Average debt

BEAT_THE_DEBT

Hi all i was just wondering what you think the average debt of users on here is? I know statistics say £8000 i know i am way over average!!!!!!:(

Firewalker

I don't know what the average debt is but what I know is that averages don't work very well. What matters is the distribution - reading different posts there are many people with debt arond £60-70,000; there are many with debt around £10,000; and there are some who have debt over £300,000.

Also what seems to be important is the ratio between your earning and your debt - having £10,000 debt and earning £8,000 per year is probably as scary as having £70,000 debt and earning £60,000 per year.

Beat the Debt, I have admires your signiture for some time now - this is a healthy way to think about the whole thing I believe. Keep working on it!

Firewalker

KPR11

Don't know. If it is indeed c£8k then I am currently just under.

Maybe you can have a poll see what the response is like?

Keep up the good WIP

Drbob08

The thing is as Firewalker mentioned, averages don't mean as much as earnings vs debt...

My monthly wage is anything from £350 to £700 from one month to the next - you can imagine then, how scary a debt of £1k (which is partly a £300 over draft does!) sometimes I only have £50 of my actual money (non overdraft) on pay day - £50!!