Debt

[flowerpower122]

How much debt do you have?

AIBU to think debt is becoming more and more normalised?

You first OP

Zero.

I think in my friendship group debt is normal. People are quick to tell us to put things on a credit card or to take out a loan rather than waiting until we can afford things.

None.

I don't think it's becoming more normalised, it's just people can't afford to live so they're racking up debt.

Why do you want to know?

Other than a now paid off mortgage I've never been in debt as in having to pay interest I have had interest free loans for kitchens, sofas etc.

None, I may put things on credit card for security reasons but will pay it off pretty much immediately.

a few hundred grands, but that's what a normal mortgage is around here. Of course it's normalised, who can afford to buy a property upfront?

None except for a mortgage. It took me 14 years to become debt free. Never again.

Just a £40k mortgage.

Why?

None, mortgage paid off, substantial savings.

Happy now?

Other than a mortgage, nothing. We're savers.

None.
I use a credit card for convenience but pay it off fully each month.

Too much, cost of living has meant relying on credit for the basics, but I’ve no choice, I won’t be able to pay the minimum payments soon so will need to take out a DRO at some point..

AIBU to think debt is becoming more and more normalised?

most people who go to uni have no choice but to take on debt....

Debt doesn't have to be a bad thing either

Obviously most people have a mortgage too

of a certain age

We have paid the mortgage and student loans (before the days of big loans) off now, so otherwise, we just have one credit card for shopping which is paid off monthly. We bought the car (second hand) outright and part/ex the old one.

Thing is, OP, MN is huge, and we are all in different circumstances. Different ages, and stages of life. We live in different countries. We have different salaries and work histories. We have different commitments.

Me saying I have £15K worth of unsecured debt, or me saying I have no debt helps you how ?

« Normalised » implies people have an option. Some people have no choice to fall into debt. It can come about from a number of things- relationship breakdown, job losses, illness etc.

Having some debt can be entirely fine. You can still get a mortgage with some credit card debt. You can have an amazing credit score with debt. What’s more relevant is where you borrowed it from, why you borrowed it and your means to pay it back. Getting a pay day loan to go to Ibiza when you can’t afford the repayments is idiotic. Putting a tooth filling on an interest free credit card the week before payday so you can spread the cost over three months is way more reasonable.

Zero, thankfully. Apart from a house I think if you can't afford it, you don't buy it. Took a while to get that through my thick skull though; I spent my 20s in debt - credit cards and loans that crept up because my wages weren't enough to get by.

I have my mortgage and then £1100 split across 3 credit cards and 600 left on a loan

This is the trap I'm trying not to fall down at the moment

None. Apart from when I had a mortgage, I’ve never been in debt…credit card paid in full every month, but I hardly use it.

I got into significant debt when DD was born, her dad went to prison (I know) and I lost my job so was in a dire financial position and relied on credit to make ends meet. When I finally got back to work the cost of nursery crippled me and I couldn't manage that plus bills so credit extended further and further. I was in a right mess tbh with the interest rates destroying me and was in a very depressed place for a long time. I ended up racking up about 30k worth of debt. I have managed to consolidate and slowly pay a good chunk off but still have about 14k outstanding which I'm paying off at about 400 per month. Its shit and its not about it being normalised, just trying to survive through some very rough years