Just how rife is unsecured debt?

Poor_Single_lady

When you are in debt you feel tired all the time, weary and very defeated. You need help and support and all of that is very good. When you log on you see what other people are saying, how they are dealing with it and what they are struggling with. This all does help.

But I think we might have to agree to disagree about the sentance "im not in debt". I don't find this helpful to read on this forum for people who are in debt. maybe its because it appears in isolation and people don't always clarify but for whatever reason I don't think its helpful. Well done on not being in debt, that's fantastic for you.

Its sort of like saying i don't have that problem but this is what i think. Well I love to hear what you think but I think I listen more if you don't explicitly say that this isn't a problem you suffer from

Sanctioned_Parts_List

Smodlet wrote: »

So where the hell are you, then, actully in hell? I won't say you belong there, not my call.

Good morning from sunny Jiangsu province. The weather's a balmy 32 with broken clouds, but they should be fixed by this afternoon. I'm quite happy to stay here, if that's any consolation

Poor_Single_lady wrote: »

When you are in debt you feel tired all the time, weary and very defeated. You need help and support and all of that is very good. When you log on you see what other people are saying, how they are dealing with it and what they are struggling with. This all does help.

That's the trouble with feelings - not everyone feels the same things in the same situations. Some people might see the ex-debtors and never-debtors and feel inspired by their achievements, others might feel oppressed. Can't please them all.

Hopefully the jonnybeegood has the reassurance he's looking for that his situation isn't that rare. It's not good, but not rare, but he's reducing it by 1k per month (and this will only increase as the principal gets paid down attracting less interest). All the best!

Smodlet

SPL, Reeespect! What's the hottest it gets there? Is it a dry heat or humid as in England?

PSL, there is avoidable debt and unavoidable debt. I have the greatest sympathy for those whose debt is unavoidable. Needs versus wants, again. I have not stated whether I have any debt or none. I find the whining, self-justification of those who seem to think being in debt is a right extremely irritating. Your opinion may differ.

The OP seems to have had their "light bulb moment", which can only be a good thing and I wish him (?) well.

jonnybeegood

takman wrote: »

I wouldn't worry about how common being in debt is or how many people are in your situation. None of that matters!.

You should be worried and very concerned that you are in such a large amount of debt when you have a salary that is much higher than average!. You are obviously spending way above what you earn!.

So the only way to feel better about yourself is to really start paying down those debts and then once it's paid off continue to save that money!.

You are right Takman. Most of the debts were accrued when we were earning far lesson (50k combined) as my salary has spiked in recent years. We are now able to throw at least 1k a month at the debt, sometimes more. My aim is to clear it all within 3 years.

Stevie_Palimo

Blaming other for being in debt is just stupid as it is down to budgeting correctly and living well within your means, Also the posts here about gloating about not having debt are not strictly true as they are proud to be debt free which is a good thing, I had a number of years with a large amount of debt and then struck lucky on a business that helped me clear everything very quickly.

The other part about higher earners having bigger debts is not strictly true across the board as it will vary from one person to another, I have many friends that earn above average income and only a couple of these have large debts with the majority being very secure financially.

The way I book this down is that each person who wants to blame others for the debt they have accrued is living in la la land really and should address there spending habits rather than throw blame onto others, The other point of welching on debts once you have actually spent the money is a terrible attitude to have as well and by rights if you have had it you should pay for it, This is aimed at people that can afford to repay the debts but simply choose to avoid them through pure greed.

lazer-zxr

"Im debt free" comments

I feel like I'm on a very long hard slog to be debt free. 15 months into a 5 year plan. One thing that keeps me going, is reading about those who have achieved debt freedom. Their 'gloating' motivates me to one day be proud of this hard to achieve aim.

This is a hard journey, and the long hard slog seems never ending, we need the motivation and advice from the achievers, along with solace amongst our peers.

How common is debt?
Im with you, I have no idea who around me has debt. I wish I did, and I wish they knew what debt I'm in and how I'm trying to get out of it. But I feel ashamed, and won't bring up the subject. I'm not even sure I will share my success of becoming debt free when the day comes .... as I feel I shouldn't have been in the position in the first place.

The only indication I have of others debt, is occasionally, people in the office will say: "I'll look for a car, but I have a loan to pay off first".

Poor_Single_lady

I think we are at cross purposes. I always visit mile stone in and take comfort that people have made progress and paid off debt. Always without fail.

Always without fail.

This is not the point i was making at all.

What I don't understand is people who have not been touched by debt contributing in a negative manner. Often starting their posts by stating that they are not in debt.

This is often followed by sweeping judgements. That is what i do not understand.

Farel01

Hi OP,

I think we're in a pretty similar situation, we're in about 28K of unsecured CC debt (all at 0%), and 4 months away from paying off a 10K loan. We earn about 100K combined and I'm chucking about £1500 at it every month. Hoping to get 75% cleared at least before I have to remortgage in 20 months.

For me what makes it 'acceptable' is that the debt was incrued to make our house habitable and we have already added about 100K in value to it, spending around 50K. And all the people who say debt is disgusting, yada yada yada, that's not always the case. i have always been better at paying back than saving, bad of me perhaps, but it works for me. As long as I have a plan and stick to it I'm not going to make myself sick with worry and I'm also not going to live on a tiny budget for it (got the last home improvement to do which I'm paying for with this year's bonus). *ducks down*

I tend to be fairly open about my finances with a few good friends and half are in a similar situation, the other half have massive savings + mortgage free, go figure. Sometimes opening up first about finances with friends/family will make others open about it as well. You'd be surprised how many are in a similar situation or have been at some point.

sourcrates

Poor_Single_lady wrote: »

I think we are at cross purposes. I always visit mile stone in and take comfort that people have made progress and paid off debt. Always without fail.

Always without fail.

This is not the point i was making at all.

What I don't understand is people who have not been touched by debt contributing in a negative manner. Often starting their posts by stating that they are not in debt.

This is often followed by sweeping judgements. That is what i do not understand.

3 years ago I was still £57.0000 in debt.

I have read some posts similar to what you were referring to, from those who are not in debt, and criticise those who are, so yes I understand your point in that respect !!

I got the "debt free" badge when I paid off my IVA

mcjordi

im 31 and owe approx £2k atm at the highest i owed a touch over £20k. wont be long till im debt free.. just plug on OP youll get there