In debt, but by how much?

Interesting read, I have kept my credit card to £500. I don't intend to ncrease that limit any more and I always pay it off within the month so I evade interest. Hardly use it nowadays.

I have the following:

£3405 Student loan that has balooned to £3515

£300 overdraft, of which I have used £60 so far.

So all in all, I'll have £3815 of debts before I next get paid if I max out my overdraft.

Don't have any other oustanding debts apart from those.
 
Haly said:
£23k for a masters? :eek: What masters are you doing?
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MSc Financial Analysis and Fund Management and Chartered Financial Analyst Exams. 23k is for the course (takes up a majority of that) rent for my accom. and living expenses. And its from the bank, not the Government before people start whinging ;)
 
I used to be about £15k in debt but thats going back a good 5 yrs though. At the moment i have absolutely no debts ie debt free other than a mortgage on my parents house which i pay for. But dont really consider that a personal debt, still have about £30k left on the mortgage. Personal debts-wise the only thing i can think of is my cc cards but they are paid off in full at end of each month and at the moment i havent used them for a fair few months.

Being in debt sucks and i feel for the people who are in massive debt, thankfully a good job...make that a great job has helped me lots in getting out of the mess i was in a few yrs ago. And now being debt free literally is one of the best feelings in the world tbh...means i have quite a bit of disposable cash to buy myself and others things. But saying that, im still extremely careful of how i spend my money and where i spend it.
 
James_N said:
Did you plan to move to china just like that? or did the job oppourtunity just come along and you thought you would take it?
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Well, I knew it was possible after hearing about it online somewhere, years before. Actually, when I was about 16 (I'm 22 now).

But at the end of July this year, I had enough, I spent all of August researching. Flew out to China, signed a contract, got my apartment and my whole life changed within weeks.

Felt weird, feels weird and will probably continue to feel weird for a while. I've been here for 3 months and I have 7 left.

I still wake up in the morning and think 'Right, go downstairs, cook breakfast, chat with my mum... oh, wait... I'm in China!'. It never really fades, but it's not daily like it used to be. :p

Anyway, back on topic. If you wish to know more, send me some mail!
 
Some of the attitude to debt shown here is frankly scary. Money owed is debt regardless of how low the interest rates are and how long the repayment period is. The only time you can discount it, is if you can repay it on demand from cash or savings. The amount of debt will also be considered when applying for mortgages as well. Its also worth considering that on many credit cards (coop ones are different as are some others), if only the minimum amount is repayed every month the debt will increase.
 
Can I just say to anyone who is in a decent amount of debt, like myself..

Facing up to it and actually figuring out what is going on can make a huge difference, in the space of 3 weeks I've

A) panicked like a crazy person
B) Wallowed in self pity
C) Figured I have to do something about it
D) wiped over £200 a month off my direct debits for pointless crap
E) moved ALL my debt to interest free credit cards simply by playing them all off against each other (transfer one balance to another)
F) asked all my lenders "what offers they have" which has brought out free payment breaks (ie periods where I can decide where my money goes or just have a brief breather), 0% transfer deals, better interest rates and more favourable repayment periods
G) Made £5k and rising on selling stuff from around the house on ebay

All this is without having to prostrate myself upon their mercy and beg for an IVA/say I can't cope etc. That would be my last last last resort and frankly I KNOW i don't need to go down that route.

I mean for gods sake, I just saved £250 a year on my energy bills.. thats 1 months debt payment! FREE!! EVERY YEAR!!

And I also think the tone of the OP was just wanting to find out how many people are in this ever increasing boat so I don't particularly think the glib "don't owe nothing to no one" posts aren't terribly helpful or even relevant, I bet there's a lot of people making those posts who either a) don't own houses b) aren't sole breadwinners for families etc etc.. if you are then good for you, if you're not... why are you showing off? When I didn't have responsibilities or a requirement for a quarter of a million pound house aged 26 (just a 3 bed semi lol) I didn't have debts either.
 
I have <1k in OD.

Looking at the previous posts the common debt is:

mortgage: we all have to do it!
student: scary in its self given all the means.
Car!

People spend sooo much money on thier car it's silly!!!Swallow your pride and buy an electic / hybrid car!!!!
 
siandtina said:
MSc Financial Analysis and Fund Management and Chartered Financial Analyst Exams. 23k is for the course (takes up a majority of that) rent for my accom. and living expenses. And its from the bank, not the Government before people start whinging ;)
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Ouch pricey course :(
My Msc was 3k fees but had to take out a loan from the bank for 7.5k to cover living expenses and rent. I thought that was bad enough!
 
Nothing, have my tv on credit but could pay that off tomorrow. never been in debt hopefully will never will be except for mortgage. Dont believe in spending money i dont have.
 
No student loan as things are different over here.

No credit cards.

I owe £1500 to my parents which is a long term loan that they are in no rush to get back and doesnt cost me any interest.

About to get a £2k loan to buy my dream (or near it) car though which I hope to have paid off by Feb.
 
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