How much debt do you have?

Salu · 07-05-2009, 14:45

It's one of those things that is rarely talked about openly amongst friends or colleagues or 'down the local'. Of course it's generally regarded as a private thing. I think there is also a belief that people feel like their debt is of a greater level than their associates and therefore would be more shameful to mention. In reality probably most of their associates have a similar amount of debt or more - so is there a missed opportunity to discuss and share tips etc?

I think it would be interesting to see anonymously on this forum how much everyone owes. It would be also interesting to see comments on your feelings about your debt.

Do you feel debt is fine or is all debt "wrong" in principle?

Are you satisfied that the debt risks you are taking is an acceptable one and under control?

How many times have you remortgaged? Should you ever have to do this more than once?

Has debt ruined you in the past or even at this moment. How do you feel about it and the potential to get more debt?

Please exclude mortgages from your measure of debt

I'm assuming most will not want to disclose the amount in the comments so I've put anonymous ranges as a poll but if you do feel brave then please post..

**Chris** · 07-05-2009, 14:49

Just a fixed-rate loan for the family car. It's a good rate over 5 years - a lot better than anything available now, even with the mega-low bank base rate we now have.

superbiatch · 07-05-2009, 14:51

Can this be a poll as I don't mind saying, but i'd rather it be within a range

Done - how quick are you?!

STONEISLAND · 07-05-2009, 14:58

I'm really hoping I will be debt cleared in 3 months!!!!

Paying a big 5 year loan of super early in 3 years!!!

southwell · 07-05-2009, 15:01

When i bought my house last year my parents lent me some for some electrical work, earthing, complete re-wire, new consumer unit etc, so we didn't have to demolish the house when we moved in for any reason.
They just lent me another bit to pay for my new car, although that will be paid off within a few months. Now i have found my feet on running the house bills i will be debt free within 18 months i hope, although i don't pay interest so it's not debt to a company.

Once i have done this we will be working very hard to pay off the mortgage within 15 years.

deathtrap3000 · 07-05-2009, 15:10

Wheres the no debt option in the poll?

Seems a bit pointless choosing the under £500 option if I have no debt.

I am only 18 thought so I have plenty of time to get into debt.

**Damien** · 07-05-2009, 15:18

I added mine with Student Loan into account, should I have?

punky · 07-05-2009, 15:22

Quote:

Originally Posted by superbiatch

Can this be a poll as I don't mind saying, but i'd rather it be within a range

Done - how quick are you?!

Its the way the forum works, it submits the thread and then the poll is added.

----

Moving on...

I don't particularly mind talking about my debt oddly enough. Maybe its because if its out in the open its less of a burden. Trouble shared is a troubled halved and all that.

Basically, I have just over 10k-ish. 9k is student loan debt so not much I can do about it. Just have to wait until I get a decent job and start paying it off. I have just over a £1k unsecured debt (Cancun and Dubai holidays) which I did aim to clear by November. I'll see if I can stretch it out a bit longer on another balance transfer.

Apart from that, my car is paid off and have no mortgage. I usually pay my CC monthly purchases off straight away.

I don't think that's too bad going all things considered. On MoneySavingExpert you hear people that have £50k+ unsecured debt (excluding mortgages). Quite frightening in some cases.

lauzjp · 07-05-2009, 15:48

Quote:

Originally Posted by punky

Basically, I have just over 10k-ish. 9k is student loan debt so not much I can do about it. Just have to wait until I get a decent job and start paying it off. I have just over a £1k unsecured debt (Cancun and Dubai holidays) which I did aim to clear by November. I'll see if I can stretch it out a bit longer on another balance transfer.

I don't think that's too bad going all things considered. On MoneySavingExpert you hear people that have £50k+ unsecured debt (excluding mortgages). Quite frightening in some cases.

some of the stories on MSE are indeed scary, but most of these are people who are terrified of red letters and the intimidation (sp.?) used by companies.

I think my own debt is about £5k, hubby's is presently about £9k I think - both on debt management plans (you do a statement of affairs - what you spend each month, on bills, down to shopping - then work out what's left over to pay off your creditors) with CCCS.

Welshchris · 07-05-2009, 16:07

im lucky to be in circumstances where i have no debt what so ever......... my credit card is paid off fully every month before due date so i have no interest but i used to have over 3k worth of debt so i know what its like to worry.

papa smurf · 07-05-2009, 17:19

zero-- and a healthy wedge in the bank .

superbiatch · 07-05-2009, 18:12

I came out of a marriage with a loan for over 15k which I am still paying off. Then i bought my own place and a new car - i've probably got debts as big as some older peoples' mortgages. But i don't stress too much, i've never defaulted and I manage to pay everything each month although it does leave me short.

Its what you've got to do if you're single and you need to get on though, time isn't on my side to be waiting for a knight in shining armour to take me away from it all - so i do it on my own

07-05-2009, 18:20

Quote:

Originally Posted by superbiatch

I came out of a marriage with a loan for over 15k which I am still paying off. Then i bought my own place and a new car - i've probably got debts as big as some older peoples' mortgages. But i don't stress too much, i've never defaulted and I manage to pay everything each month although it does leave me short.

Its what you've got to do if you're single and you need to get on though, time isn't on my side to be waiting for a knight in shining armour to take me away from it all - so i do it on my own

A sister doing it for herself, respect!

I have no debts nor have I ever had a debt.

budwieser · 07-05-2009, 18:20

Quote:

Originally Posted by lauzjp

some of the stories on MSE are indeed scary, but most of these are people who are terrified of red letters and the intimidation (sp.?) used by companies.

I think my own debt is about £5k, hubby's is presently about £9k I think - both on debt management plans (you do a statement of affairs - what you spend each month, on bills, down to shopping - then work out what's left over to pay off your creditors) with CCCS.

We went with cccs when we got into a sticky patch and i`d thoroughly recommend them to any one in trouble.

Halcyon · 07-05-2009, 18:27

Quote:

Originally Posted by superbiatch

time isn't on my side to be waiting for a knight in shining armour to take me away from it all - so i do it on my own

You are by far not past it at all.

I think most people have loans these days or credit cards.
It's hard to survive without them.
I do try however to pay back as much as I can and also avoid bank charges as much as possible.