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.

MN is predominantly middle class and MNers typically seem to have a higher than average income so it would follow that they would have less debt than average.

We're a lot older than the average MNer and have an income of around £40k.

We're mortgage free and our only debt is a couple of hundred each on credit cards. We use the cards from time to time just to keep our credit rating at its max and because of the protection you get when buying on credit. One of my CCs was cancelled recently because I hadn't used it for so long!

We have savings that are earmarked for new windows, guttering etc and a new kitchen.

We always buy old, cheap cars. DP will not countenance buying any vehicle that he couldn't sell the next day for more than he paid for it! His current car is a 2001 Peugeot 106 that he paid £450 for approx 4 years ago. So far it has cost less than £20 in "repairs" (wiper blades, a couple of bulbs and a rubber bracket for the exhaust) and is used almost every week day.

I think it would really be hard to find cheaper motoring than that.

I was in dreadful debt 20 years or so ago. It gradually got sorted and I love the feeling that I can just pay for things I need or want as and when, and that my money is mine to spend, not all going on loan/card repayments.

None. I only have a debit card.

I thought the middle classes had fuck-tons of debt 

Income of roughly £60k usually, but I am on mat leave and on stay at the moment. About £20k debt from our wedding a year ago, as my husband lost two jobs in quick succession and we were faced with cancelling and losing everything we’d already paid, or borrowing. We chose the latter, I don’t regret it but things are tight as we got pregnant with our second quicker than expected.

Just making mainly minimum repayments at the moment due to being on mat leave and still needing to use the credit card sometimes, but I usually get a January bonus, which will go on clearing some debt, and once we’re both back at work we can up the repayments. Husband is interviewing for higher paid jobs and I have been lined up for promotion, which will help.

My plan is to be debt-free or debt-minimal, saving for a deposit and mortgage fit by 35. I have just turned 29. I feel this is achievable provided we both continue on our career trajectories and don’t have any more children

Absolutely nothing. Never been in debt and I hope we never will be!

Mortgage

Student loan £30000

Car £18000

Overdraft of £3000

For those wondering about the demographic we are working class. DH earns about £27000 a year. We have 3 children. We rent. Own a car that cost us £300 out right etc etc. Etc

Mortgage of around £110k and £1600 remaining on a loan.
Joint income of around £57k.
We have savings which would cover hopefully 6 months expenses if the SHYF. I am almost guaranteed to be made redundant in the next few years so will build up the savings more and not take on any more debt.
Even in our 20’s other than the mortgage we only ever had a few £k debt max.
We aren’t remotely middle class though so maybe that’s why if the MC have fuck-tons

I thought the middle classes had fuck-tons of debt

suspect most of it is in mortgages though and most of the responses on here are saying "excluding mortgage....."

The OP says not mortgages. If you include mortgage then I have half a million pounds of debt.

Some debt makes financial sense.

DH has the option of having a company car or getting a car allowance. When he first joined the company it made more sense to take the car. Since then, taxation on company cars has changed and it doesn’t.

It makes more financial sense now to lease a car (and thus be in debt) and take the car allowance and higher business mileage allowance.

Likewise, DH could take an interest free season ticket loan to buy an annual train ticket. It would make financial sense if he was travelling into London more than 3 days per week even though it would be a ‘debt’.

As it is, we have no debt whatsoever, but that’s because it suits our circumstances at the moment. We put everything on the credit card because we get cashback, but pay it off in full every month so don’t class it as debt.

61 k income, about to be 72k when I start new job.

£258 k of mortgage debt.

£4.5k of credit card debt.

Our income is about to rise £802 pcm, plan is to divert that straight to cc debt, and the to save it once debt clears. We'll see if it works out like that in reality.

Loving the context people are giving to their debt free lives - takes smug to a new level!

I'm debt free now but renting. I'm not likely to get a mortgage now.

I don’t find smugness, I’m interested to know.

GogoGobo I also find it interesting. Chips anyone?

Me...about £300

OH....About a year to go on what was a new car (have the final payment put to one side)

We're old though so have paid if the mortgage..which actually made my 'points' go down

No debt. No mortgage. Never had a credit card. Joint income just over £100k. Mid 40's.

No debt, no mortgage.

Household 70k (ish)
1 DD

Partner has 19k owing on car
Around 4K on his credit card

I have 8k bank loan
About 1.8k on my credit cards

We jointly have 1k on an argos card

My 8k bank loan was for a car though as mine blew up & we have just bought a house. Usually debt for us would be about 2k across both credit cards & then just partners car :)

Joint income about £90k, got married 2 years ago and bought a house so £280k plus all savings gone on deposit, wedding and improving home.

Also owe my mum about £2k, paying it off at £250 per month, £2800 on a credit card, about £7k on personal loans (for cars/new front door and double glazing) and I have about £25k student loan, repaying at over £200 per month. Really trying to pay down debt now.

We are both early 20s & get the feeling younger people seem to be in more debt these days. 1k of my credit card was medical expenses though :)

About 7k altogether on car loan and credit card (all but a few hundred on 0% being paid off £100 a month).
Household income £40k

Household income 105k. No debt apart from mortgage at 174k.