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!

It was my husband’s home before we got together so technically speaking if we ever did split up he will go back to living in it! He’s luckily it’s in a tourist area plus we go on holiday there,(when we are allowed) nowhere else

None

Sounds wonderful

But presumably nothing stopping you from reducing your jealously of people with little debt by selling your second home and paying off some of your debt?

Genuine question

About £300, and I can cover it. But I'm retired so there's not much money coming in.

We thought about selling it but I have major issues from my past relationship and want him to be able to just go somewhere else if anything bad happens (he’s lovely and amazing and I love him so much so it’s my issue not his) I nearly died due to the abuse in my past relationship so it’s left some scares, I just know that if anything happens he can go back to the house and not have to stay on someone’s sofa!

We got together when he was 40 and I was 30 so we both had our own houses, I then sold my house and we bought a bigger one together as mine was tiny and his crap took up the whole house when he moved in

We let it out during school holidays so it helps pays the mortgage! We don’t earn thousands from it as it’s not rented out 52 weeks so we probably break even and our family and friends stay in it for free! We could sell it and have no mortgage on that one and bring our big house mortgage down slightly but like I said I have issues with him selling it ! I’ll celebrate that being paid off in 7 years instead! Plus we have a great time there when we stay so I always have fond memories of that house so we would both be sad if we have to sell! He was close to selling it during the pandemic as we both lost our earnings but luckily everyone in the uk wanted staycations so we rented it out more than we normally would and it helped with our main houses bills!

just the mortgage which currently has 67k left.

@heatherpot

As others have said it's useless info unless we know the assets and age of the poster as well. I'm 44 and earn about £50k.I have 2 sec school aged dc and receive no CM for them from ex. I have £111000 and 18 years left on my mortgage, though 'm going to start over-paying next month. I had to pay ex out about 5 years ago so that added to it. I also have about £2.5k on 0% credit card. When the 0% deal ends later this year I'll pay it off with a recent inheritance. When I ex and I split I was left with about £5k of marital debt and I've cleared it but added and paid £2k off for home improvements (essential) and so it's been at around it's current level for last 3 years or so. Thanks to my inheritance (a lot more than the cc debt), it will finally be gone soon and I do feel lucky for that - not lucky that my very elderly and much-loved relative died, but fortunate and grateful that they chose to leave so much of their savings to me.

I'm determined not to use CCs again, unless it's on a 0% promotion to spread the cost of something major and have protection, and I'm sure I'll manage it. Last year I borrowed £3k to replace my kitchen - it was falling apart. I'd planned to borrow more for the fitter but refunded holidays 'thanks' to Covid meant I was able to pay that portion outright.

I also think people's relationship status has a bearing on this. I've read most of the thread and every comment I'm sure has been 'we' this that and the other! If I had a partner on similar or even quite a bit lower than me, I'd have no debt if we were pooling resources, but being the higher earner in a divorce and then remaining single is hard financially.

I also don't regret the stuff I've had and that I've not managed to be debt-free up to now. A kitchen falling apart is depressing and I've had some lovely holidays with the dc - not overly expensive and they weren't put on CCs but obviously if I'd not gone on them I'd have had more money available to pay off other stuff. But my kids will have left home/won't want to holiday with me within a decade so I certainly don't regret the good times we've had.

I agree, I also think this is very true. Everything is relative.

You would expect a 44 year old to still have a mortgage. It would be highly unusual for them to have paid it off. So mortgage debt at 44 would be fine.

Had these circumstances been that of a 64 year old, that would be concerning as £111000 would be a lot left over to pay at that age but at 44 it’s about normal. By the time you’re 64 it’ll be paid off.

Also in relation to the wider thread, again as this poster has stated, it’s relative. If the posters are older and in to their 60’s you would hope they’re mortgage is paid off or we’ll on the way to. Anything other than a low mortgage or mortgage would be quite concerning.

Someone single would likely have more debt/less savings that a couple....

