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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:
SmilingHappyBeaver · 19/02/2021 21:59

Empressofthemundane look at global emerging markets funds. I use Fidelity ad a platform.

SmilingHappyBeaver · 19/02/2021 22:00

AS a platform

smellywellyjelly · 19/02/2021 22:33

1k on my personal credit card

6k loan

Joint Credit card cleared each month

Joint acc about £600 overdrawn

Mortgage about £270,000 to go Hmm

My DH I don't know I imagine his personal account is about 2k overdrawn.

We cleared DHs credit cards and overdraft with a loan ( see above, but it creeps, be have no flex in a very tight budget)

Gilly12345 · 19/02/2021 22:34

No debt at all.

Paid off mortgage 2 years ago.

Pay credit card in full every month.

AdoraBell · 19/02/2021 22:40

Roughly £1,000 on CC.
Mortgage paid off.

Not overly worried about the CC debt.

dreamwatch · 19/02/2021 22:47

@Ilovewatermelon You’re welcome. Smile The experiences here are not at all relatable to me, and I knew I wasn’t the only one. I’m 46 now, and although we’re aiming to be debt free in 3 or 4 years, we’ll never own our own home. We’re doing the best we can, but our ‘retirement’ years are looking pretty bleak. But this is where we’re at and we’ve just got to get on with it.

On the upside I have parents who love me dearly, and the most amazing husband, we have barely had a cross word in 18 years of marriage. We are still as in love with each other now as we were at the beginning. I could have a £500k house and be married to a complete prick, so it’s not all bad. Grin

dreamwatch · 19/02/2021 22:56

@Fuckadoodledoooo I’m here, have a Gin with me.

CheeseAndBaconOatcake · 19/02/2021 23:01

@Chewingle I agree about not being able to stop eighteen year olds going to university however we have to pay a substantial amount as a parental contribution and withholding that would make it much harder (though not impossible) for our children to go.

cyclist2 · 19/02/2021 23:01

My only debt is my mortgage, not much of a mortgage but a mortgage all the same. No other debts, and I have some inheritance money from my Nan when she died - it may be enough to pay my mortgage off, it may not. Thats as much as Im prepared to say about my finances.....

Twillow · 19/02/2021 23:09

None. Paid off mortgage and even have credit on credit card as overpayed by accident!
No-one's circustances are directly comparable, of course, but I wonder how much comes down to attitude about money. I don't buy things on 'tick', even interest free - I save up until I have enough. If I use my credit card it is paid off every month.
I'm don't think I'm wealthy by most standards and actually earn mimimum wage salary, but I do feel uncomfortable if I have much less than a year's salary in my savings and would much rather go without than get into debt.

Tigger85 · 19/02/2021 23:35

Mortgage, home improvement loan, student debt, loan for IVF, credit card total around 184000, I earn 16k part time hours for childcare, partner earns 26k.

AmigoingcrZy · 19/02/2021 23:47

This is not the average in my opinion. We have £8000 loan and a Car on Finance between us as a couple. No Mortgage yet just rent. No Credit Cards. I dont earn enough to pay off my student loans (about 40k but wiped after so many years so 🤷‍♀️)

Mydoghasbettereyebrowsthanme · 20/02/2021 00:32

My oh my this is a depressing thread and has made me feel rather at sea ! I am 43, LP ,renting but paying back a friend who loaned me the money to leave my XH and I was content but threads like this make me feel Hmm

WhirlingGerbil · 20/02/2021 00:44

My oh my this is a depressing thread and has made me feel rather at sea ! I am 43, LP ,renting but paying back a friend who loaned me the money to leave my XH and I was content but threads like this make me feel

That's because most of the posts are from Hermione, who is still paying back a small loan from her parents for her pony. Don't doubt you're any different from the silent majority Wink

