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.

About 7.5k on a credit card and a thousand pound overdraft:( I was a SAHM until my xh left so put a lot on my credit card until I got a job. I'm slowly whittling it down and put every spare penny into paying it off but it's still going to take a few years.

Student loan and 2 mortgages

Nothing ekse

Student loans and mortgages are both debts for all the strange people saying "nothing, except...". Took me ages to pay off my student loan and I felt like I'd really achieved something when I finally did.

Now debt free.

I owe $42000 on 1 student loan, $39000 on a second student loan, $18000,so far on a third ( Ds2,Ds1 and DD1 and she still has 2 years to go)

I owe $7000 on 1 car $3000 on a second car and $1600 on a third

I have a credit card with $10000 owed and a personal loan with $15000 due.

Then I have $12000 due in medical bills ( and I have insurance cant imagine what they would be without it)

I will have to work till I die

^^ Seems legit

I have about £7k student loan left and that's it. I don't own a house though.

I just said I view my student loan as a tax since I don't actually see the money like other taxes. I earn enough to pay income tax buy just shy of it for student loan tight now. DH has been paying his off though. I'll be earning enough soon but doubt it will be paid off in full by the time I'm 65.

Students loans assume everything goes to plan. They don't take into account that sometimes, even with the best will in the world, life really doesn't go to plan

We have a mortgage of around 190k (Was 150 but we added to it for a loft conversion)

Only debt is credit card which we clear each month

I was raised in a family with no money and apart from some debts in my early twenties have done my best to avoid taking out credit. We are in a fortunate position where we are able to put away money every month and as a result have a tidy amount of savings. I don't want to go back to living hand to mouth each month

Zero and mortgage is paid off.

I am intrigued by those that have paid off their mortgage. It would be interesting to know people's age and the size of the debt paid off. Just curious.

We have a £230k mortgage with 18 years left to run. I will be 58 when paid off. We also have £6k on a single credit card - 0% until 2018. No other debt.

We had a recent bank valuation done on the house when remortgaging. The bank's surveyor valued it at £685,000.

We have modest and I mean modest savings.

Currently none, but I'm starting uni in September (in London) so I'll end up with about £60k in debt by the end of it from student loans.

I owe HMRC but that's on a fairly minimal interest rate and I'm chipping away at it. I've also got interest free credit cards. None of this has gone on holidays or even stuff like furniture - I don't have some basic things like a sofa or a chest of drawers. Most of the debt was basics like food and utility bills. Micawber was right about the way a very slight difference makes a difference between misery and happiness.

Fingers crossed, the debt is now going down. I finished paying off a bank loan last month (moving expenses) and a different HMRC debt this month.

Stephanie the end of our mortgage corresponds to our 25th anniversary of living together (married 18 months later).

We've moved house several times since then and taken out replacement mortgages as our circumstances changed but we've always had 25 years as our timescale. We've put windfalls in to reduce the capital and once took out an 80% mortgage on a second house (job move) when the first one didn't sell in time. We quickly brought it back to a reasonable level when we sold. It was a scary few months but we didn't want to rent.

Sometimes we look back on our first mortgage (11% p.a.) and laugh in disbelief at the current interest rates!

We'll both be in our 50s at the end of it, but I'm not telling the Internet how much we've borrowed.

About 25k last time I looked. 😱

I have no debts bar mortgages. This is thanks to my DH who is very financially savvy and does all the finances monthly, cos I can't be bothered. We both earn decent wages.

So jealous of all you with no debt I'm drowning in it and cannot seem to get out of it no matter how many times I look at the numbers and think I've figured it out

I have

4k catalogue
3.5k credit card
1.2k store cards
1800 overdraft
1300 overdraft

I have no hope in hell of ever owning my own home. I keep thinking about phoning a debt charity but I don't really want to go down the route of getting some written off because my credit rating is already shit I don't want to make it worse

Well, so many of you seem to be doing so well...

I've swapped my username to be completely honest as its quite embarrassing.

My account - £1600 overdrawn
My credit card - £500
My husband's account - £500 overdrawn
My husband's credit card - £1600
A loan - £2300 (15 months left on it)
My car - £3000
My husband's car - £8000
Catalogue account - £500
Sofa - £800

Making a grand total of £18,800!!

I would love to buy a house one day, but this seems unlikely as it seems to be one step forward, three steps back. We were making some progress clearing these debts until we had an unpredicted large bill at a point where income was reduced. Really messed everything up. The most shocking part of this is my husband and I have a joint income of about £60k but still we make little progress.

Mayaknew- I feel your pain

Anon it's hard though. Sometimes I feel like no matter how much money we have coming in (which to be fair right now isn't much) we are still sweating waiting on payday at the end of each month.

Owe approx £6000 in interest free credit cards- just transferred from an interest charging one

No other debts, apart from £60k mortgage which DP and I hope to clear a few years early.

However, the cards are used for regular purchases like food and MOT/car tax. Rarely is it treats. My wages just about cover the bills and DP is self employed. When the 0% offer runs out, I'll just move what's outstanding to a new one, although the plan is to clear that by the time the mortgage is done too.

I know it's not completely representative but the different attitudes towards different amounts and types of debt is interesting.

How does everyone feel about overdrafts?
Sounds silly but I have never had one, even as a student, because I don't feel comfortable with the idea of it. This is even though I'll happily use a credit card. An overdraft would make me feel like I had less control.

I had an overdraft as a student and then spent years with horrible amounts of debt I struggled to pay. After years of debt, I am finally able to live and pay off my various student loans without an overdraft on my salary. As long as that continues, I'll avoid an overdraft. Once I've paid off my loans, I'll avoid debt so far as possible. It'll take me another 3-4 years to pay off my student loans and I will be £400 a month better off. I cannot wait for that day!