How Much Do You Owe in Credit Card/Store Card/Loans

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Have had a few conversations about this over the weekend.

Some were staggering, but "justified" because they are on a high income. Others were low, regardless of high income. 1 was no debt whatsoever (she is the most calm and non materialistic funnily enough).

I had 1 friend that was mortified to admit she owed £5k over 3 cards and had a long term well paid job and was losing sleep over it.

Mine? Ive just filled in my Bankruptcy forms....

Nothing, other than mortgage (under 60k on house worth 350ish). Dh and I (for no obvious reason) are both unnaturally uncomfy about getting into debt

Good luck spam - sounds like you are doing a wonderful job of making the best of a tough situation

Hmm this has really made me think - basically we are extending our mortgage to pay off the 30k and were going to borrow the extra 20k for the home imps. This would mean we have a 206k mortgage on a property worth around 250k. My thinking (justification!!) is that essentially it is like just having a mortgage with no debt - i.e one payment to one company and also if the worst came to the worst we could sell the house (which would be worth around 265k after improvements) and buy somewhere smaller with a healthy 60k deposit.

In my head it doesn't seem that bad - seems worse when you write it down I guess! Currently we are paying £420 per months for loans and credit cards and £900 for mortgage with an income of about £2950 per month. The new payment will be £1150 incl. borrowing the extra 20k so actually cheaper.

I guess the bad thing about doing it this way is we only have 7 years to run on the loan at the moment but extending to 20yrs so paying HUGE amounts more in interest.

bloody hll kma

Bree - we sort of (but not desperately admittedly) need a new kitchen because the rendering on the outside wall has blown (something else we are getting fixed) and has caused damp to come in through the wall and behind the units on that side. Garden does need doing as is currently completely dangerous and un child friendly and would like DD to be able to go out there in the summer. Not having anything fancy done just completely cleared out and laid to lawn

loolop - don't think your calculations take sufficient allowance for Estate agents' and legal fees plus stamp duty.

kama what happened?

We owe £850 on a 0% credit card. I have to pay this by July. We are also over drawn by £50-£150 a month. It drives me potty as I think I am so careful, but I am obviously not. Also I see all around us splurging on things and think why not us? I have to remember that I am a SAHM and that means sacrifices. We spent beyond our means last year and I am determined to get straight this year so no hols for us. I know that looks like a small amount to clear but we spend the money dh earns so it will take an effort to find the extra to pay the debts.
We live a 4 hour drive from my family and I like to visit them but it costs a full tank of petrol so that won't be happening for a while either. I can't see where else to cut things as I don't want to give up the veg box, Jo Jingles or dd1's school dinners....

Ok 1% stamp duty and EA fees 5-6k max so would have 55ishk for deposit. Have no intention of moving just saying if the worst came to the worst we could pay everything off and still have a good deposit left over

About 3K seems to be constant, was getting better but have been ill and unable to do overtime so lost money. I aslo didn't take into account how much a new relationship costs in start up costs

Apparently average fees total £10k now. Don't know how true that is though - long time since we've moved.

Kama???? You OK???

Loolop - since I lost the house and everything went tits up I have found that i "save" by ebaying, then when i have enough I pay with my paypal account.

Can your dh really not do the garden himself? I did mine it was overgrown and I have a 15 month old and I spent one afternoon just going for it - it wasnt brilliant and it was back breaking, and totally was something I would have got someone in to do before. Please dont remortgage, honestly - if I can spare one person from the nightmare of unaffordable debt, then i will be much happier.

I really pleased to hear about everyone with so little debt...not so pleased to hear about Kama

I also owe a £5k student loan but have no intention of ever paying that off so always forget it .

LOL vanilla

got 65k mortgage
owe about 3000.00 on credit card
very uncomfortable with it all though

kama ???

We have been debt free (excluding mortgage) for 2 years now. Got rid of all store cards, credit cards etc and paid off loans and overdraft and I agree with a previous poster, it is the best feeling ever. It took us a long time to adjust our spending habits but we now have a little saved

I hope I never have to borrow again, but you never know what's in store.

No mortgage (rented)

Overdrafts, credit card, loan and owe my mum:

Just over £8000

I hate it. We are gradually paying it off, have cleared a lot last year

Have just stuck more on it though because DS broke the soddin tv. We went with the idea of spending for a vaguely decent one so it isn't going to break 2 mins down the line anyway.

About £130k that includes mortgage, car, credit cards and loan if we really wnated to we could consolidate it all onto mortgage but at the moment plan is to pay £15k over the next 6 years anyway

Oh I have a store card. I got it when I bought my boots and paid off the balance that first month and have not spent on it since. Must get round to getting rid.