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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:
wettunwindee · 28/01/2017 01:50

Family of four.

£700k 10 year mortgage.

We use credit cards a lot (instead of debit cards) but these are paid off entirely at the end of the month.

A 0% motorbike loan / finance. About £10k.

RonaldMcDonald · 28/01/2017 01:51

£65k in a mortgage. That is it.
No credit cards or agreements. I am a saver for what I need not want.

MakeItStopNeville · 28/01/2017 01:56

Lilac, that's awesome! Congrats!!

sobeyondthehills · 28/01/2017 02:03

Just to add to this, no matter what position you are in, there is always a better way than a payday loan or a logbook loan (personal experience)

because we were unable to come up with the funds to pay our logbook loan off in one go, we are now paying something stupid like 6x what the car is actually worth. We can't sell it, if they sell it, they will take the majority of the money for costs and leave us without the car, which we need.

myusernamewastaken · 28/01/2017 07:27

Single mum here with 3 teenagers....i have 20k left on my mortgage and thats it....i dont use credit cards and i prefer to save up for anything i need or want....

user1483804139 · 28/01/2017 07:42

3K cc, 500 od

BunsyGirl · 28/01/2017 07:48

Over £500k on a mortgage but not worried about that as we have approx 50% equity so could buy a smaller house outright (or move to a cheaper area). Use credit cards all the time but pay them off each month. Now have enough reward points for a week in a five star hotel later this year. Credit cards can be very positive as long as you are disciplined!

pteradactyl · 28/01/2017 08:19

Im sure it has been mentioned but I paid off a lot of debt through what I think they call snowballing?! Threw all spare cash at one debt to clear it, then all spare cash plus the minimum payment from the now cleared debt at the next one til cleared and carry on like that. It does work. Once this lot is gone I am going to be extremely careful!!! Cant eait to be debt free and think 2017 is my year

Greenfingeredfun · 28/01/2017 09:05

For those of you that use credit cards instead of debit cards, what's the benefit of this?

INeedNewShoes · 28/01/2017 09:07

Bloody hell Lilac! What a truly horrendous thing to go through. Well done for dealing with it head on. You're an inspiration!

Daytona79 · 28/01/2017 09:17

Family of 4 and owe £250,000 to mortgage

Eatingcheeseontoast · 28/01/2017 09:24

credit card always pay it off in full. But you get extra protection on purchases and mines an m and s card ski earn points and get vouchers.

Dh pays his kids uni fees on his and gets about £200 I vouchers a year.

PartyintheKitchen · 28/01/2017 10:04

350k on our mortgage, but no other debts in the family.

I got myself into a bit of debt as a student, about 2.5k on cc's and as I was earning nothing it was impossible to pay back. It took about three years to get rid of it as my first salary was fairly low and I didn't have much to spare. My husband is amazing with money and his good habits have rubbed off on me. I now have about 14k in savings and a happy looking pension pot. Cc's aren't for me, but I see how they can give great points and cash back rewards to those who use them cleverly. I'm happier without the temptation! We tend to figure out what's needed (car, house works etc), save for it, then pay outright. We don't have fancy things or holidays but we're probably a lot more comfortable financially than peers who need to have the newest and bestest things.

sailorcherries · 28/01/2017 10:23

Family of 3 soon to be 4. We have a mortgage and both cars on finance but have always managed payments.

No credit cards for either or us although both of us have a small overdraft to build up credit scores (as advised before securing our mortgage as car repayments were not enough).

Justalittlelemondrizzle · 28/01/2017 10:32

Family of 4. 120k left on our mortgage. Dh owes 4k on a car loan and has a 1k od. I own my car outright and don't have a cc/od
We've always has atleast one car loan going at once and used to owe quite a bit on credit cards between us before paying them off a few yrs ago.

TulipChewlip · 28/01/2017 10:39
  • £120k approx mortgage (might be +/- a couple grand).
  • £20k loans/old credit card debt combined. (Thank you MIL who we bailed out a few years ago! And who didn't pay is back when she sold her business for £50k). 😡😡

£12k total car loans (£6k each)

£100 overdraft.

£1k credit card now on new 0% balance transfer card so will be paid off in a year.

You know what, although I'm not proud of it in anyway. It feels good to have it written down and to see that there are others in a similar position. Thank you all for your honesty.

TulipChewlip · 28/01/2017 10:40

Oh and we're a family of 5 too (dc are 6, 10, 11)

LilacSpatula · 28/01/2017 11:20

Thank you! I don't tell people for fear of judgment. From the outside I've seemed to maintain the image that I've been together at all times but finding out he was bankrupt screwed me over. Just wanted to say there is hope in case anyone is feeling like there isn't x

foxessocks · 28/01/2017 11:26

We have about £5k on a credit card , 0% interest which we switch whenever necessary. We don't have any other loans anymore as we've recently finished paying off car and sofas. We do have a mortgage though. I have a bit in savings and try to save every month. Dh pays off a bit of cc every month, minimum of £100 but then he doesn't usually have any left to go to savings.

Greenfingeredfun · 28/01/2017 12:35

Family of 4 here.. 100k left on mortgage over the remains 13 years.. but I'm sure we'll move in the next few years so that'll increase.
7k loan which will be paid off in 35 months.
2 months left on my car finance.

Greenfingeredfun · 28/01/2017 12:36

Oh and £300 overdraft which I'm going to pay off once my car finance finishes

Passthecake30 · 28/01/2017 13:32

£62k mortgage that I am trying to overpay by at least £100 a month, £2k on interest free cc with monthly direct debits clearing it by the time it runs out, £500 for some doors, on interest free loan being paid off over the next 7 months. £2.5k needed to be paid by May for our summer hols (does that count?)

FairyDogMother11 · 28/01/2017 15:05

DP and I have a mortgage and that's it. No credit cards or loans. My "dad" was appalling with money and we were always in debt because of him when I was younger so I am very careful with money so if we can't afford it we don't buy it. I earn an average wage and DP earns a decent salary and we don't have DC yet, just two dogs. We don't go out much now we've got the house so we save a lot there Grin

TaliZorahVasNormandy · 28/01/2017 15:21

Just me and DD. £400 on the argos card and £450 on the credit card.

Auntpodder · 28/01/2017 18:48

As of this month, am totally debt and mortgage-free. Not due to my hard work or sound fiscal habits but because of unexpected inheritance. I feel very, very lucky, especially when I think of all the interest I paid on ccs etc - what a waste...