Quick poll.

Are you in debt? NOT including your morgage.

i.e do you have a loan, credit card or overdraught?

Student, so yes....

nope, gotta plenty of savings :D

after wiping my new car out... yea.. a bit

Isn't everyone in some sort of debt except for people with the big bucks rolling in?

Not got an overdraught but do have a credit card so yeah you could say I am but I do control it.

yeah a lot but then again i could get hit by a bus tomorrow

Same sort of issue covered here: Am I in debt? (http://www.sheffieldforum.co.uk/showthread.php?t=89286)

I'm not in debt but after my PGCE later this year I very well may be.:(

Never been in debt never will be.

Yep, credit cards, overdraft and student loan - all interest free (for the next few years anyway) so not too bad :)

edit: the student loan isn't interest free, but low interest, and it doesn't have a fixed repayment date.

The reason i ask is, since moving house 6 months ago, we cleared all our debts. So we have no, credit cards, no loans, nothing on HP, no overdraught. Just morgage and house bills.


BUT......

We're only JUST keeping in the black, and haveing no life while were trying.

No holidays, hardly go out, hardly any clothes bought, no days away, no weekend trips. Turning down stag do's and nights out cos we trying not to go in red.

But after 6 months of it were getting to thinking we're not living and enjoying life.

So where would you draw the line between keeping dept free and enjoying life.

It would be soooo easy to get a credit card and live a little, the restraint is begining to break.

It can get on top of you having no other life than living and working to pay bills.

Is it all worth it and can you say you're happy with your lives the way they are?

It can get on top of you having no other life than living and working to pay bills.

Is it all worth it and can you say you're happy with your lives the way they are?


At the minute no we're not happy, hence why i'm wondering if anyone else is in the same boat?

We've stuck it for 6 months, and were getting no where fast. We though we'd gradually climb away from the overdraught, month by month, but there's always something that beeds paying, and your back where you started, hovering around the £0.00 balance.

So were begining to think sod it, lets enjoy life more but not go mad.

Life is passing each day and you don't get it back.

Never been in debt never will be.

well thats likely to be an unfounded statement unless you never buy & house, rent a house,use gas,electricity,telephone services etc.

I'm not in the same boat, but I can still understand the problem.

Is getting a credit card and living a little today going to be worth it next month when you have to pay that debt back + interest?

If you are only just staying afloat now then getting a credit card with that aim in mind sounds like drilling holes in the bottom of your boat (to extend the analogy).

It may be no fun staying solvent, but I can guarantee that it would be less fun to have your house repossed or still be trying to pay back loans in 20 years that you could really have managed without.

Maybe instead you need to take a close look at your monthly budget and see if there's anything you can do to ease things a little and give you a bit more spending money.

Isn't everyone in some sort of debt except for people with the big bucks rolling in?

Not got an overdraught but do have a credit card so yeah you could say I am but I do control it.

I don't have big bucks rolling in (14k per annum) but am not in debt. I have a credit card which is paid off in full by direct debit. I go out 4 nights a week. Have steak and wine on Fridays. I have cable TV and broadband. I make £300 pure profit every month, most of which then goes on my annual holiday.

I don't have a car which is a saving. I walk to and from work. Don't have a mortgage but do pay rent. My mobile phone is from the stone age and gets topped up twice a year.

I am continually amazed that people at work on nearly double my pay are almost bankrupt every month before payday - what on earth do they spend it on?

well thats likely to be an unfounded statement unless you never buy & house, rent a house,use gas,electricity,telephone services etc.

using a service which is paid in arrears is not the same as being in debt.
It seems unlikely that many people will go through life without even a mortgage though. I guess a lucky few do though.

At the minute no we're not happy, hence why i'm wondering if anyone else is in the same boat?

We've stuck it for 6 months, and were getting no where fast. We though we'd gradually climb away from the overdraught, month by month, but there's always something that beeds paying, and your back where you started, hovering around the £0.00 balance.

So were begining to think sod it, lets enjoy life more but not go mad.

Life is passing each day and you don't get it back.


do what u need too!!

i spent all the '80s getting in debt with high interest rates, redundancy, children etc.
then all the 90's paying for it.
don't give in to excess but enjoy yourselves,where is the harm in spending a couple of hundred quid on credit cards & paying it back over several month. if you are happy to pay interest charges then it's your choice.

using a service which is paid in arrears is not the same as being in debt.
It seems unlikely that many people will go through life without even a mortgage though. I guess a lucky few do though.


i'm afraid the courts will disagree with that statement.
if u owe someone money for services you are in debt.
why do people get so defensive about owing money?

well thats likely to be an unfounded statement unless you never buy & house, rent a house,use gas,electricity,telephone services etc.

Unless you got your own house, have a top up meter and use a PAYG phone..

I don't have big bucks rolling in (14k per annum) but am not in debt. I have a credit card which is paid off in full by direct debit. I go out 4 nights a week. Have steak and wine on Fridays. I have cable TV and broadband. I make £300 pure profit every month, most of which then goes on my annual holiday.

I don't have a car which is a saving. I walk to and from work. Don't have a mortgage but do pay rent. My mobile phone is from the stone age and gets topped up twice a year.

