Curious how much debt is normal?

[Mummabear04]

Just being nosey really to see what's the average for other people but how much debt are you in excluding your mortgage? I have just under 4k of debt between DH and I due to student loans but don't have anything else other than the mortgage (we have put paying back our loans first and only saving a little each month instead). How about you?

This question in isolation really means nothing. It depends on interest rate and savings. If you have 50k debt but it's interest free and you have 100k in savings. In reality you don't have debt. 🤣

Zero.

im nearly 40…no student loans. I was actually paid to do 2 of my degrees. First degree in Ireland was “free”

I don’t even have a credit card…

Just the mortgage between me and dh (90k left on it as we were able to pay off the other 50k with an inheritance).

MMy ex husband used to put everything on credit cards and get loans. He kept me totally in the dark. Turned out he was over 100k in debt, had remortgaged the house (it was all in his name, thank god). He’s been bankrupt twice. That scared me into never wanting any debt. If we need a new car; we buy one for a couple of grand with savings, although the last one lasted us 10 years. If we can’t afford something, we don’t have it.

Zero.

Paid off my car about 2 years ago.

Actually, I’ve booked a big holiday that I haven’t yet paid for, only paid a deposit. So I owe nearly £4k on that. Not sure if that counts as debt.

Apart from mortgage our only debt is credit cards that we clear in full each month. Currently the balance is about £7k as we booked a couple of holidays for next year.

Only debt we ever have is our credit card bills as everything paid on card so we get M&S gift cards with the points! All paid monthly by DDM.

None apart from mortgage. I pay off my cc every month.
In my 50s.

I think OP plenty of families will have between5k and 30k between them plus mortgage -- a combination of credit cards and car finance but probably won't be posting on here for every smug person to be on here berating them who has no idea of why they needed to use credit- peoples circumstances are different- many will have some debt due to divorce, split ups, emergency health situations, result of lockdown , etc - it's not all wall to wall holidays, gambling, frivolous spending - some people have had debt but inherited along the way and paid off or had divorce settlements , plenty are not in that position

Had a longstanding £2000 overdraft for several years, was paid off afew months after my mortgage finished 4 years ago. I am early 60s. Bought things on IFC all my life and still do. Worked FT for 40 years and was a single parent. Financial responsibilities influenced all this, I never lived extravagantly.
I do use a CC but it gets paid off every month so no interest

35,000 euros...took me 10 years to pay it off, with interest of course. NEVER again!

Aside from my mortgage, no debt and never had any other type of debt.

Just the mortgage but it’s quite big at £240k. I’m 38. I do currently have 1k on the credit card thanks to Xmas and bdays all happening at the same time but that will be paid off in a few months. I’m always £400 overdrawn come pay day and have no savings. DH is better and has shares. We are also paying monthly cost of our new kitchen for the next 5 years too £70 a month

Nothing, but I am re to Fred and have savings. Before I retired I would usually have a car loan, but I paid cash for the last one as I didn’t want debt in retirement.

£0

@Mummabear04 I'm guessing this post has left you feeling quite demoralised as these weren't the responses you were maybe expecting. It would appear the majority of replies have little or no debt, but I also suspect that dies t reflect real society.

*doesn't

I buy second hand. Cars/sofa/furniture and some clothes In my thirties and in no debt except mortgage. Haven't changed my car in years either since it was paid off

A fortune, but mostly interest free so I'm not worried about it.

It helps that I am very well paid, currently lots of childcare costs and a couple of things dropping off soon from when we did our house extension 5 years ago.

Kids and houses are a drain on resources 🤣

Both scared of debt apart from the mortgage, so never.

None

mortgage paid off, never went to uni etc

i have been in debt in the past (10k) and was only coming out with £850 a month for full time (15 years ago) and I remember the debt feeling like it would never be paid off. I could only afford the minimum payment off it at the time.

Only my credit card debts (about 8k on them this month) but I put everything I buy on my cc and pay it off in full by dd every month. So in practice it's zero.

Currently around £20k in loan debt. I ran up around £40k a couple of years ago when I was desperately ill and thought I was going to die, I had to enter a repayment plan but it’s coming down and I regret it immensely. I’ve just had a very significant payrise at work so I’ll be aiming to pay it off in 2025 (fingers crossed). I’d like to say this is the first time but it isn’t, I ran credit cards up in my 20s as well. I just can’t be trusted with credit of any kind.

Only mortgage in "proper" debt.
I have VAT, self-employed tax, etc payments coming up. They aren't "debt" in the sense that I should already have paid them, but they are payments due in January. So my apparent assets are higher than my actual ones, as that money isn't mine to spend or save.

10k credit card.

A lot of unexpected expenses this year.

Zero and mortgage is paid off but I was lucky enough to go to uni in a time before fees!