Am I kidding myself with finances

[Timeforchangeornot]

Need a reality check and don't feel like I can ask ppl in irl.
In summary,
Have a mortgage of £220k (equity £200k). Payments £1200pcm
Joint Car loans 33k
Joint Credit card debt (all on 0%) 30k
Joint Income 98k

The credit card debt is the bit that's bothering me despite being on 0%. We have deliberately made some family decisions which has created this debt. However are we kidding ourselves that this level of debt is manageable?
Long term plan (within the next 5years) to move and release the equity in house.

Just wondering what others think?

Those credit cards debts are going to become terrifying when you run out of 0% balance transfers. I'm thinking minimum £500 per month interest charges, just to keep the balance at 30K.

The mortgage and car loans are relatively predictable expenses.

The credit cards are actually dangerous. You need to make every effort to pay off as much as you can, as fast as you can.

How on earth have you built up so much credit card debt AND owe so much on the cars? You are living beyond your means and it's unnecessary. Make a budget to pay off your debts first.

If you break down the expenses for us, we might be able to help advise on where you could cut back.

Yes but all of our other friends of similar Income have just got the kids to take out loans
...

The loan doesn’t cover everything. We have a lower income than you. DD’s loan doesn’t even cover all her rent.

You're supposed to pay towards their university costs as well. You do know your kids are going to get more expensive right? Your laissez-faire attitude needs to change. What does your partner say about the debt?

Yeah i mean you do not earn enough for the lifestyle you want.

You can't afford two cars on that sort of finance. You certainly could not afford two holidays either. Im curious what the medical treatment was and whether it was truly essential to have it privately.

move the credit cards to a longer no interest deal. I have £5k hsbc 0% interest for three years. You need to pay this off as priority but as you have no savings I would be seeing what I could afford to pay off and halving it and paying half on credit cards and putting half in savings. That gives you savings but if you don’t use them then you can pay off credit card with them. You need to downgrade a car too. Nothing wrong with having one nice one and a run around for the other.

Student loan eligibility calculator

https://www.gov.uk/student-finance-calculator

Having been made redundant back in 2010 and taking 6mths to find another comparable job, I would not be comfortable with just paying the minimum of a £30K credit card debt and bouncing it forwards on another 0% balance transfer. Global tariffs combined with NI hikes means inevitable job losses. DH had an overlapping redundancy with me and it took him 8 mths to start an equivalent job (we had the luxury of savings but it was the most stressful period of our lives). I would definitely reduce the credit card debt asap and start building some savings as a cushion. You may think that it won't happen to you until it does! Your teens don't need luxury holidays - they would probably appreciate the financial support at uni in the next few years (the minimum maintenance loan may not even cover rent!)

I would be very uncomfortable with that level of debt on your income but we don't know your full circumstances. Do you have kids? How long is left on the mortgage?...

How do we get to work without the cars though? There is no public transport where I live.
Definitely couldn't afford the hols...

The medical treatment was for my DS and I don't want to disclose here but it was necessary to do it privately.

What loans? The maintenance loan that they will be eligible for is just under £5K. They won't get bank loans. My daughter's accommodation alone next year (granted in an above average expensive university town) is over £8K. She can't find a term time job as there are too many students chasing the small number of jobs. She did work and save a fair bit over the summer. It would not be practical without a fairly hefty parental contribution (which is expected by Student Finance). Friends whose parents can't support them have taken a year out to save. It sounds like you have twins? So even more money to find.

i would expect that your friends of similar incomes are financially supporting their children as well as getting them to take out the loans.

My parents never paid anything for my uni costs
. just got loans and supported myself...

Tell your kids that as you drop them off in your flashy car.

It's really not flashy! Just had enough seats for them to actually sit in.

Times have changed.

If you want your chlidren to support themselves through university these days, then I'd suggest telling them now they need to take a year out to save/live at home/or choose a cheap university/hope to find a job working a good number of hours a week (possibly impacting on studies).

Do they have a job already? if not, then I'd suggest telling them to get one. They need to start saving.

Your car loans itself is more than double some people’s wages. Thats ridiculous, no one needs cars THAT expensive. I don’t want to be rude, but are you the people that have rich friends and you aren’t as rich as them but you try to keep with the status of being rich so you live above your means which includes getting top range cars?

You buy much much cheaper cars. One bigger family car, second hand , the most basic that can fit you in, absolutely not an expensive marque.

One very cheap tiny second hand runaround. Or you try to manage with one car and someone needs to cycle to wherever the nearest public transport is. Nowhere has "no public transport at all".

You can’t assume your dc will be able to get a job at uni to meet the shortfall. You have no room to manoeuvre but may need to find a few hundred quid extra a month for university. I can’t see how you’ll do this.

My parents never paid anything for my uni costs. just got loans and supported myself..

Are you aware now parental income is taken into account and they are expected to
contribute @Timeforchangeornot?

We are on the same income and have slightly higher mortgage. You have an obscene amount of debt on that income.

@AquaPeer probably just an excuse to put down the OP.

On your income, you will be expected to top your kids up by about £500 pcm. Or they won't be going to Uni...

@Timeforchangeornot this is the situation you find yourself in now - so really look at reducing your debt. My question would be in this case why do you need to have 33knin car loans? By a car you can afford. That would not be a choice I would make.