How much debt are you actually in?

[Some People!]

I've honestly got no idea what's left on our shared mortgage tbh, like the poster above said - I view it as just another utility bill.

I've got no idea about my student loan - I can't imagine I'll ever be earning enough to have to pay into it.

I'm absolutely always £200 into my overdraft, and I owe about £100 on a credit card (it was more, but I'm paying it off steadily - I just can't afford bigger payments).

I've got about £1k in savings, but most of it is the credit balance refunded from our old energy supplier when we switched. I am absolutely not touching that for anything other than energy in the future, but I'm hoping to just stay on top of the direct debits if I can and try not to use that. The rest of the "savings" is really sink funds earmarked for kid's clubs and swimming lessons, vet bills, kids lunch money etc - not money I can really use.

 

[Cocopops91]

Just mortgage debt but I see that as a utility bill anyway. Next year is going to be a very different story though with increased energy costs and my mortgage being up for remortgaging.
Oh also student loan of £15k but I pay towards that each month and can’t see me ever clearing it as I’m already 32 and they keep adding more and more interest to it.

 

[Izzyt88]

Absolutely! My electric bill has gone from
£180 ish to £350 for a 1 bedroom
Bungalow! So that extra money has to come from
Somewhere. I’m so careful only do washing at night, heating on as little as possible and I wash st the sink in cold water so the 1 hour at night I have hot water on is ready for my toddler. Honestly panicking at this point. Good luck with clearing your debts you can do this xx

I’m so sorry that you’re panicking and having to be so careful with your energy usage - washing in cold water at the sink in these temperatures must be horrible! It makes me so angry that you and so many others are struggling through no fault of your own, that energy price increase for a small property is ridiculous.

Like you say, the extra money to cover the increase in the cost of living has to come from somewhere, so extra debt is now another thing for us to worry about!

Things will get better but in the meantime you can rest assured you’re being a great mum by putting your toddler’s needs and comfort before your own xx

 

[charlie6578]

My goal for 2023 is to get debt free! I have £1500 on my over draft, about £200 on my credit card, £250 on PayPal Credit and £150 on my Very account.

I have paid a good chunk of my over draft off and I was paying £100s a month to the likes of Klarna, it makes me feel sick the amount of money I’d spend on clothes to wear them once and give them away.

I also have a car on finance and a student loan but see then more as a monthly bill when it comes out my account.

 

[Pinhead Larry]

I have my mortgage and student loan, I don't really count those though.

£2800 on my 0% interest Tesco credit card
£200 PayPal Credit
£300 to my Dad

£0 savings though

I pay my Dad £100 a month, £300 a month off the Tesco card and I'll pay the £200 PayPal off this month when I am paid. I am hoping to pay the Tesco card off in full by June and then I can start saving properly. It'll feel amazing to be £400 a month better off

 

[Polythene Pam]

Paypal: £100 interest free
Credit cards: £4,200 but both interest fee
Car loan: £20k

My partner and I share a £275k mortgage and I have student loans that I've lost track of... But I don't count these.

I was in a lot of debt in my 20s, like £20k on loads of high interest cards and catalogues, while earning £15k. Although my debts seem high now I have seen them written down, they feel manageable to me and I have savings.

 

[OmgObsessed]

I'm honestly scared that I'm about to be in debt from my Masters. I'll be around 30 when I finish my degree. I wish it didn't have to be this way.

 

[Zenchick101]

0 Debt and lots of savings thanks to my family mostly. It's a good thing because I'm struggling professionally

 

[Flowergirl14]

About £7k in interest free credit card debt and £11k in savings. Don't want to clear it until I get another job.