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!

400 quid on credit card. Paid off mortgage. I don't know why, I like to keep some debt on my credit card.....I will reduce it to a 100 quid.

Only the mortgage, got 12 years left and it must be less than £80k. Credit card paid off in full each month and small car loan paid off last month. Luckily made it through uni just before tuition fees came in!

£120k on mortgage
£8k credit cards
£4k left to pay on a car loan

That's between two of us - all joint debt.

I have student debt ranking up to £20,000. I use a credit card every month but pay it off in full in reward for air miles.

I owe money on credit cards but I have about 10x the amount in savings.

That's just madness.

Just the mortgage. 50k left to pay.

I used my credit card yesterday and spent £78 so I'll transfer money kver this morning to pay for it

I never understand why people do this. Why not just set up a direct debit for the full amount to be cleared each month?

It's good to pay for everything on a credit card, because you can get points or cashback, improves your credit rating, gives purchase protection, and can help manage cashflow/stay out of overdraft so saves money and makes irregularities in spending easier to cope with (eg Christmas, car repairs, new appliances).

But why make extra work for yourself by making unnecessary manual payments?

None mortgages paid off. Never had other debts; don’t use credit cards as a conscious decision not to support a debt culture. Always lived by a ‘ If you cannot afford it, go without’ personal philosophy.

Mortgage debt and a small credit agreement I took out to buy a new bed. Pay off the last instalment next month.

Need to get some expensive dental work done and will have to get that done on a credit agreement. So as one loan finishes, another has to start. Hopefully will have it paid off by Christmas.

Paid off the car last year and reckon I'll get a good five years out of it before I'll have to trade in and get another.

Mortgage is £408k (on an average 3 bed end terrace) credit card will be paid off tomorrow so I’m not counting that.

@MrsJackRackham

OP I think this will go the same way as a 'how much do you drink' thread. Many posters proud (quite rightly so) to say they don't have any debt or mortgage and the vast majority of us, who represent 'normal' people, sit staring at the screen thinking 'fuck I must be different/ wrong/ bad'. No one in my immediate friends' circle is mortgage free or debt free and we're all professional/ middle management types. I have £100k mortgage over two properties (bought my siblings out of inherited family home) £2k in cc and HP payments for a car. New couch coming next month which is interest free.

Exactly this. Other than retired people I know no one with their mortgage paid off. MN is not a typical representation.

Just our little mortgage left now.

4.6k debt on credit cards, overdrafts, store cards. I've just started a dmp. Some student debt for a degree I dropped out of in the 2nd year but no idea how much it is. No hope of a mortgage, ever.

Hope that provides some balance to all the people that paid off their mortgage at 12 years old and have a million pound in savings

None. Pay credit cards in full each month. No mortgage.

None. We have more in savings than our offset mortgage, credit cards are paid in full every month and we get a hundred quid or so back every quarter in vouchers (We funnel everything through the cards). Cars always bought outright. But we both made considerable profits on our first flats 20 odd years ago and bought the house at an advantage. It was luck rather than judgement.

@BarbaraofSeville

Wondering how much debt the average person is in.. Including mortgage, loans, credit cards, overdraft

If you want to find out about the average person's debt, you need to ask average people, which as you will have found, are in short supply on Mumsnet. .

When you say you owe money on credit cards, do you mean you use them for day to day expenses and pay off the balance each month, or you're paying interest on them? If that's the case it makes no sense

The person who has credit card debt, but far larger savings is probably someone who borrows at 0% and then saves the money at a higher rate. It's far less lucrative than it used to be, but you can borrow thousands of pounds at 0% and no fee for a year or two (and sometimes they throw in freebies like Amazon vouchers or other cashlike rewards on top).

You then put the money in an interest paying account until the end of the 0% period, and the profit is yours. I used to make hundreds of pounds a year doing this, others far more.

Absolute agree Barbara.

If you want to find out about the average person's debt, you need to ask average people, which as you will have found, are in short supply on Mumsnet

I don't think that the replies this far show a true reflection of those living in debt. I previously worked in a debt division of a bank and I can assure you that those phone lines rang all day every day.

I have £3,000000000 in savings, own 4 houses outright and if I use my credit card to make a purchase I get my butler to do the transfer to pay it off as I have much better things to do than pay measly bills. HTH

We have around £150k left on our mortgage, my student loan is £15k, DFS sofa payments finish in October and credit card is £1.5k. If you had asked me this question 6 years ago it would have been a different story, I had a really unhealthy relationship with money in my twenties.

We have a mortgage, a loan that we will pay off in 2 years and a couple of grand on a credit card (that we pay off and then the next emergency happens).

Hoping from September things will be slightly better as my son starts school so won't have the childcare costs but I'm sure something else will occur.

330k on a mortgage. Car bought out right, no student loan or cc

Just what is owing on the house mortgage which is about £85k. We could pay it off though but are investing the other £££ elsewhere. Have a 5 bed plus study house in regional Australia with pool 20 mins from beach. House worth about £350k. Aged late 40s and early 50s with kids starting to leave home so our living costs are decreasing too.

I have my mortgage paid off because I live in a tiny house with “only” one bathroom and two bedrooms for five of us. It was a choice we made - to live in a small terrace house or move to find somewhere bigger with a big mortgage. We also don’t have a car. Our living expenses are therefore small. This has made paying off a mortgage possible for us. However, interest rates are low now. It’s not really a problem if people have mortgages.

About £350k all in

Mortgage only.

Mortgage of about £135,000 and my student loans which should be paid off in April 22. Owe about £2000 on them I think.

Then we both have car loans but always do, not sure how much is left on either.

Both have iphones which we bought on credit as it was cheaper than taking out a phone contract. Got a year left on both but I'm getting a new one in April so dd can have mine.

We have enough in savings to pay off phones and my student loans and both cars can be handed back if worst ever happened so it feels all manageable. I will be pleased when my student loans are paid off next year as they are about £170 a month.