'Are you less in debt than you used to be?' poll discussion

Former_MSE_Lee

Poll started 19 July 2011, click here to vote

Are you less in debt than you used to be?

The credit crunch has now been around for over xx years. Borrowing is harder to get than it used to be, and with many people having been burned, there’s talk the nation is becoming more debt averse.

Compared to FIVE YEARS ago which of these is closest to your scenario (exclude mortgage & student loans)

I was debt free then and still am
Am debt free now but due to bankruptcy/IVA
I was too young to borrow then, so they’re bigger now
Was in debt 5 years ago - now all paid off
My debts are much smaller now
My debts are a little smaller now
My debts are roughly the same
My debts are a little bigger now
My debts are a lot bigger now

GingerFurball_2

Compared to five years ago, where I had no debt of any kind, I'm in much more debt now.

Compared to last year, where I had credit card debt of £3500 (my limit was £3250) and a maxed out student overdraft of £1750, my current situation of no credit card debt, a student overdraft and money in the bank as saving, I'm in much less debt than I was a year ago.

Desperate_Housewife_2-2

I can't vote on this because I have no debt now but had some 5 years ago...which box do I tick?

backinbusiness

ditto the above post!

Gordon_the_Moron

Was in debt five years ago now all paid off not what you are looking for?

I was not in debt then and I'm still not, my savings are bigger now.

worried_jim

Five more years of paying a mortgage so a lot less debt than I used to have.

MSE_Martin

Desperate_Housewife wrote: »

I can't vote on this because I have no debt now but had some 5 years ago...which box do I tick?

We've added an extra option in on this

skaps

I'm in less credit card debt than 5 years ago.

I'm in more mortgage debt as I moved in 2008 and bought a house.

minerva_windsong

If you count student loans as debt, then I'm in more debt now (as I'm paying it back) than I was five years ago (ie just before I started uni).

seven-day-weekend

Five years ago I owed not a penny to anybody.

Now I have about £2.5k on interest-free credit card.

I have more than enough savings to cover this debt.

So I don't know what to answer - probably a?

MacsReturns

"Was in debt 5 years ago - now all paid off"

But by that I mean I had a mortgage then, my only debt. I really don't see the point of excluding mortgages and student loans from consideration in this survey -- they are both debts, both are calls on your future earnings, both leave you in hock to 'The Man' as much as any other debt, be it credit card or loan shark. Both keep you on the hamster wheel and can make all the difference on the basic Micawber principle.

Excluding them is a false distinction, leading people into complacent ignorance/denial of their financial situation.... encouraging people to say "I'm debt free..... except for mortgage and student loans" is a bit like saying "I quit smoking, except for cigars", or "I'm teetotal, except whisky" or "I'm a vegetarian, except bacon".

OK, rant over, but more seriously, for the point of this survey in its own right, mortgage and student debt should still be included. If you REALLY want to check up on the debt aversion of the UK you should also take into account those who've paid down/off their mortgages, or avoided or alternatievly funded their education, because - I believe - that is where a lot of risk averse behaviour will express itself.