Decided not to count Student Loan as debt...

ElleWoods

...for now. I know it is a debt, but including my student loan my debts add up to around £13k and with that amount it's hard for me to see a light at the end of the tunnel. So having read Martin's info about SL's I've decided to separate my debts and focus on clearing my CC debts first. Once that's done, I'll take stock and look again at my finances in the hope of clearing the SL.

I've amended my sig accordingly and already feel like a weight's been lifted - Dec 2011 seems a lot closer than the Jan 2019 that's my DFD with the SL added!

Hope you all have a good day!

CC x

Gemmzie

Best way CC. Even a mortgage should be paid off before a student loan in a lot of people's cases. Good luck with the rest of your debt busting

ElleWoods

Thanks! I don't earn anywhere near enough to *have* to start paying it back and it gets wiped off once I'm 50 - that's only 15 years so at the rate my salary is growing (i.e. it isn't) I'll never get to the point where I have to start paying it and it will be wiped off! :j

Time to concentrate on the CC debt now...

CC x

Puzzledbubbles

HI Cuba Cat,

Hubby and i dont count our student loans as debts at the moment, a lot of that is to do with the interest rate that is so low and the fact that those loans let us get into the good jobs that we are in now so its kind of a benefit.

Also the way that i look at it is that i always make the minimum payment anyway as it comes directly out of my account so that debt is being taken care of.

I think that for us it makes a lot more sense not to count it but know that we are paying it off anyway and then look at overpaying when we are better off (not sure when that will be thou, lol)

There are quote a few people that i know that would be shocked to think of overpaying as it is unsecured and the amount that you pay directly correlates to your earnings.

I think you have made the right decision (FWIW)

Puzzled xx

BlueFleur

I don't count mine either. I just think of it as another kind of tax really. I figure that when I am debt and mortgage free, I'll start worrying about it As Puzzled said, the interest rates are very low when compared to other forms of debt.

always_amazed

I never even considered counting mine... I figured that by the time I was earning enough to pay it back (and given the lessons I've learned with my relatvely small amount of debt and living on a low income) that I won't be troubled by it in the slightest.