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  • FIRST POST
    Former MSE Lee
    'Are you less in debt than you used to be?' poll discussion
    • #1
    • 19th Jul 11, 12:43 PM
    'Are you less in debt than you used to be?' poll discussion 19th Jul 11 at 12:43 PM
    Poll started 19 July 2011, click here to vote

    Are you less in debt than you used to be?

    The credit crunch has now been around for over xx years. Borrowing is harder to get than it used to be, and with many people having been burned, there’s talk the nation is becoming more debt averse.

    Compared to FIVE YEARS ago which of these is closest to your scenario (exclude mortgage & student loans)


    I was debt free then and still am
    Am debt free now but due to bankruptcy/IVA
    I was too young to borrow then, so they’re bigger now
    Was in debt 5 years ago - now all paid off
    My debts are much smaller now
    My debts are a little smaller now
    My debts are roughly the same
    My debts are a little bigger now
    My debts are a lot bigger now
    Last edited by Former MSE Lee; 19-07-2011 at 6:37 PM.
Page 1
    • GingerFurball
    • By GingerFurball 19th Jul 11, 3:09 PM
    • 950 Posts
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    GingerFurball
    • #2
    • 19th Jul 11, 3:09 PM
    • #2
    • 19th Jul 11, 3:09 PM
    Compared to five years ago, where I had no debt of any kind, I'm in much more debt now.

    Compared to last year, where I had credit card debt of £3500 (my limit was £3250) and a maxed out student overdraft of £1750, my current situation of no credit card debt, a student overdraft and money in the bank as saving, I'm in much less debt than I was a year ago.
    • Desperate Housewife
    • By Desperate Housewife 19th Jul 11, 4:46 PM
    • 1,766 Posts
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    Desperate Housewife
    • #3
    • 19th Jul 11, 4:46 PM
    • #3
    • 19th Jul 11, 4:46 PM
    I can't vote on this because I have no debt now but had some 5 years ago...which box do I tick?
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    • backinbusiness
    • By backinbusiness 19th Jul 11, 4:52 PM
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    backinbusiness
    • #4
    • 19th Jul 11, 4:52 PM
    • #4
    • 19th Jul 11, 4:52 PM
    ditto the above post!
    DF
    • Gordon the Moron
    • By Gordon the Moron 19th Jul 11, 8:27 PM
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    Gordon the Moron
    • #5
    • 19th Jul 11, 8:27 PM
    • #5
    • 19th Jul 11, 8:27 PM
    Was in debt five years ago now all paid off not what you are looking for?

    I was not in debt then and I'm still not, my savings are bigger now.
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

    If you do like it please hit the thanks button.
    • worried jim
    • By worried jim 19th Jul 11, 8:30 PM
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    worried jim
    • #6
    • 19th Jul 11, 8:30 PM
    • #6
    • 19th Jul 11, 8:30 PM
    Five more years of paying a mortgage so a lot less debt than I used to have.
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    • MSE Martin
    • By MSE Martin 19th Jul 11, 9:23 PM
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    MSE Martin
    • #7
    • 19th Jul 11, 9:23 PM
    • #7
    • 19th Jul 11, 9:23 PM
    I can't vote on this because I have no debt now but had some 5 years ago...which box do I tick?
    Originally posted by Desperate Housewife
    We've added an extra option in on this
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

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    • skaps
    • By skaps 20th Jul 11, 4:40 AM
    • 2,254 Posts
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    skaps
    • #8
    • 20th Jul 11, 4:40 AM
    • #8
    • 20th Jul 11, 4:40 AM
    I'm in less credit card debt than 5 years ago.

    I'm in more mortgage debt as I moved in 2008 and bought a house.
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    • minerva_windsong
    • By minerva_windsong 20th Jul 11, 8:27 AM
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    minerva_windsong
    • #9
    • 20th Jul 11, 8:27 AM
    • #9
    • 20th Jul 11, 8:27 AM
    If you count student loans as debt, then I'm in more debt now (as I'm paying it back) than I was five years ago (ie just before I started uni).
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    • seven-day-weekend
    • By seven-day-weekend 20th Jul 11, 9:02 AM
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    seven-day-weekend
    Five years ago I owed not a penny to anybody.

