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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To wonder if we have a lot more debt?

165 replies

Noseytoday · 03/09/2018 12:44

We have £7k of debts, mixture of major house repair work, holiday, getting pregnant much quicker than expected and so not having long to save for maternity leave. We are now focusing on paying it off each month and its going down but it really stresses me out. My DH isn't as worried, he thinks a lot of people probably have similar. Does this sound fairly normal or not?

OP posts:
Fluffyears · 03/09/2018 12:51

We only have a mortgage and car finance but we are really strict to keep it like that. I’m terrified of debt as i’ve been in about £5k and I hated it.

glintandglide · 03/09/2018 12:54

I think a lot of people do, because for example, car loans are extremely common and run into the tens of thousands

We have more than you- similar story, house refurbishment, maternity leave etc . It’s just one of those things. As long as you can afford the repayments

Lisabel · 03/09/2018 12:55

I don't think it's unusual but I think most people with debts feel stressed out by them. If it becomes difficult to manage then there are charities you can contact that will help to come up with a repayment plan and negotiate with creditors for you.

Lisabel · 03/09/2018 12:56

Oh and I have similar and a low income- some of it is still in the 'Interest free' period but I won't get it all paid off before that.

AnEPleaseBob · 03/09/2018 12:57

Some people will have a lot more, some a lot less. I have no debt at all, for example.

HollyBollyBooBoo · 03/09/2018 12:59

Not unusual at all. There was an article recently talking about the 'credit generation'. It's a time bomb waiting to happen.

If work on paying it off ASAP and don't take out any more.

Waitingonasmiley42 · 03/09/2018 13:00

We have £2000 worth of debt but could clear it with savings. I think as long as you can pay more than minimum payments it’s not too concerning. For me £10,000 would be a terrifying amount of debt but to a higher earner it might not be.

MarthaArthur · 03/09/2018 13:02

I have £37k debt so yours seems miniscule compared to mine. As long as you have money coming in and your not struggling to keep a roof and food you should be fine. Just keep track of where the moneys going.

Bluewidow · 03/09/2018 13:02

I only have a mortgage and no other debts. I only had a credit card in my 30s and have only used it on two occasions for purchases into a couple of hundred. I think I'm kinda of if you don't have the money then you don't buy it kind of mindset although appreciate this isn't always practical. I personally just go without.

QforCucumber · 03/09/2018 13:05

We have around 20k, if you include car finance, a loan and a couple of credit cards. Plus the mortgage. it's all managed fine, pay just over min payments and moved around so no interest payments.

GeorgieTheGorgeousGoat · 03/09/2018 13:05

£37k 😱😱

GeorgieTheGorgeousGoat · 03/09/2018 13:06

I actually counted mine up this morning, it totals £1853

holidaycountdown54321 · 03/09/2018 13:09

We have a mortgage, 1 X car finance and two student loans. I don't feel stressed as I don't see them as debt like for example a credit card. We'd never buy anything we can't afford on store cards etc and live well within our means. 7k on a credit card would stress me out though.

AnEPleaseBob · 03/09/2018 13:10

actually I owe my sister 20 quid, so I guess that is a debt Grin

Moreisnnogedag · 03/09/2018 13:11

@Waitingonasmiley42 I’m interested - why not pay off the debt if you have savings to cover it? Is it interest free and savings earn more? Just nosey.

I have a load more and am working to pay it off - around the 15k mark and a mortgage. I’ll be debt free (excluding mortgage) in three years so am not terribly concerned.

Lycrasock · 03/09/2018 13:11

I’m in £9.5k of debt. It’s really bad, especially as if kept it a secret from DP until last month.

But I’m now on top of it and will have it all repaid by June next year.

rainingcatsanddog · 03/09/2018 13:13

I think it depends on your income but I think most households have some debt like loans, hire purchase, credit cards etc

VeryBerrySeptember · 03/09/2018 13:14

If you are paying down as planned that should be the signal to retreat from worrying about the issue: it's in hand.

The only other thing to think about would be to agree that if you get any sort of windfall that you will pay off the debt / use three quarters to pay down debt rather than getting overexcited and spending it!

CrabbityRabbit · 03/09/2018 13:15

I have my mortgage and my student loan. I have a credit card but pay it off in full every month.

I had a debt of around £8k for my kitchen but I had the money to pay it and only took the loan as it was a years interest free so I still had the pitiful interest benefit of my £8k for a year without incurring fees. I paid it off a month before the interest free period ended without any problems.

ChazsBrilliantAttitude · 03/09/2018 13:20

We have the mortgage and about 6k on interest free which we could cover with savings.
If you are paying it off and not comfortable with being in debt then I suspect you don’t have a problem.
It’s the people in denial or kicking the can down the road by rolling old debt into new debt that are much more at risk.

KitKat1985 · 03/09/2018 13:21

To be honest it depends on how manageable the debt is for you. If you can comfortably afford the repayments on the debt and are likely to be able to repay it within a year or two, then it's fairly normal and okay I think.

It's a problem really when you borrow more than you can comfortably pay back and / or are likely to be paying it off for many years (with interest continuously being added).

LittleBookofCalm · 03/09/2018 13:22

be worried op, better than being blase

LittleBookofCalm · 03/09/2018 13:23

and there is no safety in numbers op, just because others have debts does not make it right for you

LindseyKola · 03/09/2018 13:29

The average in the U.K. is £8k per person, excluding the mortgage

www.theguardian.com/money/2017/oct/30/average-uk-debt-at-8000-per-person-not-including-the-mortgage

I’m shocked at how blasé most people seem to be about it on here though. Debt seems to have become so normalised instead of something to be avoided if at all possible.

AdoraBell · 03/09/2018 13:30

Debt can cause stress even if it’s very low. Some people just cannot handle being in debt.

If you can afford to pay more than the minimum on credit card that helps to clear it faster.

The best method though is to keep paying the same amount. So, if the min payment is £100 and you can pay £110 this month that’s £10 off the bill. Next months min payment will be lower but you pay £110 again and keep paying £110 until it’s cleared. Depending on the amount owing it mean you pay it off years earlier, sometimes 10 years.