Average debt per person? Anyone debt free here?

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  • Average debt per person? Anyone debt free here?
  • Premier Icon totalshell
    Subscriber

    nana zero zip… the credit card bill is 4724 this month though.. mrs tts will hopefully chip in with that otherwise i ll be skint..

    ste_t
    Member

    In 3 months I will be debt free for the first time in 12 years (never had a mortgage.)

    Never a student either so when I admitted to my father I’d hit £25k of debt, I finally started doing something about it.

    yunki
    Member

    no debt, no mortgage, very few possessions, very happy thanks.. 😀

    avdave2
    Member

    No debts. I do have a mortgage but at 1.25% I’m better off not paying it of so I haven’t.

    Pembo
    Member

    Just gone from debt free and mortgage free to taking out a pretty big mortgage at 52, and will probably have to sell before we fully repay the mortgage. Big decision at our age but fortunately we could be mortgage free if things took a turn for the worse.

    oldgit
    Member

    No debts. I do have a mortgage but at 1.25% I’m better off not paying it of so I haven’t.

    I live in fear of it going up to 13% again, and work my finances around that day happening again. See told you I worry.

    I’m on my way to becoming debt free aside from the remainder of my student loan (from back in the day when they were cheaper and you didn’t need to take as much out).

    Had a £3.5k car loan – paid that off recently. I also took out a personal loan of £4.5k about 4 years ago, stupidly, to help my partner at the time, because he couldn’t get credit and was in mortgage arrears after being made redundant. He started paying it off, until we split up, and then he stopped paying and I couldn’t get him to pay anything. I was saddled with the repayments, and then I was made redundant. I reduced my payments for a few months, but the reduced payments didn’t even cover the interest and I ended up with a bigger loan than I’d taken out in the first place. I refinanced it in 2011, at a more reasonable repayment rate, and have now paid half of it off, I’ve just got a 0% credit card for 12 months so am going to pay the rest off that way. I focused on paying the car loan off first as the interest rate was higher, so now that’s gone I can focus on the remainder of the other one.

    Moral of the story is – never get in debt on behalf of anyone else. Ever.

    aphex_2k
    Member

    No mortgage, overdraft or credit cards and have been for a few years (ok, so I’m renting a house so no mortgage so cheating a little!) Own a 2011 x-trail and a 2012 Kia Rio. Wifey is also about to launch her own business. Work hard, save but still enjoy ourselves.

    Premier Icon NZCol
    Subscriber

    I vividly remember having to raise just over half a million dollars in less than 24 hours to cover a compete balls up in my company – worst possible month of the year, biggest customer can’t pay due to system issue, we need to pay 140 people plus other stuff. 3 of us owned the biz – maxed my mortgage out, all credit cards to about 150k, offered to blow the bank manager for the rest ! We did it but for about 6 days I was almost at 7 figures in a hole as I wasn’t paying myself for 2 years. Then my partner left me and took half of , well not the debt that’s for sure. I was 30 at the time but somehow didn’t really seem too worried. When we sold the company for a large number those that weren’t there at the time said we were “really lucky” 😯 I did it again with a other company but on a smaller scale. Never again. Happily debt free and value money and the options it gives you.

    LenHankie
    Member

    About £180k on the mortgage. Otherwise nothing else, I tend to save up for things, run an old car etc.

    Amazed how many people are mortgage free – Are you just very old, or have you inherited, or do you just live somewhere very cheap? I would be so well off if I wasn’t paying that!

    bencooper
    Member

    Amazed how many people are mortgage free – Are you just very old, or have you inherited, or do you just live somewhere very cheap?

    None of the above – we’re very poor but rent a spare granny flat from my parents. We’re in a very lucky situation, really.

    LenHankie
    Member

    tutgareth – Member
    Apart from the £180K mortgage i’m debt free….. but have no money to spare…. and have sacrifced a lot of my toys, bikes and cars doing so….. hmmmmm SC bronson on 0% finance….maybe… or just carry on with not a lot other than a 3bed end of terrace in surrey…

    Are you me?

    Premier Icon miketually
    Subscriber

    Every so often, I get a glimpse into another world: a friend who has a very shiny, big, new car which was paid for by adding a lump to her mortgage, who also has huge credit card debts run up to pay for massive TVs, posh beds, designer clothes for her kid, and foreign holidays; a colleague looking at mortgage deals, with monthly payments not far below four figures.

    Our kids mostly wear clothes that other peoples’ kids have grown out of. Our car is ten years old, and was six years old when we bought it. We live on the ‘wrong’ side of town. We’ve not bee on a foreign holiday for almost ten years. All my bikes are ‘cheap’ and I am shocked when I see the prices in Singletrack magazine. We have holes in the dining room carpet.

