Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: JamesV6CDX on 25 November 2008, 22:09:30
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Just interested in what the average personal debt is, (not including mortgage).
No need to vote if you don't want to of course - results should be anonymous, although I suspect Jaime may be able to find out if he looked hard enough ::)
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Sorry, wrong section. Silly me - please move!!
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only got my student loan, which is not technical debt.
I have a credit card but use it as a tool, i buy big costs, fuel, train, to get points, its paid off every month.
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Im in debt, mostly credit cards and 1 loan, between £6-£8k all done when i was 18, young stupid and didnt have a clue :-/ got nothing to show for it, slowly paying it off thought :y
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completely in credit til i get the mortgage completed
at 27 i've never had a debt
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[movedhere] Omega General Help [move by] hotel21.
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In the black for me
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On a IVA...never in debt again......i`ve learnt my lesson.... :-[ :-[
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Does a planned overdraft count? ;)
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fortunate enough not to be in debt. was a couple of years ago but not any more.
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I don't go into debt. If I can't afford it, I don't buy it, simple.
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was in debt before for about £6k but got my redundancy pay out and a new job so cleared all debt straight out and a bit left in the kitty for after :y
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Fortunatly, I'm too young to be in debt! :y
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All I have left is the dregs of my student overdraft which will be cleared soon, then I don't intend on having any debts until the mortgage I guess!
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Never had student loans (which is debt as it can count against you as part of a mortgage application) because I worked during holidays.
No debt, just a mortgage.
Got a large financial liability in the form fo a wife though....
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I have to say that I think the real dangerous situation is not knowing how much debt you have !
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Learnt my lesson many years ago as a youngster and spent the rest of my working life ensuring that I never got over my head. Thankfully been completely in credit for many, many years. It's a very comfortable feeling and worth striving hard for.
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1 mortgage
1 consolidation loan
1 finishing next year car loan
0 credit cards
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well im one of the ones on the yellow line and officialy in the shit
ah well :-/ :-/
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im not too bad about £2000 but have a £90k mortgage !! only one credit card £500 limit just for emergancys and overdraft but have a wife and three teenage lads !! ::) ::)
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No dept at all & just the way i like it. My parents taught me that if you can't afford, you don't buy.
I save for what i have & for me that's the best policy :y
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No dept at all & just the way i like it. My parents taught me that if you can't afford, you don't buy.
I save for what i have & for me that's the best policy :y
Had to chuckle at this as I am sure all parents say the same thing to there kids, but do we listen?
I for one didn't, had loans for motorbikes and cars etc and had to learn the hard way.
Ain't go no debts now though but feeling the pinch at the minute :(
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My pub company went bust for around the 50k mark. currently about 1200 on loans. No credit cards or overdafts.
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Currently £100 on CCard. Plus Phone Bill. Everthing else paid by Direct Debit or Standing order. Mortgage paid off and some pennies in the bank for back up.
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I've never been prepared to go in to debt for anything other than a roof over my head, and I plan to be rid of that debt in a few more years. Something doesn't "feel" like it's mine until I've paid for it.
I guess it's a bit like smoking. If you don't start the habit in the first place it's easier not to lapse into it.
Kevin
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My total debts including mortgage are less than 2/3rd of my house value
All dropping quite nicely now
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I for one didn't, had loans for motorbikes and cars etc and had to learn the hard way. ......
If you can afford the repayments for a loan for bike/car/whatever, I can't see a problem. You know you're gonna pay more for the item than if you'd saved for it .....
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Got a couple of quid on my credit card and 24K on a Mortgage otherwise nothing. I'm like others on here, if you can't afford it, you can't have it, that's why I paid £500 for my Elite estate :y
Humpy
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am only indebted to some of the guys on here for all the help they have given!!! :y :y :y :y :y
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Just a mortgage.
Do Have 9 credit cards between me and SWMBO, 5 clear, 3 less than 20% of balance and intrest free (balance transfers) and one that i use for petrol etc and clear monthly.
Savings far outweigh Credit Cards easily so i`m saying no debt.
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My wife and I have about 12k in terms of non mortgage debt...
... and a 300K mortgage!
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i have a 4.5k loan that paid off credit cards etc that i wasted doing cars up - i get back pay next month from the pay deal finally agreed at work so this should cover the repayment of the loan in december.
i also have a sofa agreement that is £1200
and my mortgage so that wont be going anytime soon! :D
i certainly wont be getting any more finance agreements for cars as i get bored within 6 months and look at something different - i have wasted too much buying and doing up cars!
so at the moment i am comfortabe as i know a few months work plus all the extra working over chritsmas should easlily pay my 2 loans off :)
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I have a loathing of paying interest( cos I'm a tight wad)so I avoid it like the plague if at all possible. All credit cards are on direct debit and are paid off in full every month. As has been said I also was brought up in the mindset of if you want it you save for it, and not buy now and pay later, unless of coarse it's an interest free deal :y
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Voted, not much now & still well in positive equity. No store or credit cards (anymore) & small debt i have is arranged not arrears.
What i don't understand is, with credit cards if you can pay in full each month to avoid charges why do you need it in the first place? :-?
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My wife and I have about 12k in terms of non mortgage debt...
... and a 300K mortgage!
:o
What are the monthly payments on that?
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Voted, not much now & still well in positive equity. No store or credit cards (anymore) & small debt i have is arranged not arrears.
What i don't understand is, with credit cards if you can pay in full each month to avoid charges why do you need it in the first place? :-?
some people guy use credit cards that have a years free interest then spend upto the limit, come the end of the year transfer credit from another card and then continue like that, if you do it right then you can actually make money lol!
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I've heard about that, Martin Lewis? I'm to disorganized though, i'd break it right up & incurr charges so i leave well alone. ::)
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Now is the time to look at what you have borrowed, check out the rates you are paying and lump it all together for a cheaper deal.
High street banks are keen to lend and have targets to achieve so may be more sympathetic than you think, so now is the time to do it.
Look at how much you pay out on all of them and that's your monthly budget - no more!
Be wary of finance deals for kitchens, furniture, computers etc after any initial free period ends they can be as much as 30%+
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i have a loan for Mia's additional tuition , that was interest free, i had the money to pay for it outright but decided to stick it all in a buliding society account and have it pay the loan on a monthly basis, i know i am not earning a lot of interest but anything is better than nothing at all......
My other debt is a directors loan from my business, and again that is interest free....
My mortgage is 89K and we want that taken care of in the next few years
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Voted, not much now & still well in positive equity. No store or credit cards (anymore) & small debt i have is arranged not arrears.
What i don't understand is, with credit cards if you can pay in full each month to avoid charges why do you need it in the first place? :-?
It is a matter of convenience (i.e. not having to carry a big wad in your pocket at all times or cheque book). Also you can get protection/assitance in areas of disputes, lots offer reward schemes and to shop online where most of the best deals are had.