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.

I'm amazed at the number of people paying off their mortgages so young. Very few of my peers bought houses before their mid thirties, so even if we all stayed in the first homes and overpaid it would be a long way before they're paid off!

Surely, it is relative to your salary? A 500k mortgage isn’t huge if you have a joint income of 200k.

Our joint income is £130k, we have £165k on our mortgage and about £30k total of unsecured debt between us, which is made up of car loans and a loan for our second round of IVF, which thankfully was successful.

£108k mortgage, £7.6k consumer debt, mainly on low/ interest free balance transfer across 3 cards. I've taken on a 2nd job as the consumer debt is an absolute millstone (divorce and post divorce costs).

Well managed affordable debt is not necessarily a bad thing. Debt because of massive life events and not being able to make ends meet and being in a constant robbing Peter to pay Paul cycle is grinding pain every bloody month.

1 million in secured mortgage debt
£20k credit cards at 0%

Zero. Mortgage is paid off and I pay my credit card in full each month. I usually save for big purchases rather than put them on the credit card because I was in a lot of debt many years ago after my marriage broke down and ended up having to sell my house and move to a cheaper area to pay it off.

50k debt, 180k mortgage, no idea what my student loan amount is at the moment.

I’ve just had my ever first car loan at 45, and that’s stressing me out 🙈

I’ve had no debt since paying off my mortgage when I was about 50. Don’t have anything on credit either although I did once buy a v v expensive sofa over a year with interest free credit. Before 50 and divorce I lived a stressful life with a husband who would insist on having what he wanted when he wanted it. He had debt and gambled. I swore I’d never live that sort of life again

10k for car, 150k mortgage, 1k in debt to electricity bill as our heating broke so we had to rely on heaters for three months over the winter. no savings which I think is a much bigger problem. I’d rather be in much bigger debt and have money to go to should I lose my job.

Nothing, but we are 50-odd years old

Mortgage but no other debt

A £25k loan (inc interest) I had to take out to help my elderly parent with something. About £15k left. I pay off £1100 a month and it should be clear by September next year.

Pushing 50. Zero debt thanks to some luck in a niche business.

mortgage paid, got about £90 on PayPal credit and also have a student loan but that’s never ever getting paid off as I only earn £30k. In fact I think it gets wiped in 2032.

Other than our mortgage we have no debt, and 500k of debt on mortgage & student loans is very very different to 500k of credit card debt/loans.

About 15 years ago we had debt of well over £600k. All of it was a new mortgage which is now paid down with just 25k outstanding… we will be mortgage free in 6 months. No other debt at all.

I lost my job 4.5 years ago and had about 15k of debt. I got a DRO which meant I never had to pay any back. Went back to uni for a masters to make sure my income stayed low so I wouldnt have to pay a penny towards it during that year. Debt is gone, I have a fantastic job and been approved for a mortgage on a lovely house in Hexham.

And hopefully you could get that money back just by selling the house so it's debt you could theoretically pay off any time, unlike unaffordable credit card debt

About £30k with the mortgage now we're nearing the end of the 25 year term, £3k of that is credit card debt from a holiday last year and that pisses me off, I can't imagine being in £500k debt i think id vomit daily 😭

My friend similar age to me (mid 40's) has about £300k debt from cards and remortgaging about every 3 years to pay for various things like cars and tbh just general living as they dont earn anywhere near the lifestyle they project, shes very open about that and thinks its hilarious but I get hives every time she mentions how much she owes 🤣

My mortgage is 600k.

Its on a house worth more than double that.

The borrowing is just over 2 times our combined income and we expect to pay it in 10 years when I'll be about 50. Its very manageable. We also have 130k of other investment assets and no other debt whatsoever so it really isnt unreasonable.

Other than mortgage, none. We've always been debt free, both brought up to not buy anything we can't afford to save up for.

Well as a renter you're wasting your money aren't you.
You'll own nothing after paying the equivalent of a mortgage every month!

Then in retirement you're totally fucked.

I think your friend is the financially sensible one and you're pretty foolish.

I don’t my mortgage as debt but possibly would if it was exponentially higher than it needed to be and was living in a house that’s costs were way beyond my means. We have about £90k left on the mortgage but no other debt. Haven’t had any debt really in the last 25 years.

Zero

Zero. I did have a mortgage but not any more. I hate the idea of debt so I don't use credit or loans - but I realise I am in a privileged position to be in that situation and I do get a lot of people need one or both to manage necessary costs.