How much debt are you actually in?

[mermaidexoxo]

Age 26:
£58,000 in student debt, as the year I started my degree the government increased tuition fees from £3K a year to £9K. I did 4 years of BA degree a placement year then on top of that applied for maintenance loans each year to pay my rent.
I very much doubt I’ll pay the whole thing back.

 

[Boredofthegram]

37, single parent.
No credit card debt - pay in full every month
3k personal loan, will be paid off in 11 months
108k mortgage

 

[TravellingPants]

Such an interesting thread to read through.

I’m 30, not in what I consider any ‘real’ debt. I’ve never had a store card, I got out of my overdraft as soon as I was earning a salary post-uni and I only use my credit card for big purchases but pay it off in full every month. I live really frugally day-to-day.

Only debt is student loan (I was the last year before the big hike to 9K, actually no idea how much I still owe nearly 10 years later and really just see it as an extra line of tax on my payslip!) and £110k mortgage on a shared ownership property.

Full disclosure... I’m in the same situation of privilege that a lot of influencers get criticised for... v lucky that my parents who live in Greater London allowed me to live with them rent-free after I graduated to enable me to save, and once I’d got enough together for a deposit on a flat they were able to and wanted to contribute to that to bring my mortgage repayments down and make sure I didn’t have to worry about my outgoings every month. I don’t underestimate how fortunate that makes me.

 

[Lulabella_Mozzarella2]

Mortgage of £50k
Next directory £750 (cries a bit at this )
Credit card £1800
Below story of furlough mistake:

And now I owe my employer £200 as they overpaid me in furlough - despite me telling them I thought they were overpaying me and them insisting (!) I should have the payment - I start a proper, salaries job in September with them and I can pay them back every month - bleeping fab I’ll just pay it off in the first month and get it over with

Looking forward to paying back some of the debt when I start my new job

 

[Pixipoppy]

31
I think all I have is student debt now - no idea how much tbh. Pay about £80 a month off.

No mortgage
Small amount of credit card debt maybe £200 that I will pay off next month
Car is paid off
Oh my phone contract I suppose if that counts as debt.

 

[DPG]

Aged 36, married with one child. We both work full time, And are on good salaries but the work is demanding and stressful. We spent the last 8 years saving every penny we could to reduce our debts down. We will both be working from home on a near permanent basis now so hopefully will make things a lot more bearable in terms of hours working and commuting.

Mortgage of €280k but house is worth just over €1m.
Credit Card €1.5K
Savings €12k

 

[FakeSmile]

I’m 29, married with 2 children (aged almost 3 and almost 1) and another on the way.

I have £10,000 left on a personal loan (from our wedding and moving house), £4,000 across 2 credit cards and a £2,000 overdraft. We also owe a couple of people about £6,500 in total. I have a car on finance too.

Our situation has got as bad as it has due to spending all of our savings on rent when I was on maternity leave the first time around and then I got pregnant unexpectedly with our second quite quickly before we could save more (I only went back part time after 5 months off). This third pregnancy has been an even bigger surprise so we are basically screwed!!!

 

[Tricham]

We are 28 and 29. No debt apart from the mortgage, which has £68000 left (started at £150k 5 years ago). I've never liked the idea of spending money I don't have (other than for buying our home obviously).

 

[summersuzy]

We are 28 and 29. No debt apart from the mortgage, which has £68000 left (started at £150k 5 years ago). I've never liked the idea of spending money I don't have (other than for buying our home obviously).

That’s a lot to pay off in 5 years did you up the mortgage payments with the aim of this?

 

[Tricham]

That’s a lot to pay off in 5 years did you up the mortgage payments with the aim of this?

We have overpaid it as much as we could in the 5 years we've been here. Our hope is to be mortgage free within the next 3 years

 

[KerChing]

We have overpaid it as much as we could in the 5 years we've been here. Our hope is to be mortgage free within the next 3 years

That’s amazing! We have 26 years left! I’m 43

 

[Tricham]

That’s amazing! We have 26 years left! I’m 43

It might not be forever with us though. We may outgrow this home and get a mortgage on a new property later down the line. We have been thinking of starting a family so I wanted us to be paying less out every month, as I would probably stop working, for a while, once we have a child. Also, the amount you save on interest by overpaying is motivating!

 

[Bae56]

No debt except mortgage which we are overpaying.
I've never had a credit card etc.
Although we are comfortable financially I wasn't brought up with that & I think that never leaves you. I save as much as possible & don't need much.

 

[summersuzy]

We have overpaid it as much as we could in the 5 years we've been here. Our hope is to be mortgage free within the next 3 years

That’s brilliant il be old and grey before mine is paid

 

[Tiantian1005]

Oh dear I must have more debts than most here - mortgage just over one million left to pay. No other debt..

 

[Cheesycrackers]

505k on a mortgage. That is it though

 

[Crazycatty]

No credit cards, loans or finance
Just a mortgage which has around £40k left, should be paid off in 2-3 years
We’re 42 and 35 and have one child. Bought our first home in 2006, mortgage was paid off in 2015 but then we moved 6 months later and took out a small mortgage for a bigger place.

 

[Reverend]

I'm 43. Interest free credit card debt of £1,700, which should be paid off before Christmas.
I have £60,000 mortgage on £500,000 house, but have started off with £90,000 when I moved in 2013, so not doing too badly. I am trying to boost savings up to @£20,000 then I will start paying off mortgage again.

I have to travel to London so I do have a season ticket of £3,200 a year (which I have to save up for) , so I have been able to save a bit recently as I'm working from home.

 

[hnoz]

I feel like every mortgage free 30 year old in the country is on this thread

 

[Ineedmorecoffee]

Mid 40s. No debt other than just over 20k on the mortgage which will be cleared in 3-4 years.