What % of your take home do you use to pay debt?

Lucy1010

isy1011 wrote: »

Oh 22% then but mortgage is debt Im afraid.:(

You are right BUT if you didn't have a mortgage you would be renting so all this means is that you can paint the walls and build a wardrobe without asking a landlord.

We all need a roof over our heads so I don't count my mortgage as a debt, it's my security of knowing that I won't be kicked out in 6 months time if the landlord decides to reclaim his property

lazydaysandmondays

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Jazzie99

Great thread...

With a joint income of £4,200per month, we spend the following:-

Debt: 28% (£1,200)
Mortgage: 26% (£1,070)
Childcare: 16% (£676)

Once the debt is paid off and youngest starts school we will have a pay rise of 44% per month!! In money that means an extra £1,876 in our pockets!!

glittermonster

Nearly 80% (£1,193) of income go on debts such as a loan ending in 4 years, my mortgage, credit cards, debts to family, money owed to tax credits and interest free agreement for the bed.

The ccs, family debts and tax credits will be over next spring - roll on that change of money - an extra £300 in my pocket!

twiga_2

I'm with fedupandskint and glittermonster between 70-80%. Of course, I'm single and can pretty much live below the norm, hehe.

Sassers

I love this thread -it's really interesting...(bit of a bump...)
I get paid approx £1900 a month. I pay a min. of £1300 a month on debts including the mortgage...68%.:eek:
I did work seven days a week but my head was starting to go...to make up the shortfall in loss of earnings, I froze my pension payments, preferring to up the mortgage payments instead.....

It's eye watering - but then I hope to be debt and mortgage-free in five years. :D

Will then be slinging the cash back into my pension, savings and doing up the house.:A
Love Sassers x

DebtFreedom_2

Hi there

I pay 31% of my salary on unsecured debt, or 63% if I include mortgage payments.

This is all a bit misleading though. It's more affordable to have a high percentage on debt repayments if you have a higher salary as the 'leftover' is obviously higher. Stating the bleeding obvious, I know.

BigCraigJohn

At one point was about 80%(then i'd just use credit again), now about 2% and everything bought is paid upfront. Not out of choice to start yet strangely enough defaulting all that debt was the best thing ive done in a long time.