Salary Vs Debt

moozie_2

Debt £16,592.35

Income £35,583

Lottiepots

Joint Income:- £49'000
Joint Debt:- £20'000

(rounded)

ceegee

Total income, after tax, NI etc, but including Working Tax Credit and Child Benefit = £14,433.64. :eek:

Total debt £1600 loaned to a "friend" via an overdraft on my bank account=£1600
Owed to me £1600 as above. :mad:

Mortgage left to pay= £29000 approx. (I am quite old and have had this mortgage for 20 years!)

My low income is what has always been the thing to stop me from getting into debt....how could I ever repay a debt with so little to spare!

I am incensed at my complete and utter stupidity in "lending" this person money. That's all I can say. I've been through it elsewhere on the board some time ago. :mad:

dinkylou

Salary £25,000

Debt £11,320 (not including mortgage)

Verbatim

Income 04 - 05 £58k

Credit Card Debt £19,600 all on 0%

Old_iron_balls

Salary £17k
debt £8k

getting there slowly but surely

loubie_lou

Salary: £16.3k

Debt £12.5k ish (still calculating)

God sake!

Groundwork_2

Salary (at time of worst debt) £37000
Debt £18,000 (ish)

Credit cards - £3k
A/L Loan -£15k (consolidated 2 existing loans)

Salary now £40k
Debt now £0
Savings £6k

For years I spent money like I earnt it. I got a big pay rise a few years ago and thought I could do anything (new car, big tv, holidays etc etc). I found myself with £9k worth of credit card debt in 1999 which I put on a loan and then went on holiday to San Francisco as I'd fixed my monthly payments! Even lent someone the money to go with me as they were pleading poverty. So I paid interest on the credit card whilst they paid me back 0% (stupid).

Since then I never got my CC down to zero in any 1 month.

It took a few years to realise that I needed to stop spending money at the time I was paying off debt as I never had the feeling of having money left over at the end of the month. Just paid off credit cards and used plastic to fund that month's expenditure.

How I did it:

1. Sold the car and the bike I'd bought on loans and credit cards - moved to London and fixed my travel to £70 per month (previously paying up to £130 per month just on petrol.
2. Sold a house I'd been doing up and used part of the equity to pay off debt.
3. Stopped spending money on things I didn't need - DVD's, meals out etc
4. Saved for 6 months to pay off the credit card and loan in one go - I really did want the feeling of paying it off at once and not over time.

Even with a higher than average salary you can still be tricked into believing you can afford a better lifestyle than you can afford. And the almost £20k of debt I ended up with is an unbelievable sum in anyone's eyes when you have virtually nothing to show for it. I certainly wish I had the money from the house sale that I used to pay the debt. I spent long enough on doing up the house.

I don't intend to take out any more loans (ever)- for anything and will continue to pay off my credit card bills on time. Nothing will ever beat that feeling.

vodkaqueen75

Joint Inc. 18,000
Joint debt 14,000

are able to pay all debt off soon due to house sale :T
never be a borrower again!!

lynzpower

income 24,998 (before tax of course!)

debt 5500 ish