to ask about your debts?

[BasinHaircut]

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.

[alltouchedout]

I don't have a mortgage. I owe about £16k student loan. £240 on a credit card. A gas debt of about £750. A water debt from years and years ago that's probably a bit under £1k. Student loan comes out of earnings obviously. Credit card i usually clear every few months. Gas comes off the meter at £5 week but I have just asked them to increase that as our finances have improved. I repay the water debt at £25 a month by dd. Atm I pay my parents £50 week to cover money they loaned us when DH's car died in February but that's almost done.
We're ok and have found that we do better with smaller repayments which take longer but are very managable. And I've just got a job which pays £8k more than my current one... although it means higher childcare costs and more tax and ni and student loan repayments and lower tax credits of course, so we'll end up better off by a tiny amount. But in a few years when childcare is no longer such an expense we should be absolutely ok. Hopefully ok enough to go into mega debt to buy a home :)

[PurpleRainDiamondsandPearls]

Still got about £19k to go on my student loan.

[OublietteBravo]

No debt other than the mortgage which won't be paid off anytime soon

Hoping to keep it this way. I also have a reasonable amount of savings.

[kirinm]

£3700 on a credit card - us

[Defenestration]

About 5k, it's all on 0% but acquired when I went on holiday and then had my eldest child. Went back to work part time and have pretty much been bouncing it around from 0% card to 0% card since. I've paid significant amounts off in that time but I have then needed to use it again (house move requiring carpets/appliances, new car). I dream of winning 5k and clearing it, I wouldn't splash out I a holiday or anything, would just love to rid the debt that's hanging over me constantly.

[Bearbehind]

This is probably a subject for another thread but what is the logic behind racking up £40/ £50k student loan to then not earn well enough to pay it off?

Isn't it always just a millstone around your neck?

[feelingdizzy]

Nothing now,however it used to be a very different story.I have a job now that I could afford more credit,like car loan etc,but I won't as the freedom of being debt free is priceless.

[kirinm]

£3700 on a credit card - used when I left ex and my salary / rent ratio was not in my favour. Don't use it now.

£7k undergraduate student loan - cones straight out of my pay.

£6k post graduate loan - used for fees for course I needed to do to qualify.

And I think that's it other than the £330k mortgage we are about to ( hopefully) have approved this week.

[JaceLancs]

£12,000 bank loan mainly paying off other debts, car and house repairs
£5000 to my parents
Some credit cards bits probably less than £2000
So around £20,000
On the other hand I'm owed about £8,000 by other family members
I wish I was in the position of many posters above
Although I earn around average wage, I have a large mortgage courtesy of 2 failed relationships whereby I had to buy out their equity in the property
I have been a struggling single parent for many years and that doesn't come cheap
I am not extravagant, buy mostly second hand, run a 13 year old car, very low budget holidays etc
However there is often more going out than coming in
I also sell stuff on eBay and earn extra income wherever I can which pays for any treats and things like Xmas and birthdays
I try and save but then I have to use it for an unexpected bill or repair - so I feel like I'm never getting anywhere
I'm surprised by the number of people who are able to overpay their mortgages and so on

[MrsGW]

None - my parents had lots of debts; I promised myself/them that I would do my best to never have any.

[Twinkie1]

I owe DS £14.00 but apart from that I'm debt free.

[PedantPending]

None apart from a tiny mortgage that will be paid off very soon. Use my credit cards for business only & pay them off in full every month.
I save up for bigger things like a new central heating boiler or pay for essential replacements from savings.

[Crisscrosscranky]

£5k on an interest free credit card that I used to pay for my post-grad. We have more than that in savings but as it's interest free we wont pay it off until end of interest free period.

However, I would say that our situation was very different 3 years ago where we had £20k of debt (non-mortgage). At the time these threads with people saying they owe nothing + have no mortgage etc etc would have made me feel really crap so if anyone is reading this feeling pretty skint - it can get better with a bit of scrimping and saving!!

[travellinglighter]

This thread has prompted me to check and I find out that I’m £3k better of than I thought I was. (yay)

My mortgage is £75k(not £78k), I owe £3300 on an interest free credit card and £600 for a reclining chair that I bought on credit and now regret not paying for it up front. I was going to but it takes my savings down very low and I get twitchy if I don’t have a months wages in the bank. Oh well.

[SoThatHappened]

About to pay off my £1k credit card so soon to be zero.

But I dont own property.

[Flumplet]

About £220 for an old car loan - finish paying off next month.

Overdraft now £0.

About £1200 on 0% credit card which will be paid off in next 4-5 months.

It's come down dramatically this past year and although still a lot to some people I'm really proud of myself for getting my act together.

[Champagneformyrealfriends]

Aside from the mortgage (£86k left) I have about £5k on an interest free credit card we used to buy a new bathroom and furniture. £70 just spent on "Very" but that'll be paid off when the bill comes. Just paid my last car loan payment this month! I'd love to be debt free and bitterly regret ever using a credit card but it was for things for the house we needed at the time.

[DownInFraggleRock]

£2300 on 0% credit card, £20,000 student loans company debt from first degree, £46,000 bank lent student loan from second one (down from £80,000). Currently >60% of my salary goes on my student loan

[notsmartenough]

Only have credit card debt and I always pay in full each month. Current bill is £190.

[Toffeelatteplease]

£4700 Interest free credit card. From paying off a car loan. DS (SN) needed a much bigger car for his wheelchair and motability wasn't suitable. Should be cleared soon actually pretty pleased I will have paid the whole thing in 5 years all being well.

I'm sure there is lots of student loan.

Otherwise just mortgage. Cc paid in full every month

[StarryIllusion]

About 1k finance agreement for a new bed. Paying off over a year interest free. Thinking about taking out a new phone contract which would be 2 years at £38 a month. Generally I look at what is left over each month and see if I would still be saving when making monthly payments. No other debt although I would love a mortgage.

[NatashaRomanoff]

These threads make me laugh. It's all "nothing except my 6 figure mortgage and 5 figure student debt but that's ok, they don't count," whilst those of us with 10k on credit cards are negatively judged.

DH and I have 10k each in various directions - a car, some furniture and some general living costs. I don't give a flying fuck. We service them, can pay them down if we want to but I can't be arsed - when the imminent inheritance expected arrives I'll pay it off. And become as smug as some people here seem to be presumably

[Bearbehind]

I agree natasha. The 'student debt doesn't count' train of thought has truly shocked me.

Why bother studying if you just rack up a huge amount of debt you'll never earn enough to pay back?

I can understand it as a means to an end but nothing else.

It's a really scary prospect for those kids going to uni in the future.

[HermioneJeanGranger]

Oh, I owe student loans, but I don't earn enough to pay them back, so I just ignore them!

[HermioneJeanGranger]

Student loans don't count for most people. They don't go on your credit file and they get written off if they're not paid off after x-time (25 years in my case). I'll never pay them off, so there's no point stressing about them.