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!

This is the wrong place to ask. Everyone is 35 with 10 houses are housewives and have husbands earning £500k a year.

@moonpig23

This is the wrong place to ask. Everyone is 35 with 10 houses are housewives and have husbands earning £500k a year.

😂😂😂

Or big fat fantasists.

Mortgage debt and a large loan, but I can now overpay the loan and am trying to get rid of that before tackling the mortgage. I'm too much of a prude to give amounts! But it's a lot smaller than some on here

Any other 41 year olds with no hope of ever owning anything and too financially fucked to ever get a mortgage or credit beyond Phill the loan shark down the canal, hit me up.

No mortgage - i rent.
CC debt of about 3k. Was about 10k 3 years ago. Scariest time watching my outgoings being more then my incoming.

Chewit2022 Eh? No, £1.4 mortgage, plus 200k ish additional debt, so £1.6m total. The house is worth more than £1.6!

We are totally maxed out, wouldn't normally post but I saw a few posts upthread saying people were boasting about having little debt/being debt free. So i though this might make people feel better. I always think... we come into this world and leave with nothing!

I have always kept my mortgages high, borrowed cheaply against property and invested heavily in the stock market. I'be doing this since I was 18, work in the industry and hence have been fortunate enough to build up a lot of assets.

Just mortgage but it should be done in 4 years. Won't ever touch credit cards or loans

Apologies I misunderstood

Good luck!

@SmilingHappyBeaver refreshing to hear that and more reflective of real life if you're under 50 imo. The usual MNs response is we earn 300k but live very frugally on 10k a yr 🙄

Fair too much that if I think about it for longer than 10 seconds I will cry

I have a lot of debt (no doubt MN will hate this! £21k on an Amex, £11k remaining on a home improvement loan and £16k remaining on a car PCP along with mortgage c450k outstanding.

Assets far outstrip debt though and we have combined earnings of around £220k per year.

Just the mortgage

£45k -credit cards - overpaying on all and plan to get to zero in 5 years. We rent, own our cars but had three kids and a good time so have enjoyed it.

Would have loved to be in a more secure position but have always lived life to the full.
Both of us have very good pensions and life insurance should the worst happen.

I've got a mortgage for £220,000 over 15 years, but I'd that really debt? I know it's got to be paid, but I don't see it as debt.

Credit card has £110 on it, just waiting for pay day to get rid of that. I always pay it off within a month do I get airmiles and pay no interest.

No loans, paid off the car a couple of months ago.

@SmilingHappyBeaver finally a reply to the OP that I can understand 🙌🏻 just sitting here saying to the OH "how have all these people only got 100k mortgages?!?" Glad to see someone else with a larger mortgage.

Just a mortgage with £78,000 left to pay.

£110k mortgage. No loans or credit cards.

@mumoftinyterrors yes, it does make me wonder about peoples financial literacy? A secured loan/mortgage is probably the cheapest form of capital you can access. Why are people so obsessed with paying it off? I have so many friends who have houses worth on average, lets say £500k... most are "sensible" and claim to only have £100k or so mortgage left. They can be quite smug. I just cringe and think that if I were them i'd remortgage for £300k and get 10-20% return in investments whilst paying 1.5% on a mortgage!! They wonder why my house is bigger!

Mind you, my approach to risk is so high that our financial adviser takes valium before our annual meetings!

I'm bringing my kids up to understand the principles of the cost of capital: interest rates and impact of inflation on erodibg the value of debt over time.

Debt is only a problem if you can't afford it, and/or can't access cheap rates. The financially enlightened see it as a world of opportunity.

None, but I don't own my home.

About £110000 on mortgage and pcp on car at £230 a month with a £8000 final bill. No credit cards or loans but no savings either.

@SmilingHappyBeaver my husband has the same approach to mortgage borrowing and regularly wants to take advance of the lower interest rates and size up our house. We've just exchanged on what I hope is our final family home but who knows 😆 Our new mortgage is more than affordable for us but to most people, it would seem terrifying.

mumoftinyterrors Congratulations on your new house... but just to say i've had at least 3 "final houses"!!

You know where this will end!!

@SmilingHappyBeaver I do unfortunately 🙈😆

@SmilingHappyBeaver

Just curious, what assets are you getting 10-20% on? That’s good going!

@MrsJackRackham

I’m so glad you said that, I was thinking exactly that!