That's terrible, young people shouldn't have to start out in their working lives with debt like that, it's cruel. My brother was the only one in my family to go to uni, neither my sister nor I were interested. My brother received a grant (not a loan, a grant) but that was back in 1984. To me it seems like our education system is going backwards in some respects as those frightening sums of debt must be putting off really bright youngsters from less well off families even considering studying at uni and that is everyone's loss ultimately as the young are our future.Tuition fees are over £9000 per year now. If you get the full maintenance loan (no longer a grant so now needs paying back) that’s a further £8-9000 per year. A Masters is 4 years.
£18000 x 4 = £72000.
My son changed university after year 1 so at the end of it he will have been studying for 5 years and accrued about £87000 worth of debt.
I find it sad because we, as his parents, have zero debt and he will be starting out in life with such a huge student debt. Plus they get charged interest from day 1, even though they are unable to start paying it back until after they graduate.
I dread to think how much it will be once that is added on.
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For people who like visuals Fox and Moon have a really useful budget planner, they have an IGTV video talking you through all the pages so you can see it all to know if it would benefit you or not
I really wouldn’t worry about student loans, they aren’t a debt as they don’t show on credit scores and aren’t seen as a negative, there not taken into account when taking out a mortgage or loans, and they get written off after a certain amount of time, it shouldn’t put people off getting a degree. Martin Lewis explains it really well on one of his shows that they shouldn’t been seen as a bad thing.Tuition fees are over £9000 per year now. If you get the full maintenance loan (no longer a grant so now needs paying back) that’s a further £8-9000 per year. A Masters is 4 years.
£18000 x 4 = £72000.
My son changed university after year 1 so at the end of it he will have been studying for 5 years and accrued about £87000 worth of debt.
I find it sad because we, as his parents, have zero debt and he will be starting out in life with such a huge student debt. Plus they get charged interest from day 1, even though they are unable to start paying it back until after they graduate.
I dread to think how much it will be once that is added on.
Oh I know, we’ve told him to view it as an extra tax once he starts earning.
I’ve always had the mantra, if you don’t have the money, you don’t buy it, so as a person who has never been in debt (obviously we did have a mortgage), then I find it hard to get my head around.
Absolutely no debt but I rent :/ I am very good with money.
My mother was terrible with money and got into serious debt when I was little. My dad has to make sure she doesn't take out any credit cards even nowadays. Her thing was pay day loans
it was always to help a "sick" family member or something along those lines. She was very kind (and stupid sorry) and people took advantage.
My mother was terrible with money and got into serious debt when I was little. My dad has to make sure she doesn't take out any credit cards even nowadays. Her thing was pay day loans
it was always to help a "sick" family member or something along those lines. She was very kind (and stupid sorry) and people took advantage.
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About 35k student loan debt, but I’m doing another course right now (4 years long), so I’ll be back to update the figure in 4 years 
I have my student loan but literally no idea how much it is. I worked part time since having my children do I stopped paying it back as I was under threshold. Went up to three days last year and started paying it back but fell pregnant and have reduced my days again when I go back in Feb so I doubt that will ever get paid off, I also have about £500 on my next account. I do really well it off then put more on 
Saying this my husband used to always pay for everything in cash, his car etc never had a cc and it was him that they were awkward with for our mortgage, despite him being able to afford it on his own because he had no credit history. I think that’s bad.
Saying this my husband used to always pay for everything in cash, his car etc never had a cc and it was him that they were awkward with for our mortgage, despite him being able to afford it on his own because he had no credit history. I think that’s bad.
Right now the only debt I have is on my home. I have always made it a point to pay my credit cards off every month and not carry any debt except for a large ticket items such as my house and car. For a while I did have credit card debt and installment loans though, and it was because of in the course of a year I had a cat who needed cancer treatment, I got braces, and I took a few college classes. I think I was maybe six or seven thousand dollars in debt and it took me several years to pay off.
0 debt and so far and fighting to keep it that way as I go through uni
This was my original post, I never got a penny from my dad in the end but am now debt free! I finally plucked up the courage to talk to my husband who paid off my over draft, I downloaded the app for my bank so I can track how much I actually have and plan purchases, I also got a part time job and used my wages to pay off both catalogues, currently have £100 in savings too, it's not much but it's a much better place than I was last year!
Best decision I ever made was never getting an overdraft at uni.
My friends are still paying their overdrafts off 2 years later. The temptation was there at the time but I'm glad I held out!
