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Original poster

Would you be worried about this debt or is it pretty common?

31 replies

Datinggal · 19/06/2019 20:56

I have about 6k credit card debt following a car purchase, which is on interest free for another 2 years. I pay off about 300 a month.

I only have 1500 in savings as I just bought a blouse... and I feel worried about this situation. I’m 32 and feel like a bit of a failure!! Is it usual to have debt like this or to this value? With little savings? I don’t want to ask friends, feel embarrassed.

OP posts:

avalanching · 20/06/2019 08:27

@NotYourHolidayDick our PCP is interest free (our HP wasn't admittedly, won't be doing HP again, that was just a result of panicking getting a new job and needing to get there!)

avalanching · 20/06/2019 08:29

And FYI I wasn't saying my way was better, I was clumsily saying I view car debt, however it is done, as not a worry as it's a necessary item and I prefer to get newer cars on debt and know where I am than older cars. So I was trying to say I agree with OP.

Quartz2208 · 20/06/2019 08:31

House and car yes are very normal they are huge expenses and also quite necessary

TheRedBarrows · 20/06/2019 08:48

Be disciplined and keep to the payment as required to keep the 0% interest, and do all you can to build your savings alongside that.

Have a plan to build savings towards your next car : e.g if you keep this one for 5 years keep saving the £300 a month to build up a fund for car / rainy day.

DogHairEverywhere · 20/06/2019 09:08

I am risk averse and prefer to have no debt, but given the situation you are in, which sounds quite financially stable, given that you have a house and car and seem to be able to afford them both, i would follow NoSquirrels advice. Pay the minimum on the cc, continue to save the balance of the £300 (or more, if you can afford it). Then, if all goes well, when the cc balance is due, you have it as a lump sum in savings, but if something unexpected does crop up, you have some savings to fall back on. If that happened, then you'd need to find another 0% deal for the remaining car balance.

Babyroobs · 22/06/2019 13:08

as others have said I wouldn't pay 6k on a car if I had no savings, it would just make me too anxious but we are all different. As long as you can meet repayments I wouldn't worry.

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