How much debt do you have?

George Hincapie said:
We have no debt. If we can't pay for it, we don't buy it </holier than thou>
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I'm sure you already know this but it's worth pointing out anyway - debt isn't necessarily bad, in some cases it may simply make more financial sense to take on debt than pay for something outright even if you can afford to pay it as a lump sum.

Obviously you may not feel comfortable with this approach but it's not always clear-cut that one way is best.
 
Never a good idea to get into debt. Had several loans and mortgages in the past and always rushed to pay them off early. I just hate debt!!
 
None here, I took out 3k from student finance for the first year as buffer money which i'll pay back as soon as my course ends next year. I got lucky with grants and being able to live at home while studying, all the more money for me later in life :D
 
semi-pro waster said:
I'm sure you already know this but it's worth pointing out anyway - debt isn't necessarily bad, in some cases it may simply make more financial sense to take on debt than pay for something outright even if you can afford to pay it as a lump sum.

Obviously you may not feel comfortable with this approach but it's not always clear-cut that one way is best.
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A million times this. A small, controllable debt is often a good thing.
 
None.
Paid off my mortgage at 25 (now 34) and have never had a loan, credit card or overdraft.

Not that I think they are a bad thing, I've just never needed one of them.

As a result I had a nightmare when I tried to get a mobile phone contract a couple of years ago due to not having a credit history.
 
For those saying thay don't have any debts I assume you don't have a contract mobile phone, electricity/gas paid via direct debit, a telephone landline or any form of insurance (house or car) paid monthly?

Hell, even having a milkman deliver your milk is a form of credit/debt ;-)
 
I owe about £800 as a total of my remaining monthly car insurance bills, other than that I owe nothing and once my current insurance plan is up I'll be paying for it yearly.
 
£135k Mortgage (200k house)
£7k Personal Loan
£3k Credit Card (Will be gone by May)
£1k Overdraft (Gone By May)

£7k was for car purchase, Credit Card & Overdraft used to buy things for house.

Not phased by the debt and with a joint income of £60k plus can still enjoy a nice lifestyle.
 
Just out of interest...how have those with no mortgage managed to get in that position?

Inheritance?
Low house costs?
Mega ££ pay which allows ridiculous overpayments?
 
amigafan2003 said:
For those saying thay don't have any debts I assume you don't have a contract mobile phone, electricity/gas paid via direct debit, a telephone landline or any form of insurance (house or car) paid monthly?

Hell, even having a milkman deliver your milk is a form of credit/debt ;-)
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I have a few of those things and I dont consider any of them debt
 
Freefaller said:
About 4k left if I exclude student loan (which will be paid off in about 6 months \o/).

I did spiral out of control in my younger days living a frivolous lifestyle - still, whilst I've had to cut back on a lot now, I don't regret any of the decisions I've made - I got to experience a lot of things I would never have done otherwise.
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Down to under 2k, and student loan is now paid off! :cool: :D
 
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