About £50k student loans/uni fees. Owe about £200 on Very catalogue but I pay £50 a month so that will be paid off by end of year. Will probably get a car on finance when I pass my test so that will increase my debt 
I don't really consider my SL and mortgage as debt, not earning enough yet to pay off my SL anyway. House prices are low where I live so our mortgage is very manageable.
No accounts with the likes of Very/Next as the thought of not being able to pay it off terrifies me, and I'm always of the mind that I shouldn't spend money I don't have. (Not judging those who do, it's just my personal mindset!)
It helps that my partner is very conscientious with spending our money. He has CCs and shares one with me for groceries etc that we pay off together at the end of the month. He also earns nearly twice as much as me so I proportionately pay less towards bills and mortgage to reflect it.
No accounts with the likes of Very/Next as the thought of not being able to pay it off terrifies me, and I'm always of the mind that I shouldn't spend money I don't have. (Not judging those who do, it's just my personal mindset!)
It helps that my partner is very conscientious with spending our money. He has CCs and shares one with me for groceries etc that we pay off together at the end of the month. He also earns nearly twice as much as me so I proportionately pay less towards bills and mortgage to reflect it.
I didn't opt for one because of the fee and always keep a buffer so I don't go under 0. did once and was charged 30 euros and I was only a couple of euros under for a couple of hours
Mortgage debt, I also have some 0% interest debt. I don’t pay that off early as it’s costing nothing and with inflation I’ll actually pay less overall. I do have savings and will only take out finance on items I need or want that are 0% interest for the above reason. I typically do not buy anything on finance that I couldn’t buy cash if I wanted to.
I would say to anyone that’s in debt and trying to become debt free, focus on clearing your highest interest items first. Pay the minimum on all the lower interest debt until you clear your higher interest loans. Ignore what you owe most/least on in this process as that is irrelevant. I know some people clear smaller amount loans first so they’re paid off and gone, but you’ll end up paying a lot more overall doing it this way.
I would say to anyone that’s in debt and trying to become debt free, focus on clearing your highest interest items first. Pay the minimum on all the lower interest debt until you clear your higher interest loans. Ignore what you owe most/least on in this process as that is irrelevant. I know some people clear smaller amount loans first so they’re paid off and gone, but you’ll end up paying a lot more overall doing it this way.
I owe just under 300 on a silly personal loan that I got in January 2019 for a holiday that I never went on and I’ve kept topping it up since. It started as 1000 but at the start of 2020 it was 2700! I’ve been trying hard and will clear it this month as opposed to November 2021 which I’m proud of. I’ll never get over how easy it was for me to get the loans, literally a 10 minute phone call.
I used to have a credit card that I used to clear in full every month but one month I stupidly changed my monthly repayment amount from 100% to 10% and it all just spiralled out of control. I’ve cleared it since and closed the account but not without some help.
I think my poor money management comes from my parents. They used to get the newest and best cars every year and never thought to save for any of us to go to college and didn’t have an emergency fund. We ended up having to take out our own loans and relied heavily on state supports. They, much like a lot of other people in society these days, had a real ‘keeping up with the Jones’ mentality when in reality they were CRIPPLED in debt.
I used to have a credit card that I used to clear in full every month but one month I stupidly changed my monthly repayment amount from 100% to 10% and it all just spiralled out of control. I’ve cleared it since and closed the account but not without some help.
I think my poor money management comes from my parents. They used to get the newest and best cars every year and never thought to save for any of us to go to college and didn’t have an emergency fund. We ended up having to take out our own loans and relied heavily on state supports. They, much like a lot of other people in society these days, had a real ‘keeping up with the Jones’ mentality when in reality they were CRIPPLED in debt.
Mathematically that makes sense, however there's also the Dave Ramsey way that seems to work for a lot of people too
Thanks for sharing, never heard of it but will look it up now.
np, I find his behaviour focused approach really interesting
This thread has been an eye opener for me. I’m in a terrible situation at the moment, I’m I’m about £8000 of debt at 23 years old. Was very stupid with money when I got my first “proper” job and took out payday loans, credit cards etc. It just spiralled and spiralled and got even worse when I had a bereavement In my family last year. I live in constant fear every single day, to the point where I can never relax because I’m so scared. I’m scared when somebody knocks on the door, when letters come through my door, when the phone rings. And the worst thing about it is in I work in finance and would lose my job if I got a CCJ or anything along those lines. I just don’t know what to do but I know I need to something before it gets a whole lot worse.
i feel like I’ve ruined my life before it’s even begun. my friends around me are buying their first house etc and I don’t feel like I’ll ever have that. It’s soul destroying to say the least