Average debt per person? Anyone debt free here?

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  • Average debt per person? Anyone debt free here?
  • allthepies
    Member

    No debt here.

    Premier Icon scotroutes
    Subscriber

    Zero here. And no mortgage either.

    Premier Icon timraven
    Subscriber

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

    Premier Icon footflaps
    Subscriber

    Zero here. And no mortgage either.

    +1

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

    bencooper
    Member

    Yup, no personal debts or mortgage…

    tonyd
    Member

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

    Premier Icon jam bo
    Subscriber

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

    Mackem
    Member

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

    cranberry
    Member

    Mortgage, no ( unsecured/personal ) debt here.

    Premier Icon zippykona
    Subscriber

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

    Premier Icon tomhoward
    Subscriber

    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

    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
    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
    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
    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
    Member

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

    so no then

    Premier Icon Pik n Mix
    Subscriber

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

    Premier Icon nickc
    Subscriber

    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 !

    Premier Icon bearnecessities
    Subscriber

    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
    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?

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

    Premier Icon tomhoward
    Subscriber

    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
    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
    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
    Member

    I have a student loan,

    Nothing else.

    Premier Icon tomhoward
    Subscriber

    neither earning great money

    so neither having to pay back the loan then.

    soobalias
    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
    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
    Member

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

    Premier Icon wwaswas
    Subscriber

    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
    Member

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

    Premier Icon ransos
    Subscriber

    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
    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
    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.

    Premier Icon Onzadog
    Subscriber

    Just the mortgage.

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

    Premier Icon tomhoward
    Subscriber

    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.

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

    http://www.debtbombshell.com/

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

    Premier Icon footflaps
    Subscriber

    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.

    badnewz
    Member

    Student Loan.
    No other debts.
    My old flatmate used to spreadbet and could knock up debts in excess of 30k in a couple of months.

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