Everything is relative

@Dogmum81

We thought about selling it but I have major issues from my past relationship and want him to be able to just go somewhere else if anything bad happens (he’s lovely and amazing and I love him so much so it’s my issue not his) I nearly died due to the abuse in my past relationship so it’s left some scares, I just know that if anything happens he can go back to the house and not have to stay on someone’s sofa!

We got together when he was 40 and I was 30 so we both had our own houses, I then sold my house and we bought a bigger one together as mine was tiny and his crap took up the whole house when he moved in

We let it out during school holidays so it helps pays the mortgage! We don’t earn thousands from it as it’s not rented out 52 weeks so we probably break even and our family and friends stay in it for free! We could sell it and have no mortgage on that one and bring our big house mortgage down slightly but like I said I have issues with him selling it ! I’ll celebrate that being paid off in 7 years instead! Plus we have a great time there when we stay so I always have fond memories of that house so we would both be sad if we have to sell! He was close to selling it during the pandemic as we both lost our earnings but luckily everyone in the uk wanted staycations so we rented it out more than we normally would and it helped with our main houses bills!

My point was that you said you were jealous of those debt free.

Many of those debt free will likely not have a holiday home. Shrug

200K mortgage but I don’t think of it as debt because house is worth 400k.

£67,000 of mortgage debt. No credit card or other debt. I still have some student loan to pay off £9,000 plus a few years of interest but currently dont earn enough to have it deducted from my salary.

We have £30,000 of savings, but are planning an extension. So may take out a loan or increase our mortgage debt to fund part of it. It depends how much it ends up costing.

Just mortgage left, got out of debt finally 2 years ago and I am not going that way again. Now have £10k savings.

I’ve got about 25k of debt on loans and c/c plus mortgage and student loan and no savings.
I have sold my house and am buying a more expensive one but putting down a 10% deposit and using the rest of my equity to pay off my debt, it’s horrific I no but I do make a payment every month on all of it.

Mortgage - £100,000
Next- £250
Car loan- £3000
Boiler loan- £1000
No overdraft or credit card
We are very unusual in that respect compared to our friends In not having credit cards
We didn't have savings for years and we're always living in the overdraft each month so not having that debt is new

Mortgage 1: £228k
Mortgage 2: £45k

Family interest free loan...about £6.5k left

I'm 31 and it all feels rather disgusting.

£345k mortgage (£430k house)
£24k personal loan - £600 p/m payment (against £29k car)
£8k on a credit card for a relative who pays back £200 p/m (0% interest)
About another £12k on 0% cards pretty much spent on crap

Hope this makes some of the less virtuous among us feel better

Around 195k left on mortgage and just over 6k on car loan (not HP but a bank loan with low interest)
I use a credit card day to day for the John Lewis points but pay in full every month.
No overdraft.

159k

137k left on the mortgage
22k left on a home improvement loan.

Approx 36K student loan and maybe 340K on the mortgage? No cc debt

Nothing at the moment, student loan paid off 15yrs ago. I am currently saving for a house so have 16k in savings, managing to save 1.2k per month

Two posters have mentioned owing hundreds to Next - as in the clothes shop? Am I missing something? Why not buy cheaper clothes

@PattyPan

Two posters have mentioned owing hundreds to Next - as in the clothes shop? Am I missing something? Why not buy cheaper clothes

Possibly because Next do credit accounts?

When I was growing up, DM sometimes couldn’t get the funds together for school shoes, uniform etc, but could spread the cost with a John Lewis store card. Slightly bonkers logic, we were skint, but we had “posh” clothes.

£35k mortgage only

God this is a thread to make anyone normal feel like utter crap.
Peak mumsnet

@StartingGrid

£345k mortgage (£430k house) £24k personal loan - £600 p/m payment (against £29k car) £8k on a credit card for a relative who pays back £200 p/m (0% interest) About another £12k on 0% cards pretty much spent on crap

Hope this makes some of the less virtuous among us feel better

That made me feel stressed just reading it!

You must be high earners to afford the repayments surely?

None.
I suppose it's normal for our age early- 50s.
Mortgages on our four properties are now paid off. We have savings and pensions.
We have been there and are now at the other end where we're saving up to retire early.