AIBU to ask how much debt you are in?

[stingray586]

Having a conversation with DH about whether our debt is above average or not. Our household income is approx £40000. We do have a mortgage but don't want to focus on that more asking about credit cards and loans. We have a credit card with £3000 owed on it and pay £200 a month for our car. We hope to pay off the credit card within the next 12 months.
AIBU to ask how much debt you are in? And if you also don't mind saying what your household income is as well? As obviously being £3000 in debt when you earn £20000 is a lot different to someone who earns £100k.

Poppy I’m worried about what your DH is saying. He’s correct in that the stock markets dipped the end of last week. I’m an investment banker working on the trading floor of a well known European bank. If he isn’t a pro trader, without access to Bloomberg this is really not an environment to be punting your money. DH has worked as an FX trader for a main UK clearing bank for 30 yrs and is not trading his own accounts right now.

@MrsTommyBanks

because if you rented rather than had a mortgage you would have to pay for that each month but not count that as debt, so the mortgage is just the same as paying rent - which isn't a debt, if that makes sense!

£6,000 debt, earn about £10,000

£95k on the mortgage, got a few payments left on the sofa (interest free, probably about £400 left to pay) and we pay £400/month for the car (PCP, also interest free). No other debt - due to go on maternity leave next month so busy trying to save!

Single mum, income about £10k, mortgage £250k (but a good amount of equity too), credit card debt of about £8k over the past 3 or 4 years and rising. Kids all finally at secondary school so hoping to start digging myself out now that I have a bit more flexibility/no childcare costs.

About £3k + the mortgage (£116k approx left)

Was around £9/10k but paid off £6k credit card over a couple of years. That was bloody hard!!

Zero debt aside from mortgage which is almost paid off. We take in £130k a year plus bonus. Learned long ago that carrying debt is the path to destruction. Only buy used vehicles outright and we live very simply. No interest in expensive clothes or useless baubles. All my husband and I care about is having our nice home and enjoying it together.

I have 30k left to pay on my mortgage and that’s the only debt I have. Household income is usually 120k but is around 80k this year as I’m on maternity leave.

I have always been scared of debt and therefore have never had a credit card, car loan etc. However they do say better to have interest free and let your money grow in the back but I’m too risk adverse to do that

Only the mortgage but we have a lot more than what is owed in premium bonds.
Household income 90k ish.

About £20,000 left on the mortgage which will be cleared in about 5 years.
I owe a bit less than a grand on my car which I'll have paid off by the end of the year.
That's it. We both pay our credit cards off in full every month without fail.
We both have a very similar attitude to money thankfully. It scares me when I see DH's brother and his wife. Up to their eyes in debt and literally nothing to show for it. They fritter money away on stupid things. Buying sports equipment that's never used and left outside to rust, ditto garden furniture and household tools.
I'd literally be sick if I was like them with money.

About 6.5k in student loan, 800 on the credit card and 300 on my Next account.

Could pay it all off right now, so not too fussed.

No credit cards, no loans.

We repaid our mortgage 3 years ago when we were 44. We have made sacrifices to be debt free but we own everything we have. We now save what we would pay monthly for a mortgage to pay for future projects. We then wait until we can afford it each time.

Household income circa £65K, rent privately. Debt £40K. Just returned from maternity which added £12k to the total. Looking to reduce substantially now back at work. Don't regret the debt as had a good lifestyle / holidays pre kids and have most of the debt is 0%.

We have had a financial overhaul recently and so can say that by April we will be debt free!! (Aside from mortgage of £450k) Our mortgage deal runs out shortly and by switching deals we’re saving £300pm.

As it stands we have just cleared the 5k on the credit card (living super frugally for about 12m plus all of annual bonus paid straight to it). We owe just over 10k on our car, at the moment but will pay it off by April. I’m delighted as for the first time in three years since we moved house we will actually have ‘spare’ money for luxuries, rather than basics covered and then constantly having spare money to have to cover the ‘oh shit’ moment, car breakdown, huge vets bill etc etc. Hoping to save to redo our bathroom which is dire.

If I pretend my student loan doesn't exist, I've got about £900 on the credit card and our household overall has savings greater than debts. Low income but low expenditure here.

Household income £150k for me and £30k for DH. Paid off mortgage on £630k house, no loans, we bought our second hand cars outright and pay off credit cards every month.

We live simply, eg no alcohol when eating out (we simply don't like and can't appreciate it), borrow library books, very little clothes / shoe shopping, but do enjoy a long haul holiday every year (Far East, US, Africa) and some short haul jaunts or local trips in between. Our other big expenditure is private school at £16k a year.

It depends on how old you are Dangermouse80 but I read your post and went .

Currently just put 4k of house renovations onto a 0% credit card before that I was back at zero other than mortgage. Could have paid out of savings but going on maternity leave in Jan so trying to keep a healthy pot.

In the past 6 years paid off 40k of debt which was student loan, career development loan, credit cards and overdraft. That was paid off on a wage of 32k joint income was 50k but fluctuated massively as my DH suffered 3 redundancies in 3 yrs due to companies going into liquidation in that time period.

We still went on holidays etc but we were good at living cheaply, I could get our weekly shop for £30 or less.

Household income of around £38k and total of 16k debt.

2 loans (1 each, and his was pre us) and 1 IF credit card.

Mortgage on top. Surprisingly, our month is manageable. Our total outgoings are 1200 a month, not including food and the debt accounts for around quarter of that.

About 2,000 on the credit card, but that is paid off at the end of every month.

No debt apart from whopping 360K mortgage which makes me feel sick when I think of one of us losing a job- income around 130k Joint and we seem to live very modestly-try to save as much as we can knowing that when one of our jobs goes we will find that mortgage onerous. I fantasize about buying a small home with no mortgage to be honest.

Apart from mortgages, I pay off credit cards every month, have never had any other debts. But I haven't had children and have always been able to work; might have been different otherwise.

We have three mortgages on three different properties, totalling about £600k and £20k each credit card debt. It's too high and we're working to bring it down. Joint income of about £180k. No other debt.

Now, nothing. I had some as a result of mh problems that meant I couldn’t work but I paid them off.

I personally don’t buy stuff on credit, we tend to save up for it instead. We have actually avoided a lot of impulse buys that way.

We only use the credit card to collect air miles but we pay it off straight away each month.

This is actually a really interesting thread. Dh and I are both very cautious about debt and are both self employed so it isn't easy to borrow money anyway. We have never been able to extend our mortgage even though we have something like £750,000 equity in the house. We have a £2,000 overdraft and that's it ... no other credit cards or loans (apart from the mortgage). Joint income approx £90,000.