How much do you pay per month on debts?

rictus123

All forms of debts, overdrafts, loan, cards, car, sofa finance payments etc. I pay £530 a month min just now, works out il have paid more than £4,500 just on debts between now and the end of the year...not a nice thought at all!!!

Deep_In_Debt

I have credit cards, loans and overdraft debt and currently on a dmp paying nearly £600pm. Considering that's more than my mortgage repayment every month it's a very scary thought! On the plus side, I'll be debt free in just over a year and nearly £600pm better off.

custardy

depends how far you go
if you exclude mortgage,car insurance and the likes
about £60 a month,but these are in their interest free period and its simply clearing the balance
should be clear by August

rictus123

Not rent/mortgage. Suppose car insurance should count really as its money you owe but at least something you NEED. I clicked post too early...meant to add in car aswel so total is £530 a month loans/cards/overdraft and £770 a month including car.

Iv got a very attractive budget set up...hoping only 4 more payments of car and thats it gone!

Lucy1010

rictus123 wrote: »

All forms of debts, overdrafts, loan, cards, car, sofa finance payments etc. I pay £530 a month min just now, works out il have paid more than £4,500 just on debts between now and the end of the year...not a nice thought at all!!!

Nice topic, I like this one...

I am now paying £600 p/m on my credit card debts which, all being well, will be paid off in 10 months time.

When I clear the debt, I shall put the exact amount of £600 into savings because I am managing well without it, thanks to the ladies and gents on this site helping me realise that shopping in places like Aldi saves me £££££££s

When my savings grow I am going to treat myself to a shiny new car!!

Sorry I know you only asked how much debt we pay but I got a lil carried away

rictus123

Nope i want to hear all plans for what will happen to the money when its finally not going to bankers bonuses!!!

I will be in debt again in the form of a mortgage....NEVER will i EVER have car finance again! I think more of leasing a car now as once the term is up you hand it back(if its in good enough condition) and thats the end of it! With one on finance theres lump sum payments, hassle with warranty, servicing etc...completly changed my opinion of it! However i needed to take it on to believe its not a good idea! So lesson learned!

Empty_pockets

Was £600, recently reduced to £300.

I am however now putting at least £600 into savings each month.

I'll echo the above. I find I'm used to my budget and will continue with it once my debts have gone. If I make to same overpayment towards my mortgage I'll have paid that off in about 55 months.

Mortgage free at 35. What a fantastic thought.

Lucy1010

I didn't include my mortgage on my debt but I look at my mortgage as if I were paying rent... I would still have to pay for a roof over my head

My debts are my credit cards which have long been my companion through different modes of balance transfers but I don't use them at all, I am just getting rid of the debt as fast as I possibly can.

If I can't afford to buy something then I just can't have it... simple as! (took a good few years to realise that though)

Deep_In_Debt

I'll be the same as Lucy1010 - I'll save the money and before I know it, I'll be able to afford my long awaited new kitchen and bathroom.

I don't have finance on my car and fortunately never have had car finance as my car was bought for me (lucky me - I'm very grateful. It's getting on a bit but I wouldn't be able to afford even a banger now). My mortgage will be paid off in 4 years too and I'll still be in my 40's so able to enjoy the extra money saved and hopefully then be in a position to reduce my hours at work and work part time.

Lucy1010

Empty_pockets wrote: »

Mortgage free at 35. What a fantastic thought.

That is a blissful thought... only you might decide at 40 you want a bigger and better home and then what? New mortgage??

rictus123

Its the same with paying a mortgage. Paying it off for 10-15 years then suddenly you have x amount of money spare each month that you never had before, i think i would save it for a few years then get at least 50% deposit down on a buy to let...so it at least breaks even first 3 years then starts being another income after that. Big plans. I can handle £770 a month on debts at 19...surely if im debt free i can afford to move out?