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Should I be more worried?
Comments
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I have to say i feel exactly the same way. Both me and my husband are high earners, have just under £70k of debt which includes cars and motorbike. Admittedly I have the odd !!!8216;oh !!!!!!!!!8217; moments but we!!!8217;ve never missed a payment, yes it would be nice not to have the debt, but I can already reduce my debt by £11k when we hand in the car and bike at the end of its pcp deal. We don!!!8217;t have a huge mortgage, plenty of equity in the house if needed (although would rather leave that alone) and luckily while we!!!8217;re both earning, have put a plan in place to clear as much as possible over the next few years. For me, I can!!!8217;t over think it, I!!!8217;ve just to crack on with it, work at reducing the debt overall until at some point in the next five years I can say I!!!8217;m debt free. It will happen, we!!!8217;ve just got to plough through it now to get there
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Other than the fact that you don't get a house at the end of it, your debt is no different from a mortgage, and as long as you have a plan to repay it/can meet your monthly repayments, then there's no reason to worry.
However, you do have significantly less of a safety net, so it's perhaps worth retaining some small pot of easily accessible savings to cover anything truly unexpected, rather than throwing every single penny at the debt, especially if you're in it for the long haul.
Worrying about what people think, aka "keeping up with the Jones's" is what gets many into debt in the first place - being seen to live a lifestyle they simply can't afford. Don't maintain that destructive mindset when you're in debt too!0
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