StarsonaString · 20/02/2021 01:56

@dementor72

As previously stated , I cannot understand how anyone can be clear of debt and own a house outright while in their 30’s unless they have rich relatives who have helped or, tragically, their families have died unexpectedly and life insurance has covered all their costs . Especially as house prices are so high compared to average income . I mean , hats off to you if you have lived on crackers and water for 15 years but who can do that ??
I would have likely been mortgage free by 35 without any family help if I had stayed in my last house which was a cheap house in a cheap area of a cheap city. I'm single, no children, have managed to reach a decent salary and take in lodgers. As it is, I moved to an expensive city and bought the cheapest livable house I could find which was still double the cost of my old house. With said salary, lodgers, no child related costs and living frugally, I should be able to finish the mortgage by 40 assuming I don't move again.
ImIncogniiiiiito · 20/02/2021 03:56

Just a smallish mortgage now, but that's thanks to very generous inlaws. We were another 20k in debt last year but my (step-)MIL's mum died and MIL chose to give each of the 4 adult children an equal 30k gift out of her inheritance, even though my DH is from long before she and DH's dad met, and DH had never even met her mum (step-grandma?) because we only discovered who his bio dad was a couple of years ago!!

New-MIL is such an amazing person the polar opposite of DH's late mum, who was an utter cow while she was alive

PuppyMonkeyBaby · 20/02/2021 04:09

None

Wallywobbles · 20/02/2021 06:20

4 mortgages for a total of 192k€. Two end in 2025, 2 in 2026. I'll be 55, and hopefully able to retire at that point.

FuckyouBrennan · 20/02/2021 07:12

@dementor72 well we’re early 30s and we’ve done it. We definitely don’t go without either, usually have at least 2 holidays abroad per year, DD is at private school and does clubs outside of school.

FuckyouBrennan · 20/02/2021 07:16

I lot of our group of friends also have very, very small mortgages. Or none.
We all bought around a similar time when prices were extremely low here.

Dazedandconfused28 · 20/02/2021 07:17

I have £245k left on my mortgage, but no other debt at the moment.

However, this is very different to 10 years ago, when I was paying off a £10k career development loan, was always at the top of my overdraft, earning a pittance & was too frightened to check my bank balance. I also could not get motivated at the time to try to save or repay the debt - as the amount of money aside from necessary outgoings was so small it felt pointless.

Finances changed due to a small inheritance & gradual increase in salary. I appreciate things can change dramatically in a short space of time - either for better or worse, so I try not to take it for granted & am very risk averse now.

skippy67 · 20/02/2021 07:48

We have one payment left on our mortgage, then we're debt free. Yay.

Nothing7 · 20/02/2021 08:19

That seems a very good deal to me. And being a bank loan you own the car as opposed to PCP or HP - though if you defaulted then debt recovery could seize it but that would normally be a long way off and actually you could avoid that if you agreed a repayment plan with the bank.

All I would say is be sure you can afford the repayments (bank will have already done checks regarding your ability for that) based on anything you have planned over the next 3 years eg if you want to move house, get a mortgage etc.

The reason I say this is I’ve had debts and I got into a spiral as I had cut myself to short so by the end of it I was paying minimum payments and they’d become so high I ended up using cards etc to keep me going. Me and hubby got in very bad financial shape but have been very fortunate that we dealt with it but it was a hard few years and we had to completely change our mindset and now we have great pleasure in saving and buying things outright.

With a car that’s harder because it’s a larger outlay and loans do have their place.

Avoid credit cards like the plague though, and incidentally when I bought my first car I borrowed 4k over 12 months, paid it off, but at the time of the loan , my bank manager encouraged me to get a credit card “just Incase” fast forward a few years and that credit limit kept increasing and increasing and the problems began... we are talking 20 years ago so hopefully banks are more responsible now

chocolatesweets · 20/02/2021 08:38

Just the mortgage and student loans but I'm a SAHM so don't pay them. I feel lucky to have a mortgage.

olympicsrock · 20/02/2021 08:41

Paid off our mortgage but remortgaged to buy a holiday house. £200K . I have savings of £70K though. I guess that is £130K net