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 do still think it’s a privileged position to be in. I wish I was in a position where I could make over payments on our mortgage.

“We were including mortgage. I don’t understand how you don’t class that as debt.”

Because it’s “debt” against a valuable asset where that asset is worth more than the debt (other than in increasingly rare occasions of negative equity).

It’s not the same as other types of debt which is why people don’t consider it as such.

£300k but it’s all mortgage and will be paid off in 10-15 years all being well

Also you can move, downsize, sell up completely.

Nothing other than £100k mortgage on a house now worth £800k. Due to be paid off in 7 years. Joint with husband, both late 40s.

Yes exactly, that’s a given.

None apart from mortgage which is about 175,000

£200 on credit card- will be payed off at payday....
85k on mortgage.....
Mortgage hopefully will be payed off in 15years....
£200 in savings (mine)
A lot in my husband's accounts though which we don't count as it's a retirement fund (mostly in stocks and shares).....

£90k (mortgage on a 5 bed house) I’m 46 but got a critical illness payout which helped A LOT

I don't have any but have had really bad debt in the past.

Not enough for legal stuff etc but enough that most of our salaries were going on paying it off.

One of the debts was for council tax arrears back in the day when Thatcher introduced the poll tax and we stupidly didn't pay it for two years as a protest.

Came right back to bite us on the arse as we both worked for a LA, so they just took it out of our wages 😬

Then we went to Habitat to buy dining room furniture (back when Habitat was an expensive option) and they offered us interest free credit, then told us we weren't eligible as we had no debt, no overdraft, nothing. So we paid cash and then went and got all of the above.

Ended up having to extend the mortgage for a few years, which isn't an option for people who rent.

Now I won't even use our overdraft which we reduced to £500, but I can't use it. It makes me anxious.

Its awful having debt.

Thankfully behind us but I feel for people who have it.

I don't agree it makes someone savvy necessarily. They may well be under leveraged.

I think there's good debt and bad debt.
Mortgage debt is good and cheap
Consumer debt less so
I don't think paying off mortgages is particularly financially savvy, they're the cheapest loans you can get

Feel like most people joining this thread are showing off about how much they’re not in debt….

Maybe £5000 student loan - don’t really keep track of it. And I guess maybe £3000 on my kitchen that I’m paying for interest free over 5 years. Other than that zero debt, mortgage paid, no loans, no credit cards etc

I owe £80K on a mortgage or £60K if you offset savings.

I don't class this as debt though as it is against my house which is worth £450K. My plan is to downsize and pay of the mortgage in full within 5-10 years.

I usually have a few hundred on my credit card but pay it off in full every month.

No student loans, car loans or overdraft etc.

I bet she loves you starting a thread about her debt.

This

If that includes a mortgage it’s not remotely shocking. Houses are quite expenses now, have you heard?

If that’s mainly mortgage then yabu. If it’s credit cards, cars, etc tabby. A small manageable amount of debt is a good thing. To get a good mortgage deal dd had to take out a small personal loan to increase her credit rating - paid it off Dow tho

Like others have said, I don’t class a mortgage as debt.
We have two mortgages, one on our home and one on a rental property. Other than that, no debt, we don’t even have credit cards.

None. Paid off the mortgage earlier this year, and cleared all credit cards a couple of years ago. Might occasionally dip into our overdraft towards the end of the month if its been a busy month. Oh, and I occasionally use the 'pay in 3' option on PayPal, so I suppose that's technically debt - but never amounts to more than £100.

You should get a credit card! Very useful for the consumer protection and also for the points. I put all spending through nectar Amex and I get loads of free shopping over a year.

Technically about £800 as I pay a lot of things on my Tesco credit card so I get the points. I pay it off completely every month though

No other debt aside from mortgage

My mortgage is £1200 a month, I won't rent a 3-bed in London for less than that, and as a bonus, I get a free house at 60ish for my retirement. I don't look at it as debt, although technically it is. Whilst my CC might have some interest-free debt on it in the short term, it is more than offset by other assets.

Yeah, I totally agree… I could definitely be more savvy with how we pay for things, getting cash back, points etc.