Truthfully - How much debt do you have?

Wow, lots of people with little to no money issues here.

Between me and the wife we have about £23,000 worth of debt across loans, credit cards and finance. Pay it off nicely every month though, cutting in with a bit extra every other month - but no savings.

Mortgage on top of that, obviously.
 
nothing here at the moment.

Although i over spent loads extra last year so might not be for much longer (about £7k over budget!)
 
Pestilence said:
no savings.
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That's one of the current issues (with credit getting hard to come by) is people have debts and little or no savings and have gotten used to getting loans to buy things they want.

Having a mortgage and no savings would scare the life out of me. We have enough savings to cover the mortage for a year. More would be nice but you do have to live a little (spend a lot!)
 
Roughly £5000 left on my student loan. It comes off my pay each month, roughly £160 or £180 or something.
They took a huge chunk of my bonus last August though. It was disgusting.

It has also been nailed into me by my parents to avoid debt where possible. The student loan was a requirement and enabled me to earn two degrees, so can't complain.

I actually could just about pay off the remaining debt with my savings, but I earn more interest having it in an ISA, so there's no point - plus it might be useful for a house deposit when the market bottoms out, probably at the end of this year.

That said, savings rates have taken a tumble recently, so it might be an idea....

Oh, I also have ~£200 on my credit card, but I always pay that off each month before I get charged interest.
 
LordSplodge said:
That's one of the current issues (with credit getting hard to come by) is people have debts and little or no savings and have gotten used to getting loans to buy things they want.

Having a mortgage and no savings would scare the life out of me. We have enough savings to cover the mortage for a year. More would be nice but you do have to live a little (spend a lot!)
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In the current climate it scares me too.

The majority of our savings at the time went towards a deposit on the house (2 years ago), and whittled away since then due to one horrible situation after another. It was NOT the right time, or the right place, to buy and without checking (tbh I dread doing so) I'm assuming we've already fallen into negative equity with the place.

Now we live paycheque to paycheque but manage to get by well enough. We are NOT prepared, however, to get through any rough or jobless patches without relying further on credit (which is available to us already).

Not a great situation, but hey - it's life as I know it.
 
Excluding the mortgage I owe my dad in law for the holiday last year and that's it.
I've avoided my overdraft, don't have a credit card and no student loan this year.

The thought of getting into debt is terrifying for me and I've said before in a similar thread I don't understand how people can get into major amounts of debt before they think "oh poo". The problem should be adressed well before then.
 
Just my mortgage....

Only ever had one loan which I paid off early. So as a rule no loans, depts or credit card charges...
 
Lets see:
7000 on a bank loan
2500 on a credit card.

I only took out the bank loan in September, as I split with my wife and decided the decent thing to do would be to assume 100% of the mutual debt we'd acquired since we were together....I sort of wish I hadn't done that now.
 
£0 and the student loans company still owe me over £2K as I overpaid my loan.
Should be getting that back from them soon though.
 
So far about £12k in student loan and in my second year. Haven't touched any overdrafts or anything though.

I don't really look at it as debt though, as I won't have to pay it off until I have full time job and even then it will paid off at a very low rate; oh and iirc it doesn't affect your credit rating. I have just about enough money in savings plus ISAs to clear off the loan now, but that would be pretty stupid imo.

If you have a part time job at uni like I do, you can cover your loans fairly easily.
 
Why are you all worried about debt? if you werent worry when you took it, the item or good time has cost much more that the price displayed its costing people their future labour.
 
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