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Worried about son's debts
motherTG
Posts: 6 Forumite
Hello,
My son is 31, married with a child. Both him and his wife have good careers and I estimate they earn around £75,000 per year household income.
My son was completing some forms last week in order to make a will. He asked me to check some details. There was a section that required them to list their debts and I saw it! I was horrified to see that they owe around 35k on credit cards and a loan. He was extremely embarrassed that I had seen it. I told him that I was shocked. We have never really had big debt and it terrifies me.
He has assured me that there are no issues and that they manage it well. Apparently some of it is car debt. The rest is credit cards that they have transferred to 0% in order to clear it quicker. they don't appear to be in any finnancial hardship....but 35K!! I am gobsmacked that they are so relaxed about it.
My husband has told me to mind my own business and that ourson and his wife are no different to lots of young couples. I can't help but worry that they are going to end up in a mess.
My son is 31, married with a child. Both him and his wife have good careers and I estimate they earn around £75,000 per year household income.
My son was completing some forms last week in order to make a will. He asked me to check some details. There was a section that required them to list their debts and I saw it! I was horrified to see that they owe around 35k on credit cards and a loan. He was extremely embarrassed that I had seen it. I told him that I was shocked. We have never really had big debt and it terrifies me.
He has assured me that there are no issues and that they manage it well. Apparently some of it is car debt. The rest is credit cards that they have transferred to 0% in order to clear it quicker. they don't appear to be in any finnancial hardship....but 35K!! I am gobsmacked that they are so relaxed about it.
My husband has told me to mind my own business and that ourson and his wife are no different to lots of young couples. I can't help but worry that they are going to end up in a mess.
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Comments
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I understand your concern but it is his life listen to your husband ( he seems a wise 1), if he says they are managing it well then leave them to it.0
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The average debt amongst adults in the UK is currently £30,000.
So your sons situation is by no means unique.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
According to google it's 13,000 per house?0
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According to google it's 13,000 per house?
Depends which newspaper you read.
My point is, that amount of debt is by no means unusual these days.
Yes it sounds shocking, but as long as they can service the debts, then there's little point making an issue of it.
Debt is the great unspoken subject amongst us brits, almost everyone has it, but no one talks about it.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Thirty five thousand pounds is one medium range BMW.
For a household with an income of £75k, I would say it's about par for the course."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
I understand your concern, especially when you say you never had such debt. However, you know your son and you will know if he is managing it or not. Lots of people need to take finance for a car and that is probably a big chuck of the debt. whilst it is a lot it is probably manageable if he is using 0% credit cards although that would also depend on his other outgoings.0
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My son was completing some forms last week in order to make a will. He asked me to check some details. There was a section that required them to list their debts and I saw it!
I don't remember any particular form filling required to make a will, definitely not one that required me to list my debts?0 -
Mum? What are you doing on here?174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 20200
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