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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:
Lieveke77 · 30/01/2017 12:47

Just a mortgage (which is twice our combined annual income)
My parents always told me that you can only spend what you have, turned out to be great advise!

ShatnersWig · 30/01/2017 12:55

Mortgage of £57k with 18 years to pay (currently that's £315 per month). No other debts, have never had a credit card, only debit cards and have savings of £13k.

gillybeanz · 30/01/2017 13:02

I grew up in 60's/ 70's and credit/ debt was considered a bad thing.
You kept it quiet as it looked like you couldn't manage money or afford to buy things. It was to be avoided at all costs and you did without/ saved for what you wanted.

Have been much the same throughout our married life and are finally getting nice things now the dc have left/ are leaving. Instead of having a credit card we saved and paid a mortgage off, now about to pay second mortgage off.
We have always had a credit card for emergencies whilst saving, but have never used it once. Have gone without white goods in the past when they have broken, saved the money to buy a new one.
Only debt has been mortgage.

Mindtrope · 30/01/2017 13:08

No debt except mortgage- plus I have 4 years salary as savings.

bilzero · 30/01/2017 13:09

Mortgage (around 15 years left on it)
Student load with no intention of paying it back
£47 overdrawn.

I earn a pittance and basically go without all nice things in life. It sucks but being out of big debt feels good.

MimiTheWonderGoat · 30/01/2017 13:23

I have mortgage but no other debt and never have had (apart from student loan). I have a cc but always pay the full amount each month and never spend on it if I don't have enough coming in to pay it off. Obviously I have been fortunate, but also quite careful to live within my means. I've never gone on holiday or bought a tv if I didn't actually have the money. I have two kids and we've not yet had an overseas holiday with them both and we won't until we can afford it.
My sister on the other hand is on benefits but has thousands of pounds of debt because she feels she should be able to have everything that "everyone else has". I don't understand why banks are allowed to give credit cards to people who have no way of paying them off.

MariB · 31/01/2017 11:35

well done to you for going for a budget wedding - it is only the love that counts

Ponderingprivately · 31/01/2017 11:38

We have around £1500 on a credit card which we will be able to pay off in full in April. And a whacking great mortgage :-) cars are owned outright.

Longdistance · 31/01/2017 11:45

Just the mortgage.

Paid off my credit card before Xmas. Love that I get my bill and has a big fat 0.

We have 6/7 years left on the mortgage, but Dh pays that, as I pay for other things.

brokenheartdog · 31/01/2017 11:45

In the last nine years no debt.

In the years before that shitloads. At least 12k to the bank, 11k mortgage reposession, 3k bills and probably around 6k loans. A lot of it will be statue barred now but consequence of a 10 year relationship with an abuser.

xStefx · 31/01/2017 11:46

Family of 3
Have a mortgage but don't class that as debt really

1 bank loan £1500 owed
1 x cc £1500 Owed
1 x cc £850 on it

I try to keep our borrowing under £4 if I can

snurfflepots · 31/01/2017 11:52

Just us two (and cats!)

£450 overdraft each
£10k car loan
£20k bank loan

It's all due to be paid off within the next three years but I try not to think about it because it makes me feel sick!

Nquartz · 31/01/2017 11:57

No credit card or loans, £100k left on mortgage which we are on track to pay off in 15 years. Save loads & therefore able to pay outright for cars, insurance (home & car), car tax etc. We do go on holidays but we shop around for deals, shop at Aldi/Lidl & don't spend much on clothes etc. Luckily get given bags of clothes for DD so only really buy her shoes.

Nquartz · 31/01/2017 11:58

Family of 3.

Sunnysky2016 · 31/01/2017 12:38

None now. But 10 years ago it was 65k without a mortgage as we rent. Now we have no over draft, no credit cards, store cards or loans and have our peace of mind. It was bloody hard work but going through a DMP was worth it and never again will I run up store cards, credit cards or take out personal loans. I was honestly suicidal and couldn't see anyway out until I acknowledged it and asked for help.

LilacSpatula · 31/01/2017 12:40

Well done Sunny Smile

BlueSofaPinkLamp · 31/01/2017 13:13

Just our mortgage of approx 60k. The house is worth almost a million though so there's a lot of equity in it.

Original poster
Bringbacksummer · 16/02/2017 14:01

How's everyone doing? Especially those who were really struggling? DH's work messed his pay up this month so we haven't made the dent in our debt that I would have liked. Rice & beans until the end of the month Sad hope some of you are having some success.

OP posts:
StarkintheSouth · 16/02/2017 14:54

We have a mortgage. I've paid off my student loan but DH has most of his left. I have about 2k of a private loan left and just a couple of hundred on a cc. So not too bad I don't think, but at the same time desperate to pay it all off... hate owing money!

babyapril · 16/02/2017 15:22

Sunny- what DMP did you use ( if you don't mind sharing?) :)

AndroidsConundrum · 16/02/2017 17:44

Mid-twenties. £800 left on a car loan, paid off in June. Mortgage all in DP's name until I get a full-time academic post, because otherwise it'll totally destroy the really good interest rate we've got.

I calculated my student loan repayment as a result of this thread, and I think I might be paying them off until I retire Sad

MsJamieFraser · 16/02/2017 17:50

£0 debt, we have a mortgage but I dont consider that debt, we paid a huge deposit towards it and will be mortgage free by the time we are late 30, we are early 30's now, it helped we brought out first property at 18 at the lowest in the market and sold at premium market, which we also did with our second home, now in our boys childhood home (will sell at some point)

TremoloGreen · 16/02/2017 19:06

About 4,5k on a 0% credit card which will be paid off by September. It's the first time I've ever spent more than double figures on a credit card, but it's been a good way of financing a lot of home improvements all at once rather than living with years of disruption!

My mortgage does give me nightmares though, about 170k. I'll be 45 before it's paid off I reckon. Dream regularly of DH changing jobs so we could move up north and buy a house outright!

Foslady · 16/02/2017 19:42

No debt other than mortgage with £45k remaining. Just me and dd....and I worry that it has another 11 years to run but I will lose tax credits and maintenance money in 4 years. I've been trying desperately for years to increase my wage but every step I tried to move forwards with ended up being 2 back

Doodlebug5 · 16/02/2017 19:52

I'm at £8330

I've just made a payment to a card so actually £8230 🙂