'normal' amounts of debt in this day and age

Aspiration

I've really enjoyed reading this thread, very interesting and thought provoking about the differing views.

Not sure if it's just me, however I've certainly become more concerned about Debt and being able to cope if something happened to myself or family.

sourcrates

No Loans, no mortgage, no rent, no credit cards, in fact no debt whatsoever, not even a mobile contract.

Twice been insolvent has taught me a salutary, and hard life lesson.

Everything is saved for now.

When you have been in debt forover half your life, I tend to liken it to been like a recovering alcoholic, you cannot always trust yourself to not take that next swig of whiskey.

Gemsy81

I've really enjoyed this thread, so interesting to hear the different views. I've been massively in debt around 10 years ago and paid it all off. I now have debt that I think I can pay off within a year.

I've recently decide that having spent half my life worrying about money, I want that to change.

bytheseas

31 years old with around £2100 of unsecured debt.
Overdue tax/accounting fees. Not from borrowing.

alan_d

I've just read the whole thread. Seems a common theme (apart from the debt) is people borrowing to buy cars.
I'm 42 and wife is 43, and earn around £80k combined. We had about £20k unsecured debt a few years ago, but now down to under £5k which will be gone by the end of the year (and is 0% anyway).
In our case the debt has nearly always been used for house improvements, and a few years ago to buy a caravan, which means dirt-cheap holidays!
I'm down to about £20k left on my mortgage, which should be paid in 2-3 years :j
Currently saving for a new kitchen, which will be £ouch.
Although we have 3 cars (long story!), they are 11, 14 and 18 years old with an average of 180k miles on each, and are some of the oldest in the street. I don't see the point in borrowing thousands to buy some flashy car to try to impress the neighbors. I maintain and service them myself and spend less in a year on all 3 than some people do in a month or two on HP/PCP finance (eg the Tesla owner above!)

Intoodeep

I am 53, mortgage remaining of £10,000 on house worth £130,000 (Joint Names-Separated), earn £45,000 been in job over 35 years, unsecured debt of £40,000, Pension Pot of nearly £300,000

fatrab

43, £63k mortgage house worth £128k, £15k outstanding HP on car worth £20k (currently for sale), £5500 loan, £3600 on credit card.

Had debts when I was younger 1992-1999 on cars and credit cards. Was debt free 1999-2003 while renting and stayed debt free 2003-2006 while working abroad. Then moved home bought a house, got credit cards, bought cars and it snowballed. At one point around 4 years ago had the mortgage, 4 credit cards with £18k on them, 2 lots of car finance and a loan! All completely my own fault and bad decision making - I want I want I want.....

Hope to be free of unsecured debts by end of next year, mortgage free by 2023.

I think "normal" debt for an average family would be mortgage and a car loan (bank loan or HP). Credit/store cards and other loans, unless the money was needed in an emergency outwith the reach of emergency savings, are just unnecessary. I wish I'd come to my senses a lot sooner in life.

missg2210

Me & other half earn 150k between us (26&30)

I have my student loan which will be done in about 18 months

I also have a car on finance 10k left and pay 161 pcm

He is nearly done on paying a loan off 2 or 3 more payments if he over pays

I have savings as liveat home still but am looking to buy a house. That will probably be a mortgage between 220 - 250k which is bloody scary

We are really lucky to earn what we do. We have the same job so that also helps

Cazeem

34 and husband 36. Earn 36k between us a year. Currently have 20k left on mortgage with house worth approx 85k. Unsecured debt of 20k !!!128533;!!!128533;.

2ndTimeAround

Gosh I always thought the whole 26k average wage in the UK was made up! I can't believe how small our income is competitively.
£21k income inc tax creds, 2 adults 1 child, renting, mid 30s. Currently £15.5k of debt, mostly plugging the gap where our income just isn't high enough. We live in a low pay/high housing cost area