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Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Curious how much debt is normal?

226 replies

Mummabear04 · 15/12/2024 13:02

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?

OP posts:
OliphantJones · 15/12/2024 17:34

I have £190 for house insurance on my only cc which will be paid off at the end of the month. I tend to use the cc to pay insurance premiums at the annual rate rather than monthly, then, depending on the month, I either pay in full or do half one month, half the next.

Paid off my student loans about 15 years ago, but I do have a mortgage. I’m 44, single with no kids though so it’s probably a bit easier in some respects. It’s hard to save a lot at the moment with the cost of everything so I only have savings of around £3k currently.

iamnotalemon · 15/12/2024 17:34

Mid 40s and no debt now but did have about £20,000 of debt in my 20s. Took forever paying it back and was a valuable lesson.

No mortgage as I'm not on the property ladder 😂 but hope to buy a modest property with no mortgage or a small mortgage in the next few years (I've been saving).

Anonymoussanta · 15/12/2024 17:34

I have about £900 on my credit card. DH has about £8k car loan. Then mortgage.

LakieLady · 15/12/2024 17:49

None, but I'm ancient so mortgage was paid off years ago and student loans weren't a thing when I went to uni. You actually got a grant so you had money to live on!

I used to have CC debt and an overdraft, but cleared all that a few years ago too and don't have any credit now. I probably couldn't get any, either: my pension income may well be too low.

Pleasegodgotosleep · 15/12/2024 17:51

£700 on cc for Christmas which will be paid off in full with Jan salary. £2.7K left on house renovation loan which will be repaid by September. Currently saving for new bathroom. After paying off tonnes of cc debt during covid I will never take on debt like that again.

Bettyfromhomeroom · 15/12/2024 17:52

Currently £70 on a credit card and the mortgage. I can't stand being in debt, I even hate seeing my normal direct debits coming out like my mobile bill. I'm in my mid 30's

BotanicalGreen · 15/12/2024 17:58

Late forties. Zero debt and no mortgage but three expensive DC!

mondaytosunday · 15/12/2024 17:59

Currently pretty high on my credit cards, I think £10k combined. That's it I don't have any other car loans etc. Went for a couple decades paying everything off every month but my DD starting uni, losing CB plus widowed parents benefit (worth about £8k combined) plus an unexpected £8k repair bill has hit hard this year.

Mel2023 · 15/12/2024 19:07

We’re in our early 30s. We used to be able to save a lot more each month to avoid having to go into debt and use finance, but that was before DS and childcare fees came along! So we do have some bathroom windows which cost £1.5k on finance, but we pay those off this month so are essentially done. DH has his student loan, which will be paid off by next year and is now in single figures (we went to uni before fees went up). I went to uni but didn't have a loan. We have a mortgage and DH has a credit card which only ever has a few hundred £ on and is paid off fully at the end of the month and we mainly use it in emergencies (emergency vet bills before insurance reimburses, household expense we didn’t expect and savings don’t fully cover etc). I don’t have a credit card. I own my car outright (save each month to replace it) and DH did have a car loan but we paid it off a year ago so now own his outright too, although we accept when he needs to replace his car he’ll get another one and it’ll need to be on finance again. I’m pretty happy with our finances, main debt is mortgage which is unavoidable and we’re proud we own our own home. Once DS gets funded hours or is in school we’ll be in a position to save a lot more as well as we’ll have over £1k a month back. We do have some put by but nowhere near what we should - our garden fence has been destroyed in the storm and we’ll struggle to replace that without completely depleting our savings.

Bunniemalone · 15/12/2024 19:38

Zero & overpaying mortgage by £200 a month. Husband on min wage, I have a "good" job but only £45k gross, pre pension etc. We live north of midlands. However we have no kids (not through choice) Save for holidays, have one overseas holiday every 5 yrs or so, otherwise it's a few short uk breaks. Don't buy if we dont have the cash. I am by my own admission tight. Our car is 12 yrs old but perfectly serviceable. We did really really struggle for first 10 yrs & it was hard. But we have just turned 50 & life as far as I see it is good. I still run to a strict budget & we can save each month. plus have a couple of takeaways a month. Or a couple of pub meals. I believe we are very lucky & know others not so much.

Hellskitchen24 · 15/12/2024 19:40

About 80k left on the mortgage, easily 60k of student debt but I don’t really keep track of that, 6k of home improvement loans, and that’s it for now. No credit card debt at present but I use it if I have to. I may get a second hand car on finance at some point next year, so that will potentially be another debt. I don’t understand how people have no debt unless they are on mega wages.

