care, are perfectly rational if you worship G.D.P

So is making debt easy, beyond the point people can reasonably find repayments sustainable, let alone be safe from unforseen changes. For worship of The Economy, debt is good, savings or living within one's means is bad. One politician remarked he didn't care if people cashed in their entire private pension entitlement in order to buy an imported luxury car. Rishi has said The Economy in U.K. requires ever increasing consumerism, to drive up the measured G.D.P.

I didn't realise that the supposed 'industry' of tourism helps fiddle the figures for The Economy, while actually exporting twice as much money as it brings in to U.K. Other 'industries' are gambling or alcohol selling, or importing and very soon dumping to landfill container loads of fast fashion and plastic junk, all of which also boost The Economy, in some kind of weird con trick .

Ordinary people really ought not to be encouraged as sacrifices on the alter of G.D.P. to be drunks, be obese, be gamblers, be international disease carriers or be hopelessly in debt.

Just the mortgage here, but I've no husband, no parents to fall back on.

I grew up on, sometimes below the breadline, so have been scared of debt always. I can't sleep if I can't pay my credit card off every month. Sometimes I wish I could be more relaxed about it.

£25k student debt and maybe £1k on credit card but I always pay off in full. That's about it aside from mortgage. I was taught from a young age to live within my means and it was advice I heeded. I've heard too many horror stories from people, and as tempting as it is to have a 'blow out', I'm one of those people that understands the temporary high isn't worth the hassle.
If anything I'm owed money as my friend lost his job and I paid his rent for several months.

I was about 10k. We the re mortgaged and put it on there. Then I needed a new car so was back up to 5k again.
But we got a inheritance that paid that off and more. I will never get back to that ever again.

At my worst I was £32,000 in debt. I cut right back and didn't spend a single penny that was not essential and paid it all back. Now I don't even have an overdraft.

It's scary how easy it is to get into debt...

And how easy it can build up, especially with compound interest and minimum repayments and credit companies that love to give large card limits.

I don't think there's much leglisation over that.

None, apart from about 5 more mortgage payments.

None, I have never had a credit card. Never had a mortgage (bought outright) or a car loan either but I realise I have been very lucky. I'm only 36 though so never say never I suppose.

I was in a lot of debt but did a DROna year ago and now have had all my debts wiped.
I have no debt but a shit credit rating for the next 4 years but I’m so glad I did it. Step Change helped me navigate all of the forms.

Maternity leave and using credit cards messed me up.

Never again.

Luckily none other than the mortgage, but I've been there. It seems insurmountable sometimes, but chip away tiny bits and you start to see an end in sight.

It was putting every single penny I could into paying back debt that gave me the impetus to get rid of it and to use my spare cash more wisely than I had been. And I do mean pennies, if that was what I could afford at the end of the month.

Totally agree with @20mum. It's tough enough to get off the treadmill as an individual, big societal changes are required.

None. Just the mortgage which is almost paid off. I hate being in debt though, it makes me really anxious.

Was about 10k in debt two years ago. The credit card companies had just started the persistent debt thing, we were searching accounts for food money and it was worrying to say the least.
Unfortunately my DF died of an industrial disease and DM got a settlement. Which was divided between us siblings.
We are fortunately debt free now, credit cards paid off and a nest egg for emergencies. But I will never get in that mess again.