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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

to ask about your debts?

199 replies

BasinHaircut · 31/05/2016 14:48

Inspired by another active thread im just wondering how much debt people have (outside of mortgage debt), what sort of debt it is and how they manage it?

I dont really like discussing money IRL so would be fascinated to know how other people operate.

ill start:
0% interest credit card, about £2k, paying off over 2 years (new bed and TV splurge)
0% interest sofa payment, about £1k, paying off over 3 years
Just about to take out a £15k loan (not 0% interest sadly) for a new kitchen over 5 years.

All of these debts were taken on after budgeting the required monthly payments and with a clear end date planned. Even so it seems like a hideous amount of debt.

We could actually pay the sofa and credit card off in full right now but seems more sensible to me to pay off monthly as they are both interest free debts and keep the cash in the bank.

OP posts:
EponasWildDaughter · 31/05/2016 14:53

Zero. We don't owe a penny to anyone.

However, we don't own the roof over our heads (renting right now) and would dearly love a mortgage.

HermioneJeanGranger · 31/05/2016 14:53

Zero!

emwithme · 31/05/2016 14:55

About £3k on the credit cards which will be cleared in about 6 weeks (ie two payments).

NellWilsonsWhiteHair · 31/05/2016 14:55

Holidays. Blush 0% interest credit card, about 3k altogether, budgeted in advance so that monthly repayments are v manageable and the full amount will be paid off within the two years at 0%.

Having spent a number of years pre-children living hand-to-mouth in the red, I'm really thankful that I don't need to borrow. My job now is extremely secure and I'm quite likely to get a pay rise before the repayments are finished.

ElinoristhenewEnid · 31/05/2016 14:57

None really just what's on my credit card to be paid off from last month due on 15th June (interest free period) £ 130.

Also in red with gas & electricity on monthly payments will clear over summer period ( monthly payment has just been reduced by supplier) £150ish

No mortgage paid off in 2000

Not sure if these count!!

chickenowner · 31/05/2016 15:02

I owe about £15,000 on my mortgage, although I now let this house out and the rent more than covers the monthly payments.

No mortgage on the house that DP and I live in. (He was a cash buyer about 15 years ago).

I have never had a credit card.

I have never taken out a loan apart from 2 student loans, which I paid off about 10 years ago.

I have always saved up if I want something, although I do realize that I have been lucky in that I can afford to save money each month. In fact, looking back at what I have outlined, I probably am luckier than most in financial terms. For example, my current and previous car were given to me by members of my family.

NeedACleverNN · 31/05/2016 15:03

Urm we have about 5k of debts that we are paying off now.

Mostly bills that we got behind on that followed us about when we moved. They kept accumulating as we didn't have the money to pay it.

However NOW we do. We pay about £800 in bills a month and another £200 on debts. We will get there one way or another

DesperatelySeeking2016 · 31/05/2016 15:03

We had to be bailed out by the in laws a couple of years ago when we had a hideous electricity bill, spectacular car failure and 2 children in full time nursery. We are paying them back £100 a month and will hopefully be done by September 2017. They didn't want repaying but we hate being beholden to them and they are the kind of people who would have brought it up regularly to get us to do what they wanted.
We are paying off a loan (£8000 taken out about £5000 remaining) that was used to buy furniture when we moved house. This should be finished in September 2018.
We often end up in our overdrafts but at least days we get out of them at the start of the month!

Tiggeryoubastard · 31/05/2016 15:04

I've just bought oldest a fridge freezer (theirs broke, they've just had their roof fixed so can't really afford it, they offered to pay me back but I said no) on my credit card, £450 ish, but I'll pay that off immediately. Only have mortgage debt, luckily DP and I earn more than enough, also small mortgage.

Heyheyheygoodbye · 31/05/2016 15:05

None and we used to have loads so it's bliss!

Trying to buy a house at the moment so we're about to be on the hook for £££££ but that's a house so it's different. We are planning to overpay tho.

SansaClegane · 31/05/2016 15:05

None.

I do have a credit card, which I got to get a good credit score. I use it occasionally, but I've linked a direct debit to my bank account so it always gets paid off in full, and I have never paid any interest on it.