Fabulouslyunfabulous · 15/12/2024 19:41

Mid 40’s. Only debt is Student loan which will be paid off soon.

sillysausageandbanger · 15/12/2024 19:44

We took out 30k over 5 yrs do work to the house. It's been a tough slog but once it ends in 18mths time, we will have a considerable amount of disposable money that will be well and truly enjoyed!!!

stargazerlil · 15/12/2024 20:31

Just switched 7000 debt to 0% no fee CC for 13 months.
3000 cash transfer from another card making interest in a high interest account until I sell current home which was bought for cash.
then will pay off and start all over again somewhere else.

Dramatic · 15/12/2024 20:38

About 2k from an old tax credit overpayment. I don't have a mortgage and never went to uni so no student loan

didistutter56 · 15/12/2024 20:41

I have 2.5K that built up when I was in a shit relationship and financially abused, that got worse when I became a single parent. It was about 6K, hoping to clear it in the next 12 months.

VetVetGoose · 15/12/2024 20:54

My student loan is over £200k but that’s a graduate tax really not a debt! I will never pay mine off

Catsmere · 15/12/2024 21:02

None. Never had any - didn't go to university, and could never have afforded to buy a house and wouldn't even have had enough for a deposit. The thought of being in debt to a bank is very scary. I bought my car outright and pay my seldom-used credit card in full every month.

LondonLawyer · 15/12/2024 21:06

YaWeeFurryBastard · 15/12/2024 15:02

These threads always go the same way on mumsnet and you have people absolutely falling over themselves to tell you that they don’t have any debt because they’re really very sensible and would never dream of spending beyond their means.

Perhaps I’m a hypocrite because we also don’t have any debt beside the mortgage, but that’s because we’re pretty high income so can afford what we need. I certainly don’t think this is the norm and most people in our age bracket (30s) have a reasonable amount of debt. It’s bloody hard getting through your 20s/30s without it when you need to buy a home/kids in nursery etc and the constant social media pressure to have/do everything.

I agree. We are in our mid 40s, and don't have debt now but in our 20s and 30s with childcare and housing costs, it was a different story.
Actually the boys aren't any cheaper really, because younger (aged 10) still need childcare and older (aged 19) is at university and costs a fortune, but we're earning more than we were.

Shallana · 15/12/2024 21:12

We have a mortage and student loans but no idea how much is left on them, I haven't checked in years and just treat as another tax.

No other debt besides this, we pay our credit cards off at the end of every month. Currently at £400, combination of flights and christmas presents that will be paid of next payday. Never buy anything on the credit card that we couldn't pay for in cash.

CraftyOP · 15/12/2024 21:15

Ha, no-one hear admits to much but "unsecured debt per UK household is on course to reach a record level of £17,200 by 2026 – exceeding the previous high of £16,800 set in 2007.
By 2028 unsecured debt per household is set to top £19,000"

We have £12k, £10k is a car

Rollercoaster1920 · 15/12/2024 21:21

Do people count their future commitments as debt? I suspect a lot of people have phones being paid for monthly on a 2 to 3 year contract, subscriptions which have a minimum term (gun?). Insurance being paid monthly by direct debit etc.

These commitments can catch you out if you suddenly have a drop in income. You can't just stop the payments so can be considered a type of debt.

henlake7 · 15/12/2024 21:29

I have £200 on a catalogue and mortgage is already paid.

I don't have a lot of expenses that others do though. No student loan as we got a bursary in my day. No holidays to pay for. No car. If things break around the house they tend to stay broken til I can afford to fix them!

I don't have kids so the only thing I'd willingly put myself in debt for these days is vet bills( and TBH the dogs are so old I wouldn't put them through anything too much anyways).

Anonimouse12345 · 15/12/2024 21:48

I always find these types of things make me feel like a failure.

Ive got a huge mortgage on a fixer upper. I’ve also got an 18k home improvement loan from when my roof fell in and my boiler broke. we did some other essential work on this too.

Ive also got cars on PCP because I had no cash to buy anything safe outright. We both have long motorway commutes.

I don’t think ill ever stop stressing over it.

MsXmasGGMasterTwat · 15/12/2024 22:14

I think a lot of it is life stages @Anonimouse12345 .