    I do sometimes wonder if we’re the stupid ones 🙂

    Premier Icon binners
    Subscriber

    Mike. Are you me? Certainly sounds like it 😀

    badnewz
    Member

    I do sometimes wonder if we’re the stupid ones

    Not stupid, but definitely taken advantage of. Savers are being persecuted by successive government economic policies based on debt-based crony capitalism.

    Even so I refuse to join the ranks of the feckless debt-bingers. I do like to travel, but all the other crap – designer clothes, new cars, new tvs etc – actually detracts from my quality of life.

    Check out Charles Hugh Smith who runs a great blog on this issue.

    LenHankie
    Member

    Our kids mostly wear clothes that other peoples’ kids have grown out of. Our car is ten years old, and was six years old when we bought it. We live on the ‘wrong’ side of town. We’ve not bee on a foreign holiday for almost ten years. All my bikes are ‘cheap’ and I am shocked when I see the prices in Singletrack magazine. We have holes in the dining room carpet.

    I think you might be me too!…but it’s mainly because our mortgage is ‘not far below four figures’ each month either.

    mudshark
    Member

    Amazed how many people are mortgage free – Are you just very old, or have you inherited, or do you just live somewhere very cheap?

    None of those for me, earn a pretty good whack but not too confident about how much longer I will so concentrated on paying off mortgage on a nice house. Now I have I’m piling money into a SIPP, if I carry on earning at this level I’ll be a well off OAP I suppose.

    spacemonkey
    Member

    No debts that I can think of. Can thankfully pay off credit card bills in full each month. Substantial (Surrey) mortgage though 😯

    Premier Icon footflaps
    Subscriber

    Amazed how many people are mortgage free – Are you just very old, or have you inherited, or do you just live somewhere very cheap?

    Being old(er) has two main advantages. Houses were a lot more affordable (eg mine cost me £91k but would now sell for North of £450k) and I’ve had plenty of time to pay off the mortgage….

    So I’m very lucky to have been born when I was! My parents were even luckier and have two large houses with no mortgages, but then houses were cheap as chips when they bought them…..

    Premier Icon irc
    Subscriber

    Debt free. No mortgage, no other debt. Took me 30+ years to get there though. When we were raising our kids it was caravan holidays in the UK every year, not foreign holidays. And scruffy old cars. A habit I still have – just got rid of my 11 yr old Mondeo. I never owned a brand new sofa until I was in my 40s. Had to balance the budget carefully every month.

    These days I can afford to stop working for couple of months to go bike touring. I started work at 18 so I look on my bike tours now as making up for the gap year I didn’t do in my teens/20s.

    I suspect that today’s 20 somethings have it far tougher. My first mortgage at 19 was a huge struggle – the rate varied between 11% -13% I think – but high inflation inflated the real value of it away at the same time as increasing my wages in relation to the size of the mortgage. So after two or three hard years it was manageable. I suspect a big mortgage will be a financial millstone for far longer these days for anyone earning anywhere near average money.

    Cletus
    Member

    My only debt is a small mortgage which is less than I have in ISAs and savings so I guess I am debt free.

    A big chunk of the mortgage was paid off when my parents passed away.

    It will be nice to pay of the mortgage (approx 2 years) but by then the oldest child will be going to college so I guess we will not be any better off!

    z1ppy
    Member

    I was till today, now ordered some (nice) tea and a helmet have taken me into my overdraft, time to get another job.
    Never had any debt except my mortgage (paid off by inheritance, I’d prefer to still have my parents), I couldn’t imagine the stress or the “**** it” attitude ppl with large debt must have,

    djglover
    Member

    I have a mortgage, but the equivalent in investments. A risk that seems to have paid off well for me is never paying the capital just investing instead.

    I have a load of credit card debt on a 0% deal as it allows me to build up savings to offset my mortgage and then pay the balance at the end of the term.

    You have to play the banks at their own game!

    Will probably pay off my mortgage in full next year, but will probably soon take out another on an investment property, can’t decide on a buy to let or a holiday home / let.

    Premier Icon tomtomthepipersson
    Subscriber

    200K mortgage and about 20k on credit cards between me and the missus (with equity of about 220k in the house).

    Mortgage is pretty low interest and the cards are 0%. We’re overpaying the mortgage by a couple of hundred a month and pay off about the same on the credit cards. Also managing to save around 1.5-2k a month so that can eventually go to pay off the credit cards or help pay for a house move.

    39 with 2 young kids. Could probably live a hell of a lot cheaper.

Viewing 24 posts - 121 through 144 (of 144 total)

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