Do you have debt and how did you acquire it?

[mrsshears]

Recently i noticed when reading various threads the amount of people that say they have debts which got me thinking about where these debts come from.
Feel free to tell me to mind my own

Yes 17k on credit cards from finishing off a house build.
Thankfully a 10k vat rebate will clear some of it but still left with 7k... Gah!

Thankfully, apart from our mortgage, I have none. However, I accrued a lot from going to university and just had to put up with a few years of budgeting and having no money until I managed to pay it all off.

We're lucky enough not to have any debt.

I have student loans and a mortgage. Have never really had any other debt, apart from dipping into my overdraft as a student (though that was interest-free so not a big deal really, and I paid it off with my first graduate paycheck).

Always pay off my credit cards each month.

No debt apart from mortgage. I would rather save up or go without than use credit.
That being said I do realise we are fortunate that we have some disposable income so we can save to replace appliances etc.

No debt, but, to be fair, no one has ever offered me credit.

mortgage and an overdraft

As George Best said "I spent a lot on booze, women and fast cars, the rest I just squandered!"

Actually, now I think of it, I have sometimes forgotten to pay my credit card bill, so was temporarily in debt due to lack of organisation .

I've had some epic library fines as well...

Only mortgage now. Years back I maxed out a CC on shite and had a 9k car loan too. I feel really lucky to be out of the debt spiral.

I have a 27k student loan (v long career course but with rubbish wages)
and 5k of mortgage on a tiny rate.
Never had any other debt. I have a credit card but it's paid off in full every month. It's more for security than credit.

House improvements mainly. Some living beyond our means, nothing flash, infact nothing I can pin point to a item or anything just spending more than we earn. :(

Only our mortgage, which we overpay regularly. I am very debt averse and would rather do without than borrow, but like gamer, I know we're fortunate to be able to make that choice - I have never needed to get into debt to pay for the essentials.

I did have a small student loan when I graduated, but paid it off within the first year of my employment. I could have delayed payments for several years, but I just wanted to get rid of it.

I would only consider credit for purchases if interest free and I would be able to pay in full before any charges kicked in. Again, I know some people don't have the luxury of making such choices.

It's easy to be judgemental about other people's debts. Some people are foolish and spend money that they haven't got on stuff that they don't need. However, some people genuinely get themselves into debt because they can't afford essentials, and once you get into a bit of debt, I think it's easy for it to spiral out of control. Irresponsible lenders are partly responsible for this, and extortionate interest rates too.:(

£500 on bank charges.

£400 tax underpayment, thanks taxman.

£1700 DH overdraft whilst at uni.

£720 overdraft for me whilst at uni.

£600 credit card when we had to move without enough money - we've been close to paying it off a few times but having had to move twice since have kept having to use it.

We'll get there eventually.

You know you'll probably find thread n this in chat, money matters, credit crunch, any number of topics other than AIBU.

Just £400 overdraft on DP's account and we owe mil money for the car.

I have my student loan but I don't really count that as proper debt due to the way it is collected.

Other than that, I have about £1,500 on a credit card but this is 0% for a year and I have just done it as a stop gap solution and I will pay it back before any interest is payable.

I don't have a mortgage because I can't afford a deposit, so I rent!

Student loan
Mortgage
Credit cards used for house repairs
Historical debt off DH ex wife, which the bitch ran up before she buggered off

It's coming down nicely, and we can see the light at the end of the tunnel

Just about to start at university - so from next week £13,500 per year for three years. I'm not sure it counts as proper debt, as the repayments are income contingent once I graduate, but it is a terrifying amount!

Aside from that, not a jot. Staring £40k debt in the face is quite something!

Things I have had debts for in the past:

Student loans/overdraft
A couple of store cards I got for the initial 10% discount I know better now
Car loan
I extended and maxed out my overdraft to put the deposit down on my first flat
I once had gas and electric debts from moving house and not having up to date meter readings
Tax credit overpayments
I put the estate agent fees from selling my flat on my credit card
Said credit card has been used for all sorts- car insurance, living expenses when off sick from work, ditto mat leave, a holiday, open uni fees and childcare, clothes for job interviews (suits), charity donations, quite a bit of general living expenses over the years.

Because I'm a homeowner I've always had access to cheap credit so when things have been tight I've not distinguished between actual money and credit available. As long as its cheap, temporary and my assets are worth more than my liabilities I'm happy.

Mortgage
Student loan - £15K or thereabouts I think
A loan for when I did up the bathroom - £6K, not sure what is left to pay on that
Credit card - £3K

About £50 into my overdraft and about £200 on a credit card plus mortgage. Nothing to lose sleep over here. Had horrendous debts when leaving uni though which I worked my arse off to pay off so suppose I learned the hard way from a young age.

I do. Started racking it up when was on a low salary and the money wasn't lasting until the end of the month and was having to do food shops on my credit card. Payed all my debts off and then met my DDs dad who had money when we started seeing each other and then due to many bad business descions had next to nothing about five months into my pregnancy. I ran up large credit card debts and loans trying to support us and had to buy everything for DD and find money during the unpaid part of my maternity leave. He is now my ex and I am still in debt :(

Foxtrot, I agree. Not sure I'd have gone to university at all if I'd have been facing that kind of debt, even if the repayments did depend on income. :( I'm of the generation which had tuition fees all paid, and even got a grant for my living costs in the first two years, so my student debt was just for living costs in the last year. I feel awful about how much students now have to pay - it's like we've screwed an entire generation. :(

Best of luck with your studies.

Student loan 5k
2 Mortgages 165k

No other debt. Hopefully will be rid of the student loan within a year. Currently using any disposable income to make big lump sum payments.