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!

“Re-mortgage to raise funds to invest at a 15-20% return...”

Lol. Is this serious. A)The risk involved. B)You seriously think that an annual return at that level is so easy to consistently achieve?

Cheers Warren Buffett.

A few hundred on credit cards that I could clear with savings if I wanted to but it's not enough to worry about, although I'm planning to get shot of it all in the next couple of months then it will be zero for the first time in my audit life. Mortgage is paid off, no loans.

We have no debt - paid off mortgage etc - but we have brought 5 children up in a once 2.5 bedroom terraced house - now 3.5 bedroom 2 bathroom house due to improvements - 2 kids now left home so remaining 3 have own bedroom - live in North London 300 yards from tube station - Kings Cross in 23minutes- so many friends have huge mortgages and are stuffed after covid - we figured we were ahead and after both growing up in poverty didn't want to revisit anytime soon.

95K
Mortgage and car finance. Im 32, had various bits on 0% finance over the years but always paid on time/early

We have loads of debt, but I’m slowly getting is down. Mortgage is about £340k, two car loans £10k & £20k, credit cards £30, and a caravan £14k. I will be happy when we just have the mortgage and the car loans

Lol. Is this serious. A)The risk involved. B)You seriously think that an annual return at that level is so easy to consistently achieve?

Just say you don’t know how. Or you’re too risk averse. Your choice whatever it may be, is just as valid as anyone’s.

None now, except for mortgage but only because we unexpectedly inherited when husband’s grandmother died of COVID and sadly, but thankfully we paid off £35000 worth of loans, store cards and credit cards. Our wages are now our own and we can have a much more comfortable life.

Mortgage - around 65k to go
Catalogue - £170
Cc - £500

@SpaceRaiders

Lol. Is this serious. A)The risk involved. B)You seriously think that an annual return at that level is so easy to consistently achieve?

Just say you don’t know how. Or you’re too risk averse. Your choice whatever it may be, is just as valid as anyone’s.

Thanks Warren.

None.

None. Credit card paid off each month (and has been since I’ve had it- 5 years now) Not buying a house until I can afford to outright.

I refuse to give any bank or credit society a penny of money I don’t have to

Five mortgages.
My goal by the end of the year is to sell and pay off all but one investment, build/renovate home and maybe mortgage free on home.

The amount of these five mortgages is eye watering :(
Hence why they are being sold and getting back to manageable levels.

@kathmacc

We have no debt - paid off mortgage etc - but we have brought 5 children up in a once 2.5 bedroom terraced house - now 3.5 bedroom 2 bathroom house due to improvements - 2 kids now left home so remaining 3 have own bedroom - live in North London 300 yards from tube station - Kings Cross in 23minutes- so many friends have huge mortgages and are stuffed after covid - we figured we were ahead and after both growing up in poverty didn't want to revisit anytime soon.

This is brilliant, I wish we had done the same.

Two mortgages £800k 😭
No credit cards or loans

Not buying a house until I can afford to outright

Seriously?

Obviously if you had a mortgage you have to pay interest, but in the recent past and probably in the short to medium future, this will be a very small amount of money.

Unless you currently have zero housing costs and are living somewhere where they don't mind you taking up space for free, its quite an unusual plan.

Plus there's the risk of prices increasing meaning that the cost of buying outright is a moving target that you might never hit.

Of course there might be a crash and you could profit from the strategy, but it's a hell of a risk to take. Some people have been waiting for a crash for years and have wasted the cost of a house and then some on rent in the meantime.

@jazz1995

None. Credit card paid off each month (and has been since I’ve had it- 5 years now) Not buying a house until I can afford to outright.

I refuse to give any bank or credit society a penny of money I don’t have to

This is such a weird mind-set. So some people on MN seemingly have such a puritanical view of debt that even having a mortgage is seen as being profligate.

Is this just posturing for some kind of Brownies frugality badge?

Well. That's some kind of privilege "not buying a house until I can afford to outright"....
Similar to another person upthread.

I assume that poster is 26 judging from her username. See how much longer she can continue living with parents rent & bill free.

Of course she will now come back and tell me that isn’t the case 😂

I'm going to start saying that I'm not going to buy a house until I can buy one outright!

I mean, it will never happen unless lottery win

But it's less depressing than saying we'll never even get a mortgage 😂 (not strictly true, we can get one for 98k. But unless we all want to move a hundred miles north and have 5 people living in a studio flat, we'll have to stay renting).

Not buying a house until I can afford to outright
it's a choice, who cares.

you can buy a dump for less than what somebody else pays for a deposit. You are not morally superior - or inferior - if you do so.

Our priority was to ensure that each child had their own bedroom in an area with the best possible schools but enough leftover for holidays and general "luxuries". There's a cost in being picky, no regret whatsoever.

None in theory, dh has money set aside for supporting the children in uni which would pay off the mortgage

We are going to get some building work done or maybe move so we will have a bigger mortgage then

People really need to stop thinking of mortgage as ‘debt’. It’s a means of acquiring the most important asset you will ever own, your home. It only becomes problematic if you have massively overstretched (and mortgage lenders are largely stopping that now). If you’ve at a sensible LTV (80% or less) and not paying more than a quarter of your household income into your mortgage I honestly don’t see how anyone could fear it as ‘debt’

The thought that some people wouldn’t want to take a mortgage out because they don’t want to get into debt actually astounds me. I understand there are other reasons people would choose to rent (flexibility etc) but not because they don’t want mortgage debt. Good god.

People really need to stop thinking of mortgage as ‘debt’.

what exactly do you think it is?

It might be that the only alternative is paying rent, but of course it IS a debt until it's paid in full!
The difference with rent is that you have something left once it's paid off, like anything else.

Just under 1k