To have no debt

[Gravelator]

Is it really so unusual to have no unsecured debt? My friend thinks that it’s very unusual that somebody of my age (35) with 2dc’s to have zero unsecured debt. I’ve never had a loan or credit card or anything like that. I do have a mortgage tough.

this isn’t a bragging post btw. I’m not loaded or anything, I’ve just always paid for stuff outright. Is that so unusual?

Credit cards can be a very smart way to manage your finances though and if you pay the bill in full it's not debt. You get extra protection on purchases, or earn points/vouchers by using your card. Similarly, we bought a new sofa recently from Next, 0% finance which means we are just paying the same amount each month rather than paying the full amount up front.

I think it’s highly unusual but nothing to be judged over. I think it’s quite impressive if you’ve never had to do that.

I think it's unusual but that's because I've always had some form of debt. It's never been something I've had an issue with. Started with student loans, then a postgrad loan and over the years I've had multiple credit cards, loans for cars, kitchens, sofas...cars on lease agreements etc. Always paid off, always within my ability to pay. I released equity from the mortgage a few years back to fund a new garden office, then school fees. Mortgage still 50% LTV. I work in finance so see debt as useful rather than a hindrance I guess. I don't understand why you would save up for a sofa when you could buy now on 0% credit then pay it back. But everyone thinks differently.

I'm 45yo and have never had debt other than mortgage, I'd rather be poor than in debt 🤷‍♀️

I've never had a credit card.

We're 27 and 30 with two toddlers and only have our mortgage, we've previously taken out car loans and cleared them asap and clear our credit card instantly just use it for protection
Seems like most people we know have some form on unsecured debt but also have nicer cars etc with it

I don't like credit cards, I avoid them at all costs. I know you've got to pay for it eventually so I'd rather just do that and then know what money I've got left afterwards so I can budget. I've taken on interest free repayment loans previously after I moved house to spread the cost of the bigger items but that's about it. They are all paid off now. Currently my only debt is my mortgage. I'm 53.