How much debt do you have?

GinG said:
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?
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Bought at the right time in the right way with the right backing. Focused purly on pumping as much dosh into it so if i had to i could sell it. Plus i reneted out 5 of the rooms at £500 a month

I paid the house off in 4 years with some input of my own.

I then sold it for 2.7 time what i bought it for :)
 
£1500 over 2 credit cards but one of those I use for fuel every month. Debating whether to pay it all off now, but it's just all sat on an interest free card.
 
Have no actual debt. We're basically very lucky and not a days goes by where I'm not thankful for how good things are. We don't have much disposable income, but all the big stuff is taken care of.
 
£4k in Student loans but I don't earn enough to start paying them, I should really start though as they jacked up the interest rates on them recently.

Other than that I can say that I have no other debts, but I'm more annoyed that I'm virtually saving nothing each month. I need to put away some cash in case of emergencies.
 
Nitefly said:
A million times this. A small, controllable debt is often a good thing.
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Agree'd. I've always had a small car loan since turning 18. Always paid on time and never really missed the small monthly payment from my income.

I'm currently in the process of buying my first house and have walked the mortgage application process. Ive secured a 90% LTV mortgage which according to what ive read online are near enough impossible to get offered despite being advertised.

If i hadn't proven myself for the last 8 years as a reliable customer i doubt i'd have found it so easy to get the mortgage i wanted.
 
GinG said:
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?
Click to expand...

I'm old.

Anyway, recently had a new synthesizer I owe £600 on but I could pay it off if I wanted to.
 
my mother owed over 20 grand and my father owed over 50 grand and none of them paid back a penny to the bank after contacting a friend who's a lawyer.as far as i know the debt was sold onto a collections agency who kept calling untill the lawyer got involved that was about 7 years ago maybe things changed but from that experience i dont see how anyone can be in debt to a bank? they still have credit cards and overdrafts right now now ,dont have as high a spending limit obviously but hasnt seemed to have effected them at all so im wondering why would anyone pay it back or worry about it?would it only effect you if you actualy had money and were planning to take something like a mortgage out later or pay something big off in installments like a car?
 
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