How much debt are you in?

[mutt k]

There was an article in the Sunday Times yesterday by Rosie Millard who used to be the arts correspondent of the BBC and now writes in the property section about her experiences of being a private landlord.

She admits that between herself and her husband, they have £40000 owing on their credit cards and regards this as being normal among the "middle classes".

If I owed this sort of money on my cards, I think I would at the very least have trouble sleeping! Between me and Mrs K we have about £3000 on our cards, but most of that is down to me paying for the 911 to be serviced last month.

Do any Phers admit to such huge sums on their cards?

[nervous]

yes, me.

[M@H]

We don't have credit cards at all ! If we ain't got it we don't spend it... (other than the Morgage of course) its a good way of keeping out of financial trouble.

[d3ano]

yep.
can sleep at night though as i don't think about it.
Bad i know, but that's all thanks to Labour and their introduction of Student Loans. Thanks w*nkers

[ledger]

no credit card debt, 200k mortgage though :-(

[docevi1]

at 22, £10k. Some of my mates are into the £15k and £16k's...

[Plotloss]

£40K on credit cards

Thats a min monthly payment of about £900

Nutters.

[soir]

£90k mortgage
£12k loan
£3.5k owed to tax man

[simpo two]

If you die in debt - you win.

[GregE240]

Apart from the mortgage, nothing at all.

Theres people who owe me though....

[tvrforever]

surely for those levels of credit card debt the best way is a bank loan (proper money not those sat TV ad companies) to clear the high interest debt with lower interest debt?

[Mrs Fish]

Just cleared off the last of my credit cards, just have a £1500 student loan left, but seeing as I have never, nor never will now earn more than £18,000 a year it won't get repaid

[mxdi]

If you play credit cards the right way then bank loans are higher interest in the long run.
I swap my credit cards every 6 months or so to keep the interest at 0%
Bank loans are around 11%

[whoateallthepies]

68k mortgage
10k loan
£3.5k to my Mum and Dad
Got rid of the credit cards (and ain't getting another!!)

Mind you, I only earn 18k-ish from 2 jobs, so things can be a bit tight what with all the other bills on top

[billb]

aaaah lets not go there nice weather today ahem..

[mcecm]

I'm on about £11k for my student loan plus whatever interest has been applied over 4 years. I'm in my final term though (thankfully!).

[turbobloke]

Plotloss said:

£40K on credit cards Thats a min monthly payment of about £900 Nutters.

Better to put it on the mortgage, or maybe they've got the balance on zero percenet or a very low figure after transfers? A £40k 'mortgage' would be much cheaper.

[JagLover]

Mrs Fish said:

Just cleared off the last of my credit cards, just have a £1500 student loan left, but seeing as I have never, nor never will now earn more than £18,000 a year it won't get repaid

Perhaps they should bring in legislation for women who amass Student loans then become House wifes-maybe it should be assessed on their husbands income

[nonegreen]

Mrs Fish said:

Just cleared off the last of my credit cards, just have a £1500 student loan left, but seeing as I have never, nor never will now earn more than £18,000 a year it won't get repaid

Hey thats a good point I wonder if we can get the student loan nonsense scrapped on the grounds that its sexist?

[KITT]

Just my student loan at the moment (~£8k). Although sitting on my desk is a mortgage offer acceptance form which will see me in dept for at least the next 25 years On the plus side I'm getting a nice new flat

Only have 2 credit cars, one of which is never used, and always pay it off by the end of the month. Own both my cars out right too (although neither are worth a hugh amount).