My parents were/are very frugal and instilled in me and my siblings the value of being debt free ( mortgage aside). I never, and have never, spent money I don't own. DH however had a very different upbringing (parents bought new cars on pcps, holidays on credit cards etc) and when we met was heavily in debt (20k ish). Thankfully he has changed his ways now, though he still uses a credit card (as in, he actually uses the credit and doesn't pay off in full but smaller monthly amounts).

gabsdot · 31/05/2016 15:07

Apart from our mortgage we owe E7000 on a car loan. We've been overpaying it and it'll be cleared in 7 months which is 2 years early. I can't wait. I hate having debt.

Hirosleaftunnel · 31/05/2016 15:08

None, except a mortgage hopefully paid off in the next 5 years. We have worked very, very hard and sacrificed an awful lot to be in this position.

Beepbopboop · 31/05/2016 15:15

About £50000 student loan!!! Angry
No other debts - I save if I want something, and have savings as a backup. I don't even own a credit card.

PNGirl · 31/05/2016 15:19

Nothing but the mortgage. We have student loans (from the days when tuition was £1100 a year so probably about £10k each) but I don't feel like they count as they come out of our wages at the same time as tax. We have always saved for holidays and furniture.

unlimiteddilutingjuice · 31/05/2016 15:21

For some reason I LOVE these giving-personal-information-to-strangers-on-the-internet threads.

I currently owe:
£300 to the factor. This is down from £600. I'm paying it off at £100 per month.
£700 for Council Tax Arrears at a previous address. Paying £100 per month to Bailiffs firm.
£300 for next years holiday- DD of £30 per month

I'm also paying for a few things upfront and will soon need to find:
£300 for ferry tickets for a trip we plan to take
Fuck knows how much for MOT (Eeek!)

We are trying to overpay on the mortgage but life keeps getting in the way!

Canyouforgiveher · 31/05/2016 15:23

Less than 180k left on our mortgage - and we could actually pay that off if we wanted. We are about to take out a line of credit on our house to do renovations but that is because it makes more sense with interest rates etc.

We haven't had a car loan since our first car - but we don't buy expensive cars. We pay off our credit cards every month.

DH grew up in a family which regularly spent more than they earned (on lovely things and holidays etc) and he found it immensely stressful. I once heard my mother in law give out about her other son because "he is ridiculously uptight about money" by which she meant he wants to live within his means, only buy a house he can afford, and save for retirement. I laughed.

n0ne · 31/05/2016 15:23

Ignoring terrifying €400k mortgage, about £8k left on student loan, £1k credit card and £1k from DD's savings that I kind of use as an overdraft (ie borrow and repay periodically) but will pay back with interest long before she's 18

HappiestMummyAlive · 31/05/2016 15:25

Fortunately none

NKFell · 31/05/2016 15:27

Apart from mortgage- £2500 on a 0% interest credit card- trip abroad to visit relatives.

ifyoulikepinacolada · 31/05/2016 15:28

About £550 in my overdraft (it'll be paid off in a week or so) and my student loans. I'd love a mortgage!

jimijack · 31/05/2016 15:30

Other than our mortgage nothing.
Dh has a credit card but I have never had one, wouldn't know what to do with one.

I'm a saver, if I want or need something, I Save until I have the money.

Currently Woking 2 jobs to save for the 3 holidays we have booked this year. Also need some decorating doing so putting money aside to pay for that.

9 years left on the mortgage which is around the 40k mark.

I budget carefully, have done without for long periods of time, charity shops and Aldi are my best friends.

Peregrane · 31/05/2016 15:32

Zero personal debt besides the mortgage, but the mortgage is enormous and I am helping a family member with paying off their own debt.

DrDreReturns · 31/05/2016 15:33

No debts at all at the moment. It wasn't always like that though!

DisneyMillie · 31/05/2016 15:34

No debts other than mortgage which is less than £110k on an approx £400k house. We've got the money in the bank to pay it off but it's a brilliant rate so leaving it ticking over.

I'm very aware how lucky we are to be in this position in our mid thirties - worked in london for my 20s which made it possible with help from an inheritance from my nan.