Is Debt normal

Mrjuls33

After years of being in debt my lightbulb moment hit just under 3 years ago since then I've reduced my debt by more than 1/2 with overpayments on various accounts but still have the following Tesco Bank loan £5135
Nationwide loan £1032
MBNA cc £1620 0% apr
Barclayard £1270 0%apr
Tesco Cc £620 15.9 apr

My main question is this level of debt normal as I have assets to show for it and have a well paid job bringing in over £30 k pa most of this debt is from buying a car and raising a family and a wedding :j:j

LawAbiding

"Normal" what is normal to you, will be not normal to others.

You have done well to reduce your debt by over half and I would advise continue to do that.

If you not planning to move, get a mortgage etc etc, then you are in no rush.

It can be difficult to raise a family and pay for a wedding without going into debt.

NineDeuce

It is probably normal. The question should be though 'is it necessary?'.....

Mrjuls33

I already have a mortgage I travel a long distance to work so needed a reliable car and didnt want to go down pcp route to finance it,the light bulb moment hit when I was constantly at my overdraft limit at £-1850 this is now gone and completely cleared, I just wondered unless you are well of debt is unavoidable

enthusiasticsaver

Of course debt is avoidable even if you are not rich although buying a house would be difficult without a mortgage unless you live in a cheap area. I am not sure there is a normal level of debt. There are various percentages bandied about like no more than a certain percentage of your annual income being used to repay debt but nothing concrete. Personally we always thought if we had one interest free credit deal that was sufficient plus our mortgage. We never had outstanding credit balances but I don't think we were the norm.