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How much debt you in ?









Arkwright

Arkwright
Oct 26, 2010
2,827
Caterham, Surrey
When I first got with my wife she had well over £30k in debt on loans, credit cards, an assortment of store cards, overdrafts, ect. My first job in the late 70's was with the TSB and you weren't allowed an overdraft, rightly or wrongly they felt if you couldn't conduct your own finances you couldn't deal with others, a bit draconian. However, I've always been of the attitude that if you can't afford it don't buy the exact opposite to my Nurse Gladys.
When we married she sold her flat, moved in with me a we remortgaged to clear her debts. Twenty odd years on it's all paid off but what could have been, in hindsight we could have kept her flat and that would have been our pension.
Oh well she's worth it.
 




Springal

Well-known member
Feb 12, 2005
24,722
GOSBTS
I do understand the only spend what you have / no credit card way of thinking which I guess is fairly stress free

But also I think you can work smartly with a premium credit card such as an Amex, as well as access to cards that regularly offer 12+ month 0% interest free regularly.

I’ll quite happily take a large purchase, put it on my Amex, balance transfer to sit at 0% for 12 months, while the lump balance sits in a easy access savings account earning 4.75% APR
 




Weststander

Well-known member
Aug 25, 2011
68,962
Withdean area
This sums it up for me.
If you can't afford it, don't buy it.
Up to 8 years ago we had 2 wages coming in, after Mrs AR retired on health grounds, we went down to my wage and adapted to that.
Now with certain things going on, we may have no wages, only an insurance that kicks in after I've exhausted my sick allowance, which my employer took out for the workforce and pays out 60% of my wage.

I know you’re a spring chicken, but is a military pension on the horizon?
 




Weststander

Well-known member
Aug 25, 2011
68,962
Withdean area
I do understand the only spend what you have / no credit card way of thinking which I guess is fairly stress free

But also I think you can work smartly with a premium credit card such as an Amex, as well as access to cards that regularly offer 12+ month 0% interest free regularly.

I’ll quite happily take a large purchase, put it on my Amex, balance transfer to sit at 0% for 12 months, while the lump balance sits in a easy access savings account earning 4.75% APR

Credit cards are also good for Section 75 consumer protection. Even if you pay off the balance in good time.
 








Paulie Gualtieri

Bada Bing
NSC Patron
May 8, 2018
10,503
Apart from mortgage will be debt free in September 2025 as bit the bullet and took an unsecured consolidation loan to clear “the spending of my youth”

Learnt to save and budget a lot more over the last decade so only use credit cards for the S75 protection really. The only exception is we use a Tesco credit card for food and Fuel and clear it each month, it earns us £250-£300 a year in club card points which goes towards Xmas
 




PILTDOWN MAN

Well-known member
NSC Patron
Sep 15, 2004
19,471
Hurst Green
£2192 on credit cards, being cleared off Friday. Been a tad expensive recently.

Going to Bruges so may spend a bit but have savings to clear it off.
 


W3D

I'm Thirsty
Apr 21, 2021
154
Worthing
As an aside (apologies if it's been mentioned before) dies everybody know that at the Amex bars etc you get 10% discount if you pay with an Amex card. You have to ask for it but for some reason not widely publicised.
 


carlzeiss

Well-known member
May 19, 2009
6,212
Amazonia
None I'm afraid , mortgage paid of 10 years ago now , Car PCP , final payment transferred earlier this year , credit card paid in full every month .
Just not trying hard enough I suppose
 




patchamalbion

Well-known member
Feb 26, 2009
6,019
brighton
Mid 30’s
Mortgage - yes a debt but currently just over 200k equity so it’s not a bad position at this stage.
Apart from that also in the Amex club, most spending goes on that but cleared each month.

Must say I’m a little obsessive with my pension/investments - want to hit 125k in the pension by age 40 and I’ll be happy with how things are going.
 


sparkie

Well-known member
Jul 17, 2003
13,218
Hove
As an aside (apologies if it's been mentioned before) dies everybody know that at the Amex bars etc you get 10% discount if you pay with an Amex card. You have to ask for it but for some reason not widely publicised.
Awesome news
 


Worried Man Blues

Well-known member
Feb 28, 2009
7,240
Swansea
Downsized house thirty years ago, between wives, got rid of mortgage, best thing I did. Too difficult to do when married!!
 


Creaky

Well-known member
Mar 26, 2013
3,861
Hookwood - Nr Horley
Credit cards are also good for Section 75 consumer protection. Even if you pay off the balance in good time.
This.

Have been hitting the cards heavily recently.

Have maxed out on a number of occasions recently but buying online for building materials, kitchen, bathrooms etc. it is the safest way.

Interestingly, probably due to paying them off in full and on time, my credit rating has increased significantly over the last couple of years. Quite a change from before retirement when always paid on time but not in full.
 




mejonaNO12 aka riskit

Well-known member
Dec 4, 2003
21,865
England
Was very smug earlier in the thread saying I had none.

Then my car unexpectedly went bang. Bought a new one. Decided to borrow the money via 3 different sources. It may look messy but it means I can put my effort into clearing one quicker than the other and then having that extra money (which would have been for repayments) sitting with me to either save or throw at the remaining two loans. Feels so much less daunting than a big scary 5 year loan. Also helped that 2 of the 3 loans are 0% (family and work advance).

Some people suggested lease but I want to have the asset in my name, even though it's a depreciating one. Makes me always feel better that in the absolute worst, I could sell the car and clear the loan....and yes, I've tracked the likely value of the car vs outstanding loan for every month over a 5 year period because I'm a geek.
 




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