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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To ask how much debt you are in?

776 replies

Sunshine3013 · 18/02/2021 07:04

Just that really.
Wondering how much debt the average person is in.. Including mortgage, loans, credit cards, overdraft?

Just curious!

OP posts:
prettyindarkblack · 18/02/2021 11:29

I'm 26, which I think is relevant.

£50k student debt which I don't see as debt, I see as a tax. According to calculators I'll pay it off in 10 years. Which is good? but also bad?

£440k mortgage, but house is worth £550-600k.

£60k in savings.

No other debt. I don't see student debt or mortgage debt as real debt to be honest.

PattyPan · 18/02/2021 11:30

@Wedlock fortunately when you’re in your twenties your body is quite forgiving Smile

Orangesarenottheonlyfruit · 18/02/2021 11:30

Mortgage is about 220k between us. Should be paid off in ten years (I'm 41).
No cc or loans BUT 5 more years of public school fees so debt of 330k if you think about it like that .
Oh god. I feel sick.

Perfect28 · 18/02/2021 11:30

@Wedlock
Exactly 😂

I mean why not just sleep on the floor? That's free!

What people fail to realise (especially if they have never had to do without) is the 'poverty tax' levied on those without capital. For example, if you have to rely on using a laundrette because you can't pay for a washing machine you are going to spend far more overall. Equally if you don't spend the initial outlay to get basic kitchen equipment you would have to rely on takeaway or sandwiches which again would cost significantly more in the long run. If you don't have a car you have to rely on public transport, which is far far more expensive especially when using regularly (ie getting yourself to work).

Everyone who is avoidant of debt is either a) lucky (nothing to do with hard work, as plenty of hard working people are poor. In fact most vital, difficult jobs are poorly paid) or b) ignorant of the reality of life. All money is debt. Banks make money from debt.

Meowchickameowmeow · 18/02/2021 11:31

Just a mortgage. I'm not good with money so I've never had a credit card and try to only buy stuff I can afford to with cash.

Usernameisgone · 18/02/2021 11:31

No loans or cc
Own house

Just my overdraft of 100

yuckyuckyuck86 · 18/02/2021 11:34

Mortgage = £351,000
Student loan = £4000

lockdown10101 · 18/02/2021 11:38

Why does no one on this thread have mortgages!

I have student loan, but don't count that as real debt - it's more a tax. I will likely never make quite enough to even begin paying it off.

I have a mortgage, but got the cheapest house I could to keep it low enough - under 300 a month - so I won't feel trapped.

Haven't saved anything since lockdown last year because I have developed an online shopping habit which needs to change. Apart from that, I thought I'm doing quite well at 30 but apparently not according to this thread.

Chewingle · 18/02/2021 11:38

@BakedTattie

None. Own my house outright and don’t use credit cards. I’ve got savings. I’m 34 but have been very lucky.
When you say “very lucky” - did you win a great deal of money? As surely this is only way “luck” could be involved?

@BakedTattie

Original poster
Sunshine3013 · 18/02/2021 11:39

Interesting replies. I'm not in debt currently but don't own a house or have a mortgage either.
Was about to buy a car and got offered a loan from my bank 10k with a 2.9% APR fixed. Is this a good deal? Or should I opt not to take it? Repayment is over 36 months. And I'll be paying back £10,400 in total.. So seemed not too bad but would appreciate your thoughts.

OP posts:
2pinkginsplease · 18/02/2021 11:39

I have 5 years on a tiny mortgage which I could pay off with savings but would rather have the savings there..... just incase, I have a credit card which gets paid off at the end of each month.

Debt scares me and was brought up with my mum saying that you save for anything you want.

Ninkanink · 18/02/2021 11:41

You’re doing very well for 30!

We’re older than you, first of all, but also my DH worked very hard after leaving uni (still does) and lived a pretty spartan life to put by a good amount of money and we then bought a doer-upper house (basically needed everything re-done) in a cheap but lovely part of the country.

Ninkanink · 18/02/2021 11:41

The above was for @lockdown10101

NerrSnerr · 18/02/2021 11:41

@Chewingle they could have inherited a load of money, been given a load from someone or married someone already rich.

MazDazzle · 18/02/2021 11:42

3 mortgages,
Loan for a car (it will be paid in full in July),
Loan for home renovations,

We pay off our credit cards monthly.

AudTheDeepAndCrispAndEven · 18/02/2021 11:44

None. No mortgage, car (second hand, knackered) owned outright. Credit cards used to buy online only and paid off in full every month. Shop in charity shops the majority of the time and buy a lot of reduced food etc. Have around 30K in savings towards next house. Can't help but wonder at people obviously living beyond their means, it'll all coming crashing down around their ears at some point.

SteveBrexit · 18/02/2021 11:44

this thread is depressing

I am around £410,000 still in debt with my mortgage! Grin
No other debt though, and I usually wait for my bonus to get a new car, always pay them cash. I don't have luxury cars.

fashu · 18/02/2021 11:46

Share my mortgage with my husband. I had my own house before which I had £85k left on then we bought a new bigger house so now we share £122k.
I don't have a credit card because I'm not very good with them, but husband has one and pays off every month.
I have debt of about £1k now because paid off all my credit cards with a loan, been paying that for 4 years now :S only 9 months left whoop!

Chewingle · 18/02/2021 11:47

[quote NerrSnerr]@Chewingle they could have inherited a load of money, been given a load from someone or married someone already rich. [/quote]
I don’t regard inheriting as luck!

MrKlaw · 18/02/2021 11:49

mortgage maybe £150k left but we're overpaying to try and shorten the term. Couple of cars on PCP totalling £550pm. I think thats it - all our credit cards are set up to pay off every month to encourage not to spend on them too much unless needed.

sourdoughismyreligion · 18/02/2021 11:49

£25k left on mortgage, no other debt, my CC is paid off in full each month.

Wedlock · 18/02/2021 11:50

Well it's luck in that a lot of people lose loved ones and don't inherit anything. So from a coldly economic perspective a large inheritance is certainly lucky.

ProfessorPootle · 18/02/2021 11:51

Tons of debt! We own and run a number of normally very successful limited companies and only option over the past year of earning no money was government loans, no other help for us available during pandemic.

womaninatightspot · 18/02/2021 11:52

116k mortgage, 7k credit cards and overdraft, 16k student loans. 400k equity in the house. Much worse off than the same time last year but hopefully paying stuff down now.

smoothieooo · 18/02/2021 11:52

I owe £615 on my John Lewis cc which will be paid off next week (I use it for any big purchases to get the points). I'm paying off my car loan at £200 a month (final payment due in October) and have around £80k left on the mortgage which ex-DH and I are jointly paying. This is the year I have to either buy him out or sell up though and will be hugely in debt (that's even if I can get a mortgage at the vast age of 53).

Just popping off now to bury my head back in the sand Grin