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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much debt you're in?

233 replies

Bringbacksummer · 26/01/2017 11:35

We are a young family of 4 and have £6000 on a credit card. We are managing it but I feel it weighs me down at times.

Are many others in this situation? Also, any advice for clearing debt/ways to reduce spending?

OP posts:
SheldonCRules · 26/01/2017 19:08

Nothing bar a mortgage, if we can't afford something we don't have it or save until we can afford it.

FannyDeFuzz · 26/01/2017 19:15

£500 Credit Union loan. Got it in a panic, during a wages/tax credits fuck up. Wish I hadn't now, and had just starved for a month or two. Can't sleep at night thinking of it. I've never had a debt before, unless you count student loan (I don't, ha)

It's annoyed me because I could be putting the money into savings but I'm using it to pay off a loan that I have nothing to show for. I could pay it off using our small savings, but that would send me into a bigger panic

HermioneJeanGranger · 26/01/2017 19:22

Just the mortgage.

GreyBird84 · 26/01/2017 20:07

48K mortgage
£200 overdraft

Will probably borrow another 10K to get house sorted

Cars paid in full which is a massive help.

I don't think we're doing too badly, early 30's, 1DS with 2K in savings at 2yr old & another on the way.

LadyMetroland · 26/01/2017 20:44

The interesting thing I've realised as a result of this thread is that lots and lots of people have car finance, even people on low salaries. This must be the reason why everyone elses car is so much nicer and shinier than mine!

floopyloopy · 26/01/2017 20:56

Yes lady and lots of people don't really see it as debt.

I drive a heap of shit. But it's my heap of shit, and it has saved me thousands of pounds in interest and charged.

FourToTheFloor · 26/01/2017 21:33

Upsy it's interesting you say 'we can afford it'. Because that seems like a flippant attitude towards spending and saving your dh and you have. Is the £800 less savings as well each month?

Toodlepip16 · 26/01/2017 21:46

One child between us and one DSC. Loan of about £9k, car finance around £10k Confused, mortgage between us of £150k plus another mortgage each both about £90k. My credit cards are about £3k, no idea what his are. But we do have £12k savings...

Crunchymum · 26/01/2017 21:57

About 10k on 2 credit cards.

I've had 2 years off (maternity leave) out of 4 and we also moved house. I also only went back part time after second child. So this debt isn't the cross we carry for those choices.

Will be doing a zero % baance transfer and trying to get the 10k shifted within 36/40m.

No luxuries or non essentials for a while but we'll be OK.

Crunchymum · 26/01/2017 21:58

Sorry for typo I meant "is the cross carry for those choices"

UpsyDaisyluvsIgglePiggle · 26/01/2017 22:22

Four no we have no savings. The £800 is it as surplus each month. That's what we have after the bills and food and fuel. I can't save as there is always another thing to buy that we don't need. When I say we can afford it I mean we can afford to pay the minimum. I can afford to pay more but dh always finds something else to spend our surplus on. That's why it's always minimum. It's not ideal. I don't sleep at night. At the moment I've saved £1300 so we can pay off a credit bill we have finishing it's buy now pay later in 2 months. Then dh's bonus is going on another a month later. I'm determined to pay off at least 10k this year.

Ruprecthepanbasher · 26/01/2017 22:24

We have a mortgage of £25k but that's it. We have a credit card for huge payments but rarely use then and when we do, we pay them off with a few months. We both hate having debts so watch our spending. Sadly, we know how much money we have to the £1!

SheDoneAlreadyDoneHadHerses · 26/01/2017 22:25

Single parent of one, debts (mortgage notwithstanding) total just under £13500 - loan, credit card, DFS sofas, and catalogue.

I'm getting there.

busyrascal · 26/01/2017 22:33

Just mortgage and student loans here as if they don't count somehow...

BadLad · 26/01/2017 22:33

Quite a bit of debt on the houses I rent out. My home is paid off. No other debt apart from about a couple of thousand on credit card, which is paid off each month. We use credit cards as much as we can as we get points on our cards.

We have plenty saved. No kids.

VeryNecessary · 26/01/2017 22:57

£75k mortgage
£3k on DH credit card
£2.5k on mine
£500 on Very account

Currently on mat leave and will have my cc, the Very and £2k of DH cc paid off by October.

I used to be terrible with money before I met DH. £15k on loans and cc frittered away on nothing. Spent 5 years on a DMP and very cross at the small amount I've built back up but we have a joint income of around £65k so I know we can get things pain off this year and still have around £5k in savings.

Our attitude has totally changed too. If we want something, we wait and save (just spent £5k on a new kitchen) and tempting as it was to get a car on finance, we saved and bought outright instead. Like a PP said, it ain't as new and shiny as everyone else's but it's ours outright.

FlabbyFantastic · 26/01/2017 22:58

£340k

Headfullofdreams · 26/01/2017 23:08

No loans or cards debt but a huge mortgage!

JaceLancs · 26/01/2017 23:32

20k debts total 100k mortgage
I'd like to join them up but bank won't let me!

blue25 · 26/01/2017 23:48

Just a mortgage. Another one who hates being in debt. Have enough savings for emergencies, then any spare money goes on overpaying mortgage & into pension (and holidays).

BabyHamster · 27/01/2017 00:04

None except mortgage. I've always been miss sensible when it comes to money. I overpaid my student loan and it was paid off in my early twenties.

It never even occurred to me to buy a car (or anything else) on finance, I genuinely didn't realise until quite recently that was something people did. Have lived in London most of my life anyway so a lot of people I know don't even have cars.

Littlelondoner · 27/01/2017 17:33

£10k personal debt
£60k student loan
And a crazy high mortgage

I am not worried about it though. Lifes to short.

CEOD · 27/01/2017 17:47

None.

DiddysMammy · 27/01/2017 17:55

Wow... we are a family of three and owe nearly £60,000.. most of it is the mortgage that mil took out to help us pay for our wedding and some debt that hubby had before we met so that is getting paid off in instalments each month.. there are also credit cards and overdrafts that got run up when I was a stupid care free teenager that were cleared with the mortgage loan..

We manage comfortably each month and DD never goes without but it does weigh on me that we never have any "mad" money.

Only another 5 years till we are clear

user1483387154 · 27/01/2017 17:56

None.

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