How much debt are you in?

[eyelinerpencil]

Was chatting to a friend earlier who is in over 500k of debt, which she thought was ok but I think is astronomical.

Including mortgage? Probably £2m.

With the mortgage, £150 000.

Without, about £30 000 between us two, a couple of loans and two credit cards. Way too much for me to feel cool about it .

Well yes, you have missed a trick. Is it too late for you?

About £240k including my mortgage. Not sure how much I owe on my student loan still but I don’t really count it as I’m not sure I’m ever going to pay it off!
I’m 42k in credit card debt which I’m in a debt management plan to pay off - stupid, impulsive spending got me into it. I wish I could click my fingers and have it go away but it’s all my fault. I will honestly never get another credit card again after I’ve paid this off.

It exists now … and we are constantly bombarded with ads and information about this, it’s not an unknown concept, even for young adults.
If they are in work people will be talking about this and likely it is even discussed on tik tok … it’s not the same as when you were “young”, we have the information at our finger tips. There is no excuse for “not knowing” the information is everywhere, half the time it finds you!
And you little attempt at a sarcastic comment was pathetic! Grow up, emotionally.

@BuildbyNumbere further proving my point, well done.
If you read my posts properly before jumping on your high horse, you'd realise that I was talking about the past. As was the other poster. The schemes that are being referred to - eg investing, pensions etc - aren't nearly as effective if you start in your forties/fifties compared to in twenties. Either you need to work on your reading comprehension or you're not as financially astute as you're claiming to be. And I would still recommend that emotional intelligence Google search, the more you post the more it appears it really is a blind spot for you. If it isn't, then you were just being cruel for the sake of it.

Depends on circumstances and time of life surely?

Currently have around £230k mortgage and a couple of credit cards that get paid off monthly in full.

Mortgage was much lower and I could have paid it off but decided to move to a more expensive area instead so took out more borrowing. No regrets.

Paid off student loan a few years ago when interest rates went up.

Sometimes do larger purchases on 0% finance and pay off when due to leverage interest in my own savings. None current but would do similar in future.

Occasionally taken out 0% credit cards and lived off them for a few months during tight cash flow periods e.g. just after moving house. Plan for this and pay it off before interest free period expires.

Lived in my interest free overdraft as a student. Paid it off once I started working and had some income.

I have no debt.

As for 500k debt depends on- if that’s a mortgage I don’t see the issue. If loans and credit cards it’s quite something else.

I know you are … I was talking about 2026 as per my original comment that you decided to
jump on. Maybe read properly yourself before you jump in with a pretty pointless opinion.
And I’m pretty sure you’re the one trying to
be nasty by getting personal.
I never said I was financially astute … I said research using google … again, not reading what has actually been written.

Mortgage only…now!

Both early 30s. Joint debts consist of £380k mortgage, £15k loan for family car, £1.5k credit card due to my 2x root canals! Look after your teeth, people

I'm not the poster you quoted, but I agree with them.

I'd rather have a mortgage than be renting. Once my mortgage is paid off I will own the asset. I won't be paying a mortgage forever, it has an end date. Where as I'd need to pay rent forever, unless I eventually got a mortgage. Rent and mortgage for my house are roughly the same, but I can decorate and change my house for my wants and needs and unless I stop paying the mortgage, no one can make me move out.

£167k left on the mortgage, no other debt

Around £57k, which is the remaining balance on my mortgage.

Reported for begging.

£500k on the mortgage. No other debt. I won’t have credit cards or bank loans.

Zero. We just paid off the mortgage. No credit cards or car loan.

33, married, no kids. Own my car and have a mortgage (which I've never really considered 'debt'). Also student loans but sadly I probably won't ever earn enough to pay it back, so I also don't really consider this 'real' debt. I owe £57 on Klarna which I will pay on Monday when I get paid, and have never had any other debt in my life 😅

Zero.

I forgot to include DH's student loan! I paid mine off years ago. He must owe a fortune by now but he's never earned enough to pay it. About 10 years ago the student loans company wrote to me suggesting I should pay it off for him as his spouse. I declined.

All those who have unpaid student loans, would you not just pay them back? I wouldn't like to have unresolved debt. Not from the UK so not sure how they work.
I wonder how much these debts are costing the economy. Also will it ruin things for future generations? (Ie be taken away as an option?)

@Princesspeaches99 in the UK there are different versions of student loans depending when the person went to university (called Plan 1, 2, 3 etc)

Repayment is income dependent (it works like a graduate tax) and for some versions many low to average earners aren't expected to repay the amount borrowed so there is no point paying them off.

The whole system is widely misunderstood, some people have made overpayments that has been money down the drain because they've still had to pay the same amount of 'graduate tax' as they would have without the overpayment and the T&Cs have been covertly changed for some to increase the amount repayable by not increasing the income threshold as implied.

The current plan is significantly more expensive for graduates than earlier versions despite a lower interest rate and hardly anyone has noticed.

But this thread has been the predictable MN outpouring of people keen to shout about how much money they have, how they've never had debt and how they'd never use a credit card even though most people use them for consumer protection and benefits not borrowing money they don't have.

Now that's an idea! Will tell my adult DD this immediately, what is she thinking not just paying it back from her savings account 😬

People don’t tend to view student loans as real debt. Many will never pay them off. People consider them more like a graduate tax.