    Now I have about £2.5k on interest-free credit card.

    I have more than enough savings to cover this debt.

    So I don't know what to answer - probably a?
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  • MacsReturns
    "Was in debt 5 years ago - now all paid off"

    But by that I mean I had a mortgage then, my only debt. I really don't see the point of excluding mortgages and student loans from consideration in this survey -- they are both debts, both are calls on your future earnings, both leave you in hock to 'The Man' as much as any other debt, be it credit card or loan shark. Both keep you on the hamster wheel and can make all the difference on the basic Micawber principle.

    Excluding them is a false distinction, leading people into complacent ignorance/denial of their financial situation.... encouraging people to say "I'm debt free..... except for mortgage and student loans" is a bit like saying "I quit smoking, except for cigars", or "I'm teetotal, except whisky" or "I'm a vegetarian, except bacon".

    OK, rant over, but more seriously, for the point of this survey in its own right, mortgage and student debt should still be included. If you REALLY want to check up on the debt aversion of the UK you should also take into account those who've paid down/off their mortgages, or avoided or alternatievly funded their education, because - I believe - that is where a lot of risk averse behaviour will express itself.
    Last edited by MacsReturns; 20-07-2011 at 10:28 AM. Reason: Fat fingers...
  • FATBALLZ
    Technically I am in more debt, as I owe just over £5k on a car, but I have enough cash savings to cover this, plus substantial house equity and pension funds (and a car!) so I have far more assets than I did 5 years ago - pretty much all I had was the sofas, tv and cheap furniture we had kitted out our rented flat with, mostly with money borrowed on a credit card (about £3k).
  • FATBALLZ
    "Was in debt 5 years ago - now all paid off"

    But by that I mean I had a mortgage then, my only debt. I really don't see the point of excluding mortgages and student loans from consideration in this survey -- they are both debts, both are calls on your future earnings, both leave you in hock to 'The Man' as much as any other debt, be it credit card or loan shark. Both keep you on the hamster wheel and can make all the difference on the basic Micawber principle.
    Originally posted by MacsReturns
    It's fair enough to exclude mortgage and students loans as they would skew the results, mortgages are generally offset by property assets that are generally worth at least as much as the mortgage, and student loans are a tax in all but name, and not something you have to worry about if you lose your job - (I believe) this poll is more about whether people's situations have improved, not whether they technically have more debt.

    For example 5 years ago I had about £3k of debt, if I included my mortgage I'd have to say I was now £120k in debt, but my financial situation is actually much better now than it was.
    Last edited by FATBALLZ; 20-07-2011 at 7:29 PM.
  • Eric Pisch
    about 100k less in debt

    all thanks to MSE
    Last edited by Eric Pisch; 20-07-2011 at 7:39 PM.
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  • jamesd
    Mine are a lot bigger now and this is a good thing. Much improved credit situation so I'm now exploiting lenders to profit.
  • jatos
    I've gained a few debts in the last year, though, just finished paying of a £1870 loan, just to deal with unsecured debts now.... (excluding overdraft, just under £2300)...
  • happy_lass
    seem to be in more debt now. Five years left on mortgage. Cant reamember the last time we were well into the black. Always in the red these days
    life is what you make it, make it fun !
    • syncuser11
    • By syncuser11 26th Jul 11, 8:39 AM
    • 11 Posts
    • 0 Thanks
    syncuser11
    I have an overdraft of £1,800 which I hope to dig my way out of by 2012, I've recently started a job on £23,000 a year. Although that is likely to go down the drain in January when I plan to move into my own flat, hence buying lots of expensive furniture. I also still have a £500 student credit card with around £400 of it being used up that I want to pay off as the APR is pretty crippling right now.

    I know it said not to mention Student Loans but I pay out £60+ a month towards it, and will be for the next 10 years!
  • johncolescarr
    My debts are the same but my net worth is much lower as my house has lost 20k
    Mortgage £120K, monthly overpayment £600, 18 years and £100K saved
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