To ask how much debt you are in?

[Sunshine3013]

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

Just curious!

Mortgage and car loan only. Credit card is paid off every month. No overdraft

None.

Mortgage paid.
Credit cards paid off in full every month.
Savings not borrowings.

However, 10yrs ago the story was different and we lived pretty much month to month, servicing big bills. We’re just at a point in life where financially, the balance has tipped in our favour thanks to a few good choices (and a lot of good fortune) work-wise, a few risks paying off and some large financial commitments ending.

Asking Mumsnet won't tell you anything about "the average person".

None at all and we have six months of DH's salary behind us and about five of mine.

For those in debt and just for balance, it wasn't always like this, I put our shoulder to the wheel in 2007 (I saw the crash coming) DH thought I was mad, but he didn't think so in 2008, when the crash came, we were debt clear in 2011 and got rid of the mortgage in 2017.

So take heart, it can be done.

29 - mortgage of £181,000 (shared with Partner)
Probably £30k of student loans I've been paying 8 years now (swear it doesnt even count as debt)
Roughly £1400 on a credit card at 0% interest for 2 years (£400 of that is my car insurance. I cant afford to pay the whole sum off annually so stick it on credit and pay it off monthly. That way my monthly payment plan is less than if I was to pay monthly through them). £1000 is a uni course which work pay me back when I pass. It was a year course which finishes in july and so far so good so should have that back in July without gaining interest

£24k unsecured and £50k secured.

It’s too much but it’s manageable. I have made some very poor decisions which I kick myself for.

Just the mortgage. We use credit cards but pay them off every month. We have a couple of zero interest loans, like our car, but have the money in the bank to pay them off in full and it’s earning interest there so it’s cheaper to take the loan than just buy the item outright.

My parents weren’t great in many ways, but they really drove home the lesson of avoiding debt and we have been lucky enough to never have been forced into violating that rule to obtain basic necessities.

That’s very fair, @heatherpot. Single incomes, divorces and separations all have a massive impact on accumulation of/ability to avoid debt.

I have been married for decades, have adult children and assets wise, we are in the top 1% for household income (according to the Institute of Fiscal Studies tool www.ifs.org.uk/tools_and_resources/where_do_you_fit_in).

@MarinPrime

I wouldn't tell anyone in RL that I was mortgage free. As seen as on this thread, it tends to piss people off.

yep.

We are mortgage free but this is due to FIl and then MIL passing away.

I'd rather they were alive, clearly.

I made the mistake of saying to a friend once that I did not have a credit card. She absolutely blasted me for throwing my wealth in her face.

if she had paused for breath I could have explained it was because I have an absolute fear of credit card debt for various very personal reasons and felt it safer to have a debit card only. (And besides DH has a credit card).

To address @that1970shouse’s point, here is a report from the IFS re household debt in Britain to give you an objective picture

www.ifs.org.uk/uploads/Launch%20slides%20ANDY%20FINAL%20FOR%20WEBSITE-1.pdf

Mortgage of £300k. Nothing else.

I have 80k left on my mortgage but that's it

FYI The IFS report covers unsecured debt only

Household debt dataset from ONS (inc mortgage/property debt) - www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/incomeandwealth/bulletins/householddebtingreatbritain/april2016tomarch2018#total-household-debt

£0 but renting.

We've not got any credit cards because we've already proven in the past that we really can't be trusted with them 😂 When we cleared our credit cards after a windfall a few years ago we cancelled them all and I'll never have another for as long as I live.

I no longer understand the 'just in case' mindset of having a credit card. For most people although you may save yourself from today's 'emergency' you're just really storing it up to be dealt with at another time.

Luckily for me though I have a sister with much better willpower than I have so I just use her credit card when needed for the protection, for big purchases and holidays etc.

I always owe Next something. I'm bad at paying it all off and it generally mounts up and the interest is horrid. It's currently about £530.
Other than that nothing. Our mortgage was paid off with critical illness insurance and my DH drives a company car. We are probably the lowest paid of all friends - we both work full time but are low paid. It's nice not to have any debt or money worries but none of it was due to wise decisions - well apart from getting a good insurance policy.

£550k mortgage, no other debts. CC paid off monthly. Sounds like a lot but it's London and the equity in the house is at least £550k.

£0 here too. No mortgage.

About 38k including my mortgage, at least 15 yrs from retirement so I'm happy with that.

We have about 450k combined on a mortgage and a holiday home, we moved to a bigger house and nicer area about 18 months ago so have about 19 years left to pay on the house and about 7 years left on the holiday home

We have combined credit card debt of about 6k as we are doing the house up and also we run a consultancy business and lost our income due to covid! Should hopefully be paid off by the end of the year unless something else crops up, we never had CC debt till this year

40k combined car loans! We now always do pcp as we have lost thousands in the past when we used to buy cars outright so we just lease them now! We may choose to buy outright in the future but how much you lose on them drives me insane

And I have about 5k left on a 35k debt from my violent ex! I came out with nothing except debt and luckily my life!

I’m so jealous that most people on here are mortgage and debt free, our debts are manageable and circumstance have played a part in the loan and credit card debt rather than us going on a crazy spending spree! The boiler blowing up in the middle of having no work was particularly fun! We don’t have any family to bail us out nor have we ever had money given to us or left to us through inheritance, our families support us in many ways except financially

Mortgage
Student loan
Car

I could pay the car off but it was a 0% deal so better in my pocket than theirs.

Otherwise I am very lucky and I'm not in a position where I need to take loans to pay for things. It is a privilege which I hope o don't take lightly.

I'm a bit at the ppl who think everyone must have SOME sort of debt. Yeah ok it may seem like the norm but it is possible to get through life with none.

Have £5k on a credit card but interest free being paid off before interest is due.
£370k left on mortgage but that’s 50-50 with DH
No student loan as all paid off
Car is leased

So £190k but the bulk of that £185k is mortgage for our forever home that we moved into a couple of months ago.

Just a mortgage. We never take out loans for anything. We save up for whatever we want/need, as I never want to be in a position of being in debt, or struggle financially. Very important to live within your means, you will have a stress free life.

* I’m so jealous that most people on here are mortgage and debt free*

But then I read you have a holiday home!