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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:
SpiderinaWingMirror · 18/02/2021 09:44

Lordy these threads are mumsnet at it's worse.
You will mainly attract those who have plenty of assets and no debt.
Thus making others feel just a little bit more shit.
If you really want to know the average debt per head, go do some reading on the financial pages

WishingHopingThinkingPraying · 18/02/2021 09:44

A lot more than any one else has mentioned. But other than the house it's loans for investments. Debt is not always a bad thing if it's working for you.

Hope4theBestPlan4theWorst · 18/02/2021 09:48

@AnaisNun

We have debt too owing to high childcare costs, partner being on furlough/loosing job and the universal credit system being a total nightmare to try to claim

We owe
£700 to gas & electricity paying at £150 a month to clear debt and pay bill - British Gas I have to say were amazing and very nice to us and understanding which is more than can be said for other utility companies

Credit cards/ catalogue about £7-8000 used for food and bills and childcare - says it when the childminder introduces a bloody chip d pin machine for parents!!!

Car finance £4000 but need car for my job

Only savings are children's premium bonds and we darent take the cash out in case we can't replace it

We are in a difficult situation but it could be worse
We don't live the high life at all - all this debt is amassed from living expenses

biibbiibobby · 18/02/2021 09:48

Just to clarify why I have no debt for those that think it's not possible.

I never had student debts... my university education was all free and accommodation was paid for by my parents. I was actually paid to do my post grad and second degree.

I worked the whole way through college so I never needed student loans or grants. I saved a lot as I'm not a huge spender. I have NEVER had a credit card.

I worked abroad...tax free...as did my dh so we bought our house outright. Same with the cars.

I understand that we are very lucky and that not a lot of ppl are in the same position. We are mid 30's

Threebecomesfour · 18/02/2021 09:48

I imagine this will depend on people's ages... 10 years ago my answer would've been different! Now I share a mortgage with my husband and that's it.

PlugUgly1980 · 18/02/2021 09:48

£140k mortgage debt (just under 50% LTV). No other debt, cars paid off, student loans cleared.

MrsPotatoHead2021 · 18/02/2021 09:48

Just the mortgage. But it’s quite large.

harper30 · 18/02/2021 09:49

Ha, everyone on MN lives in fantasy land. All those people saying 'none!' Or 'just a mortgage!'

Bollocks.
I've got 20k student loan
5k on a credit card
6k loan

Oh and a mortgage. I'm shite with money, but I think so are a lot of people they're just not commenting on this thread in the same numbers that the 'no debt' evangelists are.

Workyticket · 18/02/2021 09:49

£65k mortgage left

1 year left on a 4.5 year loan. Was taken out to cover overdrafts and credit cards (90% was DPs, he was rubbish with money but now has savings!)

CuriousaboutSamphire · 18/02/2021 09:51

This is so not representative of real life - people who have any kind of debt are shamed into silence on MN, and those who aren't want to sing about it from the roof tops. I see that a lot here and it saddens me.

Had I still had the debt I had in my 20s I would have written it all out and expected many posters here to be the same. I'd have posted and expected to exchange notes on how to get on top of it... pre t'internet we went to the pub and drowned our sorrows with our last few pounds and would have discussed it then.

I 'crow' about it because I was once sent a pm by someone who said that my story gave her hope. We'd managed on one wage (I worked in a pub, DH as a bricky's mate) and came out the other side able to earn more. She was going through the same thing and couldn't see an end to it. That we had been up to our neck's on debt and had worked through it was encouraging.

It took us about 10 years to be able to change our finances. And then another 10 years to build on that, get out of debt. We will spend our last 15 years of working life saving to be able to afford retirement, if we remain in work. It won't be enough. But it will be more than many have and we are fully aware of that!

Mummyoflittledragon · 18/02/2021 09:52

The national average, was 126k last year. www.nimblefins.co.uk/average-household-debt-uk

We are almost 6 times higher.

IceCreamAndCandyfloss · 18/02/2021 09:52

About a third of the mortgage to go and that’s it. No loans and never used overdraft.

I don’t like debt though and it worries me so we live within our means and save up for the larger things we want and so their are funds if something breaks.

bowchicawowwow · 18/02/2021 09:52

19k left on a mortgage, £600 left on the HP on my car and £150 on a 0% credit card I keep ticking over for emergency vet bills. About 10k in savings currently but will soon be parting with some to pay for roof repairs.

Not too bad for 41. Was awful between the age of 20-24. Had a bit of an epiphany and lived very frugally for a few years while I got everything paid off and under control.

MasterGland · 18/02/2021 09:53

There, but for the grace of God, go I. Anyone reading this thread and going into a spiral of depression, remember this is a very small sample and people are more likely to respond if they find themselves in a more positive situation. Debt is something people are made to feel ashamed of, despite the system being completely reliant on a good proportion of us being enslaved to it.

RuthW · 18/02/2021 09:54

30k. Mortgage.

Never been in debt other that my mortgage which was 63k at it's highest.

Occasionally my credit card has a few hundred on if I've had a big purchase.

MyDiamondShoesAreTooTight · 18/02/2021 09:54

None. Mortgage free and no other debt

ellenpartridge · 18/02/2021 09:55

Just mortgage

IEat · 18/02/2021 09:56

Student loan isn’t classed as a debt in the conventional way

Mine debt on credit cards etc is £15k in an IVA

CuriousaboutSamphire · 18/02/2021 09:56

@Mummyoflittledragon

The national average, was 126k last year. www.nimblefins.co.uk/average-household-debt-uk

We are almost 6 times higher.

The breakdown by age is in there too!
fuzzyduck1 · 18/02/2021 09:57

None now but was £40k in debt a few years ago. So pleased I paid it off was causing so much stress it was untrue

Perfect28 · 18/02/2021 09:57

Lol this thread is funny, and definitely not representative of the majority (which we know because of stats on personal and unsecured debt).

I have a significant amount but I'm not concerned about it, just the way life is these days.

I don't count student debt. It's much more like a tax and I'll likley never pay it off. It's also hugely unfair to compare people like me who paid between 3-9000 per year for tuition alone with those who were lucky enough to get a free education.

I absolutely hate people who say 'live within your means', yes that's doable if you have means to begin with. 🙄

Trisolaris · 18/02/2021 09:58

Around 190k
10K is student loan
4K is 0% credit cards/loans, I could pay most of this off immediately but why when I can have it in an ISA making me money and the debt is improving my credit rating and interest free?
Rest is mortgage

harper30 · 18/02/2021 09:59

Exactly @Perfect28 it's pure bollocks 'live within your means'
What a smug, privileged thing to say when huge swathes of the population have been affected by lockdowns, redundancies, what are people supposed to do when their 'means' drop down to next to nothing?
This thread is infuriating.

inmyslippers · 18/02/2021 10:00

Very recently paid off credit card debt that had been a ball and chain for years. Now I've 3k left on a car

itssquidstella · 18/02/2021 10:00

Just our mortgage (enormous because London). I have a credit card but I pay the balance every month: I think it's got £110 on it, currently.