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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:
WhisperingLoudly · 31/05/2016 15:34

Outside of mortgage I have no debt something I'm proud of having gone from OD to student loan to postgrad loan to credit card to consolidation loan to credit card --several times- in the 17 years since I graduated.

My mortgage is seven figures though Shock

oldlaundbooth · 31/05/2016 15:35

Just the mortgage.

Car is paid for, has been for two years.

We moved house 4 years ago, we got all new appliances, fridge, oven, washer and dryer, new bed and mattress on a 3 year plan. Finished paying it last year.

We both have credit cards, and pay the full amount at the end of the month, no questions asked.

If I can't afford it, I don't buy it.

Sorry to sound holier than though but I couldn't sleep if I had loads of debt.

peggyundercrackers · 31/05/2016 15:35

absolutely zero, in fact I don't have a credit card, got rid of it because I don't use it.

FuckingFattyBitch · 31/05/2016 15:35

About £1000 on a catalogue.

But, I'm on benefits and am very careful not to spend too much. The only reason I owe so much on the catalogue is because I've just had to buy myself new clothes. I budgeted very carefully for the increased payments (there's also a sofa on there with a few other bits)
I scrimp and save every penny i get so I can afford to give my DC nice things. Not the best, but nice. I'm currently saving to redecorate. But as I need new laminate that's bumping the price up so it will still be a good couple of months before I can afford to, then another few months before I can do the DCs bedrooms.
I'm very careful not to borrow money unless I can definitely pay it back, and refuse to get a credit card.

IrisPrima · 31/05/2016 15:35

I don't really have any. No mortgage.

Car is on finance but there's plenty of money to cover it. It doesn't feel like a debt, it just made more sense at the time than to buy it outright.

megletthesecond · 31/05/2016 15:36

Only £60 debt on my credit card. That'll be paid off in a couple of weeks.

FuckingFattyBitch · 31/05/2016 15:36

Oh and I rent my home, don't drive and haven't had a holiday since I was a child. I really would love to be able to buy one day. I don't see it happening any time soon though.

Georgina1975 · 31/05/2016 15:37

£45,000 mortgage
£50 student debt remaining
about £7,500 personal debt (across 2 credit cards)

jo2107 · 31/05/2016 15:37

Zero, but i have been in debt before, not a nice way to get out of it but my gran passed away and left me some money, i cleared all debt and swore i'd never get any credit/overdraft again. What was left after the debt clearance went into an ISA.

witsender · 31/05/2016 15:37

I put a new boiler in my rented out flat at a cost of £2k, that's on a zero interest card at the mo...until flat sells this month fingers crossed!

Whisky2014 · 31/05/2016 15:38

I have 3k on a credit card. it was 4k but I pay £120 to it every month and do not use it at all any more :)

CremeEggThief · 31/05/2016 15:39

I have £1625 on a 0% interest card (new flooring and household stuff from when we moved in to our H.A. house last year) and about £7500 old style student loan, which I doubt I'll ever earn enough to pay back, so I'll apply to have it written off as soon as I can.

OutToGetYou · 31/05/2016 15:39

Mortgage c£60k, but have higher savings.
No other debt. I've never has any debt. Pay cc in full every month. Save for large items. Had one loan in the past but paid it off before the end.

DuvetDayEveryday · 31/05/2016 15:39

About 20k on credit cards. I have bpd and one of my things is compulsive/impulsive spending. I don't have any access to the credit cards now and they are manageable if a bit scary. All on 0%.

EweAreHere · 31/05/2016 15:40

Mortgage only. Everything else, if we can't pay for it immediately (or in full on the next credit card statement; we never carry balances), we don't buy it.

crispywafer · 31/05/2016 15:40

Zero debt now, but I have run up £70k+ in the past due to ill health and legal bills. Had to file for bankruptcy to get it cleared, and now I just have a credit card for day to day spending which is cleared in full every month (I only have it to rebuild credit). I still have student debt which wasn't cleared, but it's being deferred and unlikely to be paid off before it gets written off.

youlittlecharmer · 31/05/2016 15:40

Ignoring student loan of approx £40k, I've got:
car loan approx £3k and 2 years remaining, paying £100 a month
argos £300 on 0% for 9 months, will pay this off next month
sofas about £300 left on 0% for another year, paying £30 a month

I paid off my student overdraft of £2k last year by shifting onto a 0% CC. I still end up in overdraft by £1-200 a month though, need to reign it in a bit.

DP had credit cards when we met and only got serious about paying them off last year. He pays £250 a month to a consolidation loan at horrible interest, but it will be gone in 10 months.

It seems a horrible amount when it's all written out but it is manageable on our salaries and could actually pay it quicker probably. We're saving for our wedding too so that's taking priority until we've got a certain amount saved!

dowhatnow · 31/05/2016 15:40

None. I pay off my credit card bill every month.

expatinscotland · 31/05/2016 15:42

None. No overdraft, cards, catalogues, nothing. We rent.

purplebud · 31/05/2016 15:44

None. £29,000 left on the mortgage. I don't have a credit card. Anything we need we save up for.

newmumwithquestions · 31/05/2016 15:44

Mortgage only. We buy things if we can afford them. Buy 2nd hand cars outright - upgrade only when we have the money to. I get annoyed with a family member who earns less but then buys new everything on credit then complains about having no money (buy what you want, have credit if you want, but don't do these things then complain!). We often buy second hand.

Pinkheart5915 · 31/05/2016 15:44

No debt here.
And Our home is mortgage free.

FinallyHere · 31/05/2016 15:44

My father shared his retirement lump sum between his two daughters. Using this to pay off a chunk of the mortgage opened my eyes to the cost even of a mortgage, and saved me as much again in interest payments. Having paid down the mortgage to less than £5.00, we are keeping it on just in case. It's a flexible arrangement, which allows us to borrow back/ pay off up to the value of the original mortgage, at rates which would not be available to us, if we applied for a loan now.

Credit card bills get paid off in full every month by direct debit. Other than that, save up for things, including holidays. No expensive hobbies, but do realise quite how lucky we are.

BabyDubsEverywhere · 31/05/2016 15:44

About 40k, plus student loans I'm currently accruing (I will never those pay back so I don't really count those.)

The big debt is part negative equity on last house and part of a huge spending spree when living with uncontrolled bipolar mania - fun times!

And then there is the mortgage, owe about 2/3rds of property value so not too bad.

And DH is currently studying for career change so will have his student debt to add in too...

I'm 32 and recently physically disabled (on top of the bipolar and other MH issues), 'tis all a bit bleak really!

DumbDailyMail · 31/05/2016 15:44

Zero.

I often wonder if threads like this prick some peoples conscience. For all the hundreds of posts on other threads about people who are waiting to be repaid loans made to friends and family you never seem to hear from anyone saying that they owe money that they don't intend to pay back.