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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:
Primadonnagirl · 27/01/2017 19:49

In four days time I will be debt free for the first time in eighteen years. Eighteen years!!!! At its highest I probably owed 12 grand in total, but kept getting loans to clear it so it crept up again so the total debt was probably much more. Dread to think what I have paid in interest. I'm not going to make excuses.. it was a combination of " have it now " mentality as well as some considered purchases but never paying them off. Wasn't designer handbags etc but things like theatre tickets. I'm ashamed to think at the money I've wasted but I'm so proud of the fact that my hard work has paid off.Never again.

Cantgetmyoldnameback · 27/01/2017 19:56

No debt, mortgage paid off 4 years ago. We have a cc but just use for online purchases and the like, and pay the cc bill in full each month.

BUT, things used to be so different. At times in my 30s and thirties, I had a loan or two and several ccs and storecards. Not huge levels of debt, but bad enough that I often could only afford to pay the minimum cc payment each month. Just had a bit of a fun loving lifestyle and didn't plan for the future (or open my bank statements!)

Weirdly, since I got older, pulled myself together and stopped living just for today, I've become a bit of a compulsive saver. I now get more pleasure out of saving money than spending it.

lalaloopyhead · 27/01/2017 20:00

I was going to say no debt, but i have a mortgage of £80k which still has 25 years to run when I will be in my 70's! I would really like to look at ways to reduce that as although I accept I may still be working then, I don't want to HAVE to.
I have a cc but always pay the balance each month.

MissyMoooo · 27/01/2017 20:02

Family of 3, mortgage and my DH has no debt I have a £25k loan for debt consolidation. I have a problem and I'm not sure how to get out of it 😩

libbyb · 27/01/2017 20:23

You sound as though you know where every penny goes/should go. But you don't sound as if you're feeling low or dragged down by your costs of living. You will get out of the current debt situation, please give yourselves a holiday from making payments - if just for one month ?

Original poster
Bringbacksummer · 27/01/2017 21:02

So glad I started this thread! For everyone else feeling burdened by debt, let's take the bull by the horns and make the changes we need to make. I know for some, it's not that simple and it can be so tough to find your feet but I see that a number of charities have been suggested by other posters so I hope that this can be of help to those who are really struggling. Let's hope 2017 can be an opportunity for us all to move forward in some way and improve our situations Smile

OP posts:
misslauren · 27/01/2017 21:04

Family of 3. Both of us work, earn approx 36k-37k. No mortgage.

£4000 over 3 credit cards
£1500 catalogue
£1360 overdrafts
Plus both our student loans that only OH is paying for his, I don't earn enough

maddiemookins16mum · 27/01/2017 21:06

For anyone stuggling please look at CAP (hugely supported by Martin Lewis). My biggest tip, as a person who WAS in debt, never pay money to get out of it. CAP charges nothing, never has, never will.

JugglingFromHereToThere · 27/01/2017 21:09

Thanks Bringbacksummer - nice thread

And yes, bring back summer too Flowers

HeadDreamer · 27/01/2017 21:09

About £150k on mortgage. No other debt. We use credit cards but pay off each month to get cash back. I plan to be mortgage free when DH is 60.

Someone asked why do I want to be debt free? We are both earning and can afford the mortgage. But what if we lose our jobs? As we get older that's more and more likely. It's better to have non of this debt when you get close to retirement. Ideally I'd like to be mortgage free by our 50s but that's not likely to happen.

Primadonnagirl · 27/01/2017 21:10

Totally agree with the recommendations for CAP..don't be put off by their Christian beliefs if you are not of that religion...they don't try to influence you in that way at all. They do offer to pray for you but you can always say no, but they treat everyone the same. Fantastic organisation who can take so much of the anxiety out of debt.

cheval · 27/01/2017 21:12

My children are massively in debt thanks to student loans. They don't seem to think it's a problem. Lala land for them. I was a few years ago financially in trouble. Is the most horrible place to be in, barring health problems, it's the worst. Thankfully now out of it.
Friend was massively in debt to the tune when she visited, her card was barred and had to bale her out. She's worked hard and sort of ok now.

InsultingTheAlligator · 27/01/2017 21:13

Family of 3. Mortgage of about 170 k. No credit cards because I am nervous about them. (They make me feel like it is 'free money'.) We have a tholiday I have paid a deposit for that I need to pay off. I have a direct debit set up for that taking a set amount out each month so I do not even notice it going.

