Viewing 40 posts - 1 through 40 (of 144 total)
  • Average debt per person? Anyone debt free here?
  • Frankenstein
    Free Member

    “Average household debt in the UK (excluding mortgages) was £5,978 in May. This is up from a revised £5,966 in April”

    According to http://www.creditaction.org.uk/helpful-resources/debt-statistics.html and can’t find the real source but some tabloids state “£3500 to £4500 of debt”.

    Just wondered how true this really is.

    I’ve just paid (luckily) back £4500 on a credit card last night, before the interest free period ended and was told that was nothing by my peers with new cars etc.

    Debt free myself.

    allthepies
    Free Member

    No debt here.

    scotroutes
    Full Member

    Zero here. And no mortgage either.

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    timraven
    Full Member

    Debt free here, but then I don’t own much either 😆

    footflaps
    Full Member

    Zero here. And no mortgage either.

    +1

    OH has a couple of mortgages and tenants paying them for her…

    bencooper
    Free Member

    Yup, no personal debts or mortgage…

    tonyd
    Full Member

    No debts here, but at some point in the near future we’ll be saddled with a large mortgage.

    jam-bo
    Full Member

    finally dug myself out of a pit of debt recently, mostly through hard work and little bit of good fortune.

    Mackem
    Full Member

    About 400 quid left on the car loan. (finish October 1st) Wish someone would give me a mortgage though.

    cranberry
    Free Member

    Mortgage, no ( unsecured/personal ) debt here.

    zippykona
    Full Member

    4 months to go on the mortgage but we could pay it off today ,so yep debt free.

    tomhoward
    Full Member

    Student loan (comes out before tax, and im from the generation that got decent interest terms)
    Last payment of a 0% finance deal (road bike…) gets paid next friday (a crushing £50)
    Tend to go into my overdraft each month, but pay it off completely every month.
    No mortgage

    singletrackmind
    Full Member

    Debt free for 2 years now.
    Good lump sum in the bank for a rainy 2 years day
    Successive inheritances and living in a cheap area with zero drains on my income made it possible.

    mudshark
    Free Member

    Sort of debt free – I keep dipping into my offset mortgage to invest in the stock market, hard to say no to 1% loan.

    chambord
    Free Member

    I’m one of them PhD student people so I’ve got an (Interest free) overdraft, but no bad debt.

    I don’t have a mortgage though so a huge amount of my income goes to some bloke I don’t know to live in some house I don’t own.

    EDIT: Forgot student loan! Yeah that’s fairly significant 🙁

    peterfile
    Free Member

    Student loan (comes out before tax, and im from the generation that got decent interest terms)
    Last payment of a 0% finance deal (road bike…) gets paid next friday (a crushing £50)
    Tend to go into my overdraft each month, but pay it off completely every month.
    No mortgage

    So, in answer to the question, no 🙂

    Every time this question comes round I’m always surprised by the number of people who don’t consider a mortgage to be debt.

    Stop paying your unsecured debt, the bank will hassle you like mad.
    Stop paying your mortgage, the bank will take your home.

    I know which one I’d be most concerned about being able to pay.

    andypaul99
    Free Member

    [quote4 months to go on the mortgage but we could pay it off today ,so yep debt free.[/quote]

    so no then

    PiknMix
    Free Member

    I have a student loan but apart from that I’ve come out of Uni debt free. Pretty happy with that.

    nickc
    Full Member

    No mortgage. Use them, but no credit card debt, ( thankfully) positive balance in acct.

    It’s terribly easy to get into debt though personally I don’t understand why credit cards( debt) are called credit cards and debit cards ( money in bank ) are called debit cards, should in reality be the other way around !

    bearnecessities
    Full Member

    Speaking to a young lady at work the other day, circa 25 years old. £12k of student loan debt. Her bf has same.

    Made me quite sad for them, £25k burden before they even get started, neither earning great money 🙁

    5thElefant
    Free Member

    Every time this question comes round I’m always surprised by the number of people who don’t consider a mortgage to be debt.

    If you were £100 overdrawn in your current account and had £100 in a savings account would you be in debt?

    rhyswilliams3
    Free Member

    I lent a tenner off me old man last week. Other than that nothing. Don’t have it don’t buy it!

    tomhoward
    Full Member

    I didnt say I was debt free?

    AP99, sometimes it’s beneficial to not pay off a mortgage, even if you have the cash to do so…

    peterfile
    Free Member

    I don’t understand why credit cards( debt) are called credit cards and debit cards ( money in bank ) are called debit cards

    Credit card – extension of “Credit”
    Debit card – decreases the bank’s liability to you, hence it is a debit transaction

    bencooper
    Free Member

    There’s a difference between being insolvent and being in debt – a mortgage is debt even though you have the property as an asset.

    plyphon
    Free Member

    I have a student loan,

    Nothing else.

    tomhoward
    Full Member

    neither earning great money

    so neither having to pay back the loan then.

    soobalias
    Free Member

    If you were £100 overdrawn in your current account and had £100 in a savings account would you be in debt?

    scary how many people justify being ‘debt free’ because they have the money elsewhere to pay it off – then why dont you, whats the interest on the debt compared to the interest on the savings?

    peterfile
    Free Member

    If you were £100 overdrawn in your current account and had £100 in a savings account would you be in debt?

    Of course you are. Until that overdraft is settled you are in debt to the bank which provides your overdraft.

    Is this a trick question?

    wrecker
    Free Member

    Mortgage is my only debt. Its going to be a pretty biggun soon though 😐

    wwaswas
    Full Member

    this does seem to be a thread for those with no debt to go *look at me* and the rest of us to think *I’ll keep quiet*?

    lemonysam
    Free Member

    Nothing here, though I’m yet to have a mortgage.

    ransos
    Free Member

    There’s a difference between being insolvent and being in debt – a mortgage is debt even though you have the property as an asset.

    True, but if your assets match or exceed your debt..

    5thElefant
    Free Member

    Of course you are. Until that overdraft is settled you are in debt.

    Is this a trick question?
    It appear so. Your net position is zero. You’re not in debt.

    Which is why a mortgage is different to debt. You need to remove the asset value.

    brakes
    Free Member

    I’m always surprised by the number of people who don’t consider a mortgage to be debt

    it shouldn’t be lumped in with other debt though should it, like loans and credit cards? it’s a mortgage – you either pay or you lose your house. with other debts, you pay or the debt increases.

    I have no debt, but a big mortgage. I’m glad it’s not the other way round.

    Onzadog
    Free Member

    Just the mortgage.

    Old school upbringing. If you can’t afford it, you can’t have it.

    tomhoward
    Full Member

    If you were £100 overdrawn in your current account and had £100 in a savings account would you be in debt?

    Some banks let you link the accounts, so that depends. whether your plan is clever or not would also depend on the interest beind paid/collected by each account.

    jivehoneyjive
    Free Member

    As an individual, I’m debt free, though the national debt won’t be paid off in a hurry.

    http://www.debtbombshell.com/

    rhyswilliams3
    Free Member

    Didnt it say in the OP the statistics didn’t include mortgages?

    footflaps
    Full Member

    this does seem to be a thread for those with no debt to go *look at me* and the rest of us to think *I’ll keep quiet*?

    Every person who has paid off their mortgage has has the advantage of time, go back 20 years and they’ll have had a big debt. So you’re just seeing older people with no / small mortgage, younger people with large mortgage etc.

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