Large amounts of credit cards

worriedwilf

Hi Guys

How common do you think it is for people to owe more than 10K on credit cards? I have gotten mine down to £10K now but it still seems like I am the only one with such ridiculous amounts!!!!

I know that it is all relative and that othere may simply not talk about it but I do feel like a definite minority.

WW:mad:

sourcrates

In my view pretty common, for example, my neighbour leads the lifestyle of someone on £60 grand a year, yet between him and his wife, only earns around £25k, yet they have two expensive cars, and have 2 or 3 holidays abroad a year, wear designer clothes and there kids have all the latest gadgets, they haven't had any windfalls, and to my knowledge don't smuggle drugs, so you can only assume this lifestyle is funded by credit, you only have to look at some of the stories on here about credit getting out of control to see it must be a widespread problem, things are fine when your earning, but if problems arise its all too easy to get into trouble real quick !! have been there myself, was 35k in debt at one point, now have no debt and no creditcards or loans, everything now is paid from my bank account, if I don't have the cash, I don't buy the goods, I don't intend to get into debt like that again.

iancrt

you are not a minority
I had cards maxed out at £12k, 7k, 5k and 3k.
and to this day I have no idea what I spent it all on!

worriedwilf

Thanks guys. Having a bad debt day today whereas normally I feel positive. So annoyed with myself for having such a lot of debt

blinkybob

I would imagine that it is fairly common although I reckon a lot of people keep it quiet. If you think about it a 'normal' couple could have a new car each on finance at 10K a pop, couple of credit cards each, a consolidation loan, few store cards etc and not even think about it.

What really matters is the ability to pay the money back. What constitutes a lot of debt for one person may not be the same for someone else. For example. 10K on credit cards for someone who earns 10K a year is just as bad as £40K on credit cards for someone who earns 40K a year. It's all relative.

I also think that there is a relationship between debt and age groups. I'd imagine that 25-40 year olds are the most in debt due to children, materning, home improvements etc etc.

worriedwilf

yeah I know that there others in my situtation and worse but it just doesn't feel like it at the moment. I have been so positive about but had a bit of a blip this month and have ended up with some bank charges will I will have to pay next month (£176) so feeling a bit sorry for myself.

I just want this debt to be gone!!!!

Sazzie23

worriedwilf wrote: »

yeah I know that there others in my situtation and worse but it just doesn't feel like it at the moment. I have been so positive about but had a bit of a blip this month and have ended up with some bank charges will I will have to pay next month (£176) so feeling a bit sorry for myself.

I just want this debt to be gone!!!!

Of my three best friends, all have had debts over £25 K
+ myself who declared dmp at £32k and now coming down slowly:o. I know my boss had to declare DMP and another senior colleague confesses to £40k on credit cards

Don't give up on getting it down, (relatively) short term pains for long term gain:D

Is there anyway you can get rid of the charges? Cut the spends and increasing the debt repayments?

quantic

Woman I sit with at work has 26k on credit cards. Shes already remortgaged twice to pay them off in the last 10 years. Other people I work with have various credit cards and store cards. I know maybe 3 people (out of everyone I know) who are completely debt free.

tallyhoh

my OH owes more than £40,000 on CC. I owe absolutely nothing.

worriedwilf

Thanks for replies. Whilst I don't take any pleasure in the misfortune of others, there is some reassurance in knowing that others are in a similar situation to me!

Feeling more positive today and have managed to shift £5k to 0% for 12 mnths so that will save me a good £50 per month in interest

Really hoping to be credit card debt free in 20-24mnths or to at least have it down to a relatively small amount which for me would mean less than £2500

worriedwilf

Sazzie23 wrote: »

Of my three best friends, all have had debts over £25 K
+ myself who declared dmp at £32k and now coming down slowly:o. I know my boss had to declare DMP and another senior colleague confesses to £40k on credit cards

Don't give up on getting it down, (relatively) short term pains for long term gain:D

Is there anyway you can get rid of the charges? Cut the spends and increasing the debt repayments?

Unfortunately I can't do anything about the charges as the bank have previously let me of the hook with them. I might send a grovelling email but I doubt they will budge!! It does annoy though. I know that the charges are outlines in the T&C's but no way does it actually cost them £176 just because I have exceeded my limit. In fact, they should call them 'penalties' as opposed to 'charges'. Still my fault though and I am not passing the buck.