papachris
Well-known member
Thankyou
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How much debt you in ?
- Thread starter Napper
- Start date
papachris
Well-known member
Sometimes there are very good reasons for taking on debt. I think the key is to try and use the money wisely and don't let the debt get out of control.
spongy
Well-known member
£170k mortgage.
Just under 3k on 2 cards but all going down by juggling balance transfers between the 4 cards I have. And was only on there because of car issues.
When it's cleared it's new car time so back onto HP for a new one.
Just under 3k on 2 cards but all going down by juggling balance transfers between the 4 cards I have. And was only on there because of car issues.
When it's cleared it's new car time so back onto HP for a new one.
To benchmark:
11m homes out of 29m have a mortgage, the average loan is £151,000.
Average non-mortgage debt per household is currently £16,200.
11m homes out of 29m have a mortgage, the average loan is £151,000.
Average non-mortgage debt per household is currently £16,200.
what made you return home?
Live by the sea
Well-known member
- Oct 21, 2016
- 4,718
You may have dodged a bullet Not buying a new build house - especially if it was one built on one of these large estates. I have read and seen many horror stories relating to the quality of new builds and ongoing problems even years later .
Morning squire. Were you the bloke is a tizz a couple of years ago because a mortgage looked like an impossibility? If so - congrats - happy for you! If not, sorry for mixing you up with someone else.,
Easy 10
Brain dead MUG SHEEP
Just around £250 left on HP for a suite. I only ever use the credit card to pay for holidays (for the extra cover), but its always cleared straight away before any interest goes on. My first job was working in a credit control call centre, it put me off debt for life.
Thanks.
I imagine there are a lot of people going under right now and I bounced the thread to show that there is hope after a few years.
To illustrate, 16 years later my £59K debt is now 'only' £6600.
Do you know what the average personal pension provision is? Do people have personal pension pots?
And what is the average level of savings?
These four stats seem to sit together to give us a decent picture of what might be coming down the road for us all. I worry about a generation relying on building up equity in their potentially lower value home, already with debt and no pension provision. How the feck are we going to support everyone?
I got £5K in debt during the Lawson bust, with £800 a month going out on mortgage and commute (up to London every day) and a post tax income of £1000 a month. I'd bought a house in 89, largely to please the missus (we were renting in Brixton, so....) but the interest rates soon zoomed to a peak in 92, and with one income I was heading in one direction only. A stroke of luck born of hard work earned me £3K, which wiped out the mortgage arrears and reduced the debt to manageable. With my 'local' bank still in London, the manager was happy enough to let me sustain a debt of a couple of grand in the expectation I'd get rid of it in a few years as my salary increased - he was dealing with greedy consultants at the nearby hospital who had taken massive risks during the Lawson boom and were building unsustainable debts. Meanwhile my pal Bob the Social worker, who had a better income than me at the time, was having to operate with financial restrictions because his local bank was in Faversham, where the norms were set at a different level.
Today, my son is older than I was when I went through all that shit in the early 90s, and he has no prospect of coming out of the rental sector unless I retire and give him my lump sum. My niece is getting married later this year and the elephant in the room is 'where will they live?', a conversation my brother has yet to have. The expectation is she will live at home with mum and dad half the week and round her husband;'s mum's house the rest of the time (which is what they are doing now). How old is she? About 30.
My personal circumstances are now excellent (apart from the health - oh, the irony) but for the next two generations.....perpetual renting, little prospect of saving, and the prospect of a private pension worth far less than mine. My junior work colleagues can expect a pension worth the equivalent of about 25% of my expectations when I started the job. This is so impactful that two young lecturers in 'permanent' positions quit their jobs in the last year, to do other (less attractive but less demanding) things. They were not prepared to make the financial sacrifices I made at the start of my career in the expectation of 'gravy tomorrow' because the gravy will be too thin. The idea of walking away from a relatively safe job in one of the top 5 universities in the UK would have been unthinkable 30 years ago.
- Jul 10, 2003
- 27,957
Exactly the same (but more significant than a bit) and only managed to clear it because of selling a house. Apart from mortgages, never did it again and although I have credit cards, they've always been paid off every single month since. Having grown up in a poor family in a very poor area, I really should have known better
I have also instilled in my kids that if you don't have the money, you can't afford it, but am very aware that not everyone is that lucky.
theboybilly
Well-known member
Being debt free is very nice of course but I read somewhere that it can affect your Credit Score (should the time come that you need a loan) therefore having a Credit Card with a small debt on it (say £500) and paying most (but not all) off keeps the lenders happy. A small monthly interest actually being a positive. I'm not sure how that works though.
As for me I'm retired, have a moderate Work pension and my State Pension coming in. I'm just about having the same disposable income as I had when working without the worry of a mortgage anymore.
As for me I'm retired, have a moderate Work pension and my State Pension coming in. I'm just about having the same disposable income as I had when working without the worry of a mortgage anymore.
- Aug 7, 2003
- 8,131
Thirty years ago I was in negative equity and credit card debt. A "being in the right place at the right time" career move 25 years ago means I am now debt free, have three mortgage free properties, two SIPP's, ISA's and Bonds. My Mum died twelve years ago and left her house to my Brother and I. I gave my half to my two sons, so free of IHT liability after 7 years. Could've been so different.
So, you have a two bed apartment in Hove then?
Glawstergull
Well-known member
The credit score thing is a strange idea. I have a £300k mortgage and spend a decent amount each on cards. I clear all cards every month. My score just got a few points worse. What they cannot see is that i have enough cash in other investments etc to pay the whole mortgage. i also earn six figures and own a business valued at several million.
LamieRobertson
Not awoke
Well done!
Been there to the tune of 50k….cleared and a rebuilt credit record.
Mortgage nearly paid off….pity I’ll be paying an ever increasing ‘rent’ for as long as I’m living
Used the Furlough and second job to pay off the debt, not much over 2k
Thanks Rishi
Thanks Rishi
Insel affe
HellBilly
45k left on the mortgage which no matter which way you look at it, is debt.
That should be paid off 2/3 years, we have money saved for daughters education which is over probably 3-4 times more than we have left on the mortgage, so she should be sorted (hopefully).
I do not use credit cards, or an overdraft and have not since my dark days and paid them all off.
The wife does put the certain things on a credit card like as others have said the holidays and she pays them off after we have been, she has taken a credit card out in my name for holiday, only because most car hire places need one in the drivers name when you go abroad.
I hated debt, I feel for anyone in it.
That should be paid off 2/3 years, we have money saved for daughters education which is over probably 3-4 times more than we have left on the mortgage, so she should be sorted (hopefully).
I do not use credit cards, or an overdraft and have not since my dark days and paid them all off.
The wife does put the certain things on a credit card like as others have said the holidays and she pays them off after we have been, she has taken a credit card out in my name for holiday, only because most car hire places need one in the drivers name when you go abroad.
I hated debt, I feel for anyone in it.
Official Old Man
Uckfield Seagull
As with everyone who returns home, family. Father was ill. Also was DJ'ing out in Spain and got too old (at 45).