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!

@Marinaloves

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

what's "normal"?

It's not surprising properties prices vary massively within the UK, so will mortgage levels.

Thousands of pounds of debt on credit card for crap? (clothes, holidays etc..) Well that's a choice.

The average total debt per household, including mortgages, was £60,720. Per adult this was £31,940, around 108.0% of average earnings.
My mortgage, so my debt, is much higher, but I am happy I prioritise life, holidays instead of putting everything to pay my house quickly. Kids only have 1 childhood, and at worst we can sell the house.

@SteveBrexit
I wasn’t talking about the value of a mortgage.
A third of 35- to 44-year-olds rent
And most people I know have more than just a mortgage debt.
But I guess only on mumsnet do people come onto this type of thread to boast about being basically debt free!

About £1.15m, essentially all mortgage

No debt at all. We are in our 50s, we paid off our mortgage at the end of last year, we don't do loans, and at the moment there's nothing on the credit card. It's such a good feeling to have got to this stage after thirty years of mortgages and credit cards with higher balances than we were comfortable with at times.

But I guess only on mumsnet do people come onto this type of thread to boast about being basically debt free!

but that's the point, many people would be "mortgage free" if they had chosen to live in a cheap place.

Being debt free means absolutely nothing. Plus the official statistics prove that not that many people are debt-free in real life.

If you buy a house for £100,000 instead of a house for £990,000

you will be debt free quicker.

£75,000 mortgage, which i should pay off over next three to five years. I'm 58.

@SteveBrexit
Well yes I get that. Just most people don’t have that luxury at all.
Why come on a thread and say. Oh I have no debt when the question was how much debt do you have. It just feels a bit show off

Mortgage £150,000 on one property - which is worth over a million
Mortgage on another £35,000 - which is worth £690,000
I own a lot of property but I don't seem to have much cash ever!!
No loans and no credit cards.

I should add I've just cleared £12,000 of credit card debt. I converted it into a loan and then paid it every month. Best thing I ever did.

I am guessing it is only the financially prudent who are answering. This cannot be representative of society.

150k mortgage, 45k across 4 loans and £400 on credit card.

@AuntieMarys

Zero. Own my house, credit card is paid off in full ( and John Lewis vouchers earned on it).

Which card is that?

30k left on the mortgage but house is worth about 290k so am I 30k i debt or 260k in the black?

[quote Marinaloves]@SteveBrexit
I wasn’t talking about the value of a mortgage.
A third of 35- to 44-year-olds rent
And most people I know have more than just a mortgage debt.
But I guess only on mumsnet do people come onto this type of thread to boast about being basically debt free![/quote]
So two thirds don't rent?

Or twice as many people don't rent.

Or another way "normally" people don't rent.

Nothing apart from the mortgage. We owe more than I’d like so I overpay every month. Aim is to have it paid off in 2029!

Haven't read the full thread; just the earlier part. I would say that this thread title has been done before and it's been quite different in its answers

I wonder if it's chance or down to some subtle differences in the wording of the thread title.

70k mortgage on a BTL worth 365k. But that’s about to be sold so will be no debt. We recently sold our family home and waiting to buy again once we find something we like. No other debt. But we will probs be taking on circa 700k in mortgage debt when we do buy again.

@Zenithbear

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.

Yep, perfectly normal to have paid off mortgages on 4 properties in your early 50's

sapho the John Lewis Partnership card.

Between my DH and I maybe around 8-9k. Not ideal but we fell on hard times and for a long time credit was the only option. The total is going down quickly now we're in a better financial situation.

Hate threads like this. Such an incredibly skewed demographic and so much privilege on MN. You can feel the scramble to respond on this thread, and it's definitely not from people with debt😂. The superior tone from some posters, who are so incredibly sensible and savvy to not choose to have debt.
Is it normal to have paid off ones mortgage in your 30s or 40s? I think not. Very fortunate though.
If I sound envious, it's because I am. Hard work does not always pay dividends in the world we live in.

For context, my Dh and I work in education and health. Combined income 60k. We owe 200k on our mortgage, and have around 1.5k on credit cards. Paying off a wedding loan. My car is financed. I'd say our circumstances are pretty average, and we count ourselves incredibly lucky that we have even managed to get on the property ladder in this day and age.

I’m shit with money, much more so when I was younger. I’ve been in debt since I was in Uni (graduated in 1999)

Approximately £14k over 3 cc, that’s the lowest ever.
£700ish on student loan, that will be paid off in May.
I’ve been overdrawn since Uni, but last year managed to get it from £3600 to £800, hoping to pay it off in the next few months.
£800 left on a £2500 I had to take out to help us move (needed furniture and deposit)
£300 on PayPal credit.
I rent so no mortgage.
No savings.
Virtually no pension.

I think that’s it. I’ve worked in low paid jobs until the last 2 years, though my pay is now fairly decent, still less that the national average though. There’ll be no inheritance as parents live in social housing and the only savings they have are put away for their funerals. Husband in similar situation, though he’s better paid than I am. No kids.

This is for anyone else out there that’s feeling a bit despondent about the responses here. Shit happens.

You need to stop focussing on this "paying off the mortgage", you know nothing of the properties people are talking about anyway.

I mean I don't even need a mortgage for that, I'd just stuck it on a credit card

and you don't know what lifestyle people have either.

On some threads, people will tell you that a holiday abroad is a wasteful luxury and they don't know anyone who takes a couple or more a year

On some threads, people will tell you that a holiday abroad is a wasteful luxury and they don't know anyone who takes a couple or more a year

Plus on Mumsnet, everyone drives a 15 YO car that cost £600, never needs anything spending on it, except occasional tyres, an oil change and an MOT that it 'sails through' and never breaks down at an inconvenient moment leaving them stranded with consequential inconvenience of being unable to get to work, school etc.