How much debt/mortgage payments are you in?

[Highlandspring1991]

We are currently in debt totalling to around £20k, they’re manageable and are overpaid each month but I can’t help but worry. Our mortgage is to a family member who bought our house for us and we pay x amount each month. I always get really anxious Incase I lost my job etc which I know I won’t but it’s always there at the back of my mind! How much is a normal amount of debt now days?

Zero debt, mortgage paid off. Another one here who, apart from the mortgage, never spent money I hadn’t got. If I can’t afford it, I can’t have it.

₤180K mortgage and DH has about ₤24K left on his graduate school loans. No other debt.

The good thing is that both loans have low fixed interest rates and we intend to radically downsize in a few years. We'll clear a decent profit on the house.

@TabbyMumz good point. Possibly not so easy when you first move out.

Clearly I have no imagination tho as I generally think of savings as something you’re saving for rather than just because.

Nearly a million of mortgage debt, some owed to family. Spread over several properties. We own our actual home without a mortgage.

About 2,000 on the credit card, which is paid off at the end of each month. We get vouchers back so we put as much as we can on it.

We have a mortgage, but the payments are less than we would pay renting so I don’t really count that as debt.

We have a substantial car payment, but the interest rate is zero, so it makes more sense to keep that money in the bank.

Just shy of 280k on the mortgage and I have about 3.5k as actual debt, I ignore my other CCs as I pay them off every month. Also pay FIL back for the house deposit we borrowed- not sure how much is left but probably around 45k. It's interest free and we can pause payments as and when we need.

3.5k will be paid off by end of Oct, was acquired because I had to pay back training fees when I moved jobs. Boo.

OH has no debt and is strongly against it, mainly due to his brother (who is a high earner and an even higher spender).

£120k mortgage; which is about 36% of the value of the property.

No debt, £10k in savings.

Single income household, I worry about it all but I also don’t think it’s too outrageous. I wish there were more savings.

Hang on ElizaPancakes you don’t see the point in savings?

So if you had £100 left at the end of the month you’d spend it on something frivolous rather than saving it? What if the washing machine broke the next month? You could use that £100 to fix it rather than have to worry about putting it on a credit card?

I completely get that some people live hand to mouth each month and physically don’t have anything left to save, and sometimes expenses come up that are too big to have foreseen and saved for... but it seems completely bizarre to me to actually have spare money and decide to fritter it away rather than save it for a rainy day.

Some of these figures would really keep me awake at night.

20k is not a lot contrary to what some people are saying.
It’s all relative to why and how. Why do you have that debt and how are you managing it.
If it’s a car loan, a loan for replacing a kitchen or house improvements it’s pretty normal.
If it’s 20k of debt wracked up from nights out and designer clothes on credit cards then that’s a bit more of a worry.

Also if it’s a loan then it will be repaid, you have a set term and at the end of that term it’s done. Credit card debt is different, you’ll probably never see the end of it bc of the interest and the ease of which you can use it.

I have no personal debt but I have had thousands in the past from doing up a house, paying off my credit cards (misspent youth) and consolidating a few little bits and pieces but I got a decent loan and repaid it all.
Partner has about 9k outstanding from the same sort of thing.
Mortgage is 160k
Joint income circa 90k

Debt is sometimes necessary, esp when it comes to a car or home improvements. As long as you have a plan try not to let it keep you awake

Yes debt is sometimes necessary

It all depends on if you live within your means

You have decent take homes so it’s no problem

Someone earning £40k it wouldn’t be too good

@MRex not really, I earn about £30k a year but we juggle the credit card debt on zero interest and the first property mortgage is covered by the rental income. So it seems a lot when it's written down but it kind of works. Slightly fragile, if I lost my job we might be in trouble!

£253,71p debt! I can live with that! No mortgage so think we as a family are doing ok.

@anotherexhaustedpigeon - I hope it continues to work for you. Can your partner work to reduce the risks during your maternity leave?

Perfectly manageable here. Mortgage £120k over 18 years where I pay £600 a month. I'm 30, single, no DCs and earn £2.5k a month. I also have £1k left on an interest free credit card which I will pay off this month - only took it out to aid cashflow when I moved house.