EngTech · 27/01/2017 21:18

Debt is not a problem while you can up the payments.

It's when you start missing payments, then those nice people who encouraged you buy their product turn nasty and send the Tally Man knocking.

Been there years ago, learnt a hard lesson. Now if I want something, I save for it.

Any loans I do have to take out I ensure that I don't overreach myself.

sweetlunchesoversavoury · 27/01/2017 21:31

Student loan of about £16K :( wish id never got one

kateandme · 27/01/2017 21:33

bringbacksummer don't lose heart.try not to get dragged down by it because youll see a mist then and life will become a continuous strain.
I found that was the wrost thing.no matter where I was it was like a demon hanging onto my hair trying to pull pull pull.even when I wasn't thinking of iti was if that makes sense.
every good bit you achieve towards paying it off.saving then feel good.
and if there are weeks you cant do the big things try little.
can you cut down to certain branded products.even this if found saved me loads.and after two weeks of noticing I could remember what the expensive stuff tasted like!
can you sell any stuff.open an ebay account and get rid of books games etc.
a car boot.
do as many little things you can aswell as thinking of big changes.
always look for coupons.
always look for meal vouchers if you go out.
money saving expert man is fab.and there are great coupon queens on fb who tell you on offers and vouchers.voucher codes uk etc.
make sure your not alone.let people in to help and listen to when you might feel its getting to much.

scardeyy · 27/01/2017 21:40

I have a mortgage and student loan but I don't think anyone classes either as anything other than a necessary debt.

I'm not in debt at all and frankly I get very itchy after a big purchase. In fact I'd say I'm very anxious with anything less than a certain amount in the bank.

xmb53 · 27/01/2017 21:44

Family of 4, one earner for last 13 years. No debt except car which is really just paying depreciation only.

pteradactyl · 27/01/2017 22:38

Family of 3 here.
Me: about 1500 on catalogues (700 of which was courtesy of the fridge and hoover packing up within weeks of each other and also within weeks of our holiday we had saved up for and therefore just cleared our savings for!).
We have a joint loan which will be paid off in march.
He has a credit card and car loan, probably about 4k total.
My debts I am aiming to clear by May, depending how much the MOT wipes out as I drive a 13 year old car that is now a bit in need of serious tlc.
I used to be in about 4 grand's worth of debt but I cleared a lot.
No mortgage here (renting) but do have a student loan. However, since the repayments are so small I don't really take much notice of it

Maisy84 · 27/01/2017 23:10

2800 cc but just moved it to interest free, plus dh has £4000 on his but also interest free and if we both keep going at current repayments we won't get charged interest but it is annoying! Joint income 90k but I work 3 days a week and we have 2 young children. We own our flat in London and morguage is only 900pounds a month but childcare is another 666pounds, still have no idea why we have no money!

chickalickaloo · 27/01/2017 23:28

Oh fuck I have a shit load... although I did have a lot more.
Family of 4 earn £65k between us.
Car on hp.. about £25k on credit cards. Have just finished paying a total of £20k in loans so plan is to shift that focus to credit cards. Also have mortgage. We are fucked!

SabineUndine · 27/01/2017 23:40

Paid off my credit cards and cut them up yesterday. They are fucking vile things and I'll never have another.

INeedNewShoes · 28/01/2017 00:10

Credit cards aren't thoroughly evil. I make all my purchases on CC so that I get the buyer protection and but then I pay them off in full every month so I get the benefit of building up my credit rating and protection the CC companies offer without paying a penny for it. I've literally never paid any interest on my credit cards (unfortunately my overdraft is another matter and is currently costing me around £20 per month...).

LilacSpatula · 28/01/2017 00:15

Ooh honesty corner...can I use this thread to overshare please?

7yrs ago I had a house and a mortgage and joint debts with my fiancé. He lost his job, couldn't cope and left. The house was repossessed. All of our debts defaulted as he took all of my pay out of our joint bank account. I set up payment plans with all the lenders.

6 months later I found out that he'd declared himself bankrupt. Our home was repossessed and I moved in with my Mum. As the debts were set up on the basis of 'jointly and severally liable' I was then responsible for all of them.

I have now paid them all off. Some may say I'm a mug as I could have also declared bankruptcy and cut my losses but didn't want my future to be dictated by him.

All now paid back, am now married and have a DD. I'm so proud of myself.

LilacSpatula · 28/01/2017 00:17

Obviously didn't marry him...he's now known as Voldemort.

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