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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:
Hadalifeonce · 18/02/2021 08:30

None, we were very poor when I was growing up, and my parents always saved up if they needed to buy anything. This was always the mantra I lived by, except for my mortgage, which is paid off.
I have always saved even if it was £10 a month, but needed to have rainy day money.

Vodkabulary · 18/02/2021 08:30

Just our mortgage.
I was in a financial abusive relationship in my early 20s and the stress of that has permanently made me really worried about money! So I insist no CC, if we can’t afford it we save until we can so no car or furniture loans etc.

VeganCow · 18/02/2021 08:31

none. I sometimes use my cc but pay it each month by DD in full so never have to think about it. This month its £24. If I can't pay it outright I don't buy it. Those interest free sofas etc, who wants to be paying for it still in 4 years, what if your circs change then? Washer, freezer etc a different matter but furniture I don't understand. I bought my first sofa off ebay really cheap and it was great with a throw over it

pinkearedcow · 18/02/2021 08:32

AnaisNun Flowers don't let people who don't understand how hard life can be get you down. I was in debt after leaving a violent relationship, it was horrible and I feel for you. I came out the other end eventually and so will you.

Kljnmw3459 · 18/02/2021 08:32

I think the average UK person has debts (not including mortgage or student loan) of around 10k. One credit website says 33% have debt between 2k-10k and 18% have debt over 10k.

Saviouronthreelegs · 18/02/2021 08:32

Circa £270k mortgage and circa £50k PCP on two cars. No credit cards.

Saviouronthreelegs · 18/02/2021 08:32

Oh and student loan of around £20k

CrunchyCarrot · 18/02/2021 08:33

Mortgage due to be paid off by April. No other debts, all bills paid in full every month.

Hagqueen · 18/02/2021 08:33

I’ve got around £4k plus my mortgage (around 72k). The 4k is split across a credit card and a loan. I’ve been working at getting them down quickly as I’ve had my ‘lightbulb’ moment.

Once my credit card is done with, I’m gonna build my emergency fund up a bit (to stop me using it again!) and then overpay the loan. I should be sorted by the end of the year.

I’m embarassed that I have this debt - there is no need for it at all.

middleager · 18/02/2021 08:33

@yearinyearout

None. But then we are middle aged so mortgage is paid off.
I'm 48 and mortgage still has 14 years left.
JudesBiggestFan · 18/02/2021 08:33

This thread is funny. Literally the only people replying are those who want to boast about how rich they are!

newlabelwriter · 18/02/2021 08:34

@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. Whenever these threads come up then it’s mostly people with zero debt and mortgage who reply. I think because people who have large amounts of debt can sometimes feel shame around it and so wouldn’t feel comfortable posting on here. For a more accurate picture of people’s financial situation then the money boards have lots of information on there.

I’m in debt (mortgage and cc which I’m paying off at the moment) but I wouldn’t feel comfortable posting on here. Hopefully though I’ll be in same position as other posters and be posting being debt and mortgage free in reply to these posts. 😉

BikeRunSki · 18/02/2021 08:34

Mortgage only. £30, 398 outstanding as of yesterday.

AlwaysLatte · 18/02/2021 08:35

None! I know mortgages are almost always necessary but try not to use loans or credit for cars, furniture, tech unless you absolutely have to. The interest rates on some of these should be criminal.

TableFlowerss · 18/02/2021 08:36

Only mortgage (less than £100k now) about £30k in savings

Dockland · 18/02/2021 08:37

Something tells me that those with zero or low debt will happily share online, but those who are in a huge amount of debt won't. Meaning that the responses here won't be reflective of most people in the UK for example.

Given we are in a pandemic with thousands who have lost jobs, so many people wouldve had to eat in to savings or take out loans just to survive.

userxx · 18/02/2021 08:37

I stopped using credit cards years ago, I always overspent on them.

MRex · 18/02/2021 08:38

None. How does knowing other people's debt levels help you OP? Other people's circumstances aren't yours: age, salary, home ownership, family financial needs etc, so having or not having debt doesn't tell you anything. If you don't owe money then great, if you do then can you pay it off, if not then work out a plan or get debt management advice.

Waxonwaxoff0 · 18/02/2021 08:38

I have £37,000 mortgage. No other debt. I don't use credit cards.

Tyranttoddler · 18/02/2021 08:39

I always read these threads and feel hideous about the debt I am in haha.
I earn an OK salary but have been horrible with money (currently I am OK with money rather than horrible as I did a money course. But still not great). I have a mortgage and also 3.5k of credit card debt that we aim to pay off within 12 months and it has been a lesson to me (it was 6k) to live within my means as I would prefer to have that money now!!

PurpleFlower1983 · 18/02/2021 08:40

Just mortgage now and student load which will be paid off this year finally! Oh and £7.99 on my credit card as I forgot to cancel my Fitbit premium membership! Grin

Lotuu · 18/02/2021 08:40

I have a £60k student loan.
Probably going to do a masters soon so it’ll be £70k after that.
And a £4k loan for my car.
But I have savings too which are not going towards paying my loan as the interest is so low and I would rather have the money available.

PickAChew · 18/02/2021 08:41

About 100k on mortgage with 19 years on it. Cards paid off every month. Some savings.

Treppydaytion · 18/02/2021 08:41

@Sunshine3013 I hope you realise that you're not going to find how much debt the average person is in on this thread! You will find out how much debt some individuals are in, and some of those individuals might even be "average", but you'll never know which of them are average and which aren't, and you certainly won't get an average picture overall.

ZackaryQuack · 18/02/2021 08:42

Just mortgage and car on HP. Credit cards were all paid off when we remortgaged last year.
Not sure on the total but it is less than £150k.