I am continually amazed that people at work on nearly double my pay are almost bankrupt every month before payday - what on earth do they spend it on?


families,larger properties,food,ancilliary services.
i pay nearly as much as a mortgage in insurances,health plans etc & a similar amount monthly for our daughters upkeep.
hence why people always need more.

I think the key sentence in the post about paying it back over a few months is that the OP already said that they have no extra money every month.
So how exactly will they pay it back?

If they have the ability to pay it back, then the alternative is to save for a few months instead and then use the money. That way no interest charges acrue.

On the issue of services, it would be a debt if you failed to pay upon presention of the bill. Until you are sent a bill though you don't owe any money (legally at least). So as long as you pay your service bills, they are never considered to be a debt. Some even charge in advance, like telewest for example.

You cleared all your debts with your house move...how did that make you feel?

We are in the same boat...cleared everything and put it on mortgage but it is hard staying afloat and we have to be tight...however, I remember those feelings of having debt and even though things are tight now, will not go back to living beyond my means...

Have you thought about getting a nights work a week in a pub or something for a couple of hours just to give you a tiny bit of spending money?...

Or..look at ways where you can save or economise in the house...there are always ways of doing thing cheaper...

Finally...if you are bored with life...there are plenty of things that you can do for free...They may not be the norm but you can hire DVDs from libraries, go to art galleries, go for lovely walks in the country, go and see the animals at graves park! And if you can't stretch to a cuppa tea in a local cafe, you can always drive to the seaside with a picnic...

I would avoid getting into that debt...just remember the feeling when you were in that situation before and the feeling of elation when you finally cleared everything!

I know its hard, being in a new house with bigger mortgage bills is especially if you were used to a nice life before, but just try and stick with it and structure your finances differently...

Unless you got your own house, have a top up meter and use a PAYG phone..

can't fault your response & you may well be in such a position but it is highly unlikely that you will never owe someone money.
it is highly unlikely that anyone pays for everything lump sum in advance.
council tax,house insurance,television licence,car insurance.

My own advice, even if it isn't from years of experience would be to hold tight - try some of the things Liose suggested, you might be surprised how much you can do with just a few quid in your pocket.

Go over your monthly budget, see if theres anything you can cut out to give you a little extra spending money - maybe downgrade the telly package (if you have cable/sky) or even get freeview.

Is there a forseeable light at the end of the tunnel? I'm sure things will get better, they usually do, but is there any guarentee that you will be able to pay these credit cards off in a year, two years? If so, it might be worth getting a 0% deal and 'credit surfing' for the time until you have the extra money to pay back...

HTH :)

I were just jesting with you, dont really class bills as debt but as an interest free loan but do know that the increase in house prices has made it difficult to move up the property ladder! stay put than be in debt.

...Have you thought about getting a nights work a week in a pub or something for a couple of hours just to give you a tiny bit of spending money?...


This is exactly what I was thinking, you'll be getting out of the house and earning money. It's certainly worth a thought.

I don't have big bucks rolling in (14k per annum) but am not in debt. I have a credit card which is paid off in full by direct debit. I go out 4 nights a week. Have steak and wine on Fridays. I have cable TV and broadband. I make £300 pure profit every month, most of which then goes on my annual holiday.

I don't have a car which is a saving. I walk to and from work. Don't have a mortgage but do pay rent. My mobile phone is from the stone age and gets topped up twice a year.

I am continually amazed that people at work on nearly double my pay are almost bankrupt every month before payday - what on earth do they spend it on?

People have families to support and not everyone can have a nice bonus everymonth.
We have a car and my b/f has a bike which basically only gets used in the summer, but we don't go out much and instead have chosen to spend our money on things we like for our home.
We did also used to run 2 cars but decided to get rid of one as it wasn't being used much, and my b/f is the only one that works.

We've done most things to save here and there.

Changing gas & electric suppliers, downgraded sky to only free channels ( :cry: that's a killer). Sold everything of value that's not needed. Do car boots.

I'm currently job hunting, see here:
http://www.sheffieldforum.co.uk/showthread.php?t=85581

My girlfriend is part time at the mo, but we have a daughter, so if she could go full time, we would need to pay for nursery. But it's an option IF a full time job comes up.

I'd gladly work more hours, but i work full time already, and any other job will be minimun wage, that gets taxed 25%. So although i would work a 2nd job, the pay is shocking, and an extra £30 a week to not see your daughter is not worth it.

Belive me were not sat around feeling sorry for ourselves, we have days in the park, but when it's freezing cold where do you go?

Its so easy to get in debt, hopefully we will keep free of it.

Just a mortgage....wasn't always like that tho.

i earn in the region of 30k a year, and Im in masses of debt. Hopefully wont be forever. Its hit the point now where I am getting further and further in debt every month.

The mistakes were made when I was 18, ive been tryin to get out of it now for 4 1/2 years.

Your 22 and you earn 30K a year!

What's your job?

One credit card has a balance on it. Cars are paid off. That's it, other than mortgage debt. My house was paid off, but I had to take out a small mortgage when my ex and I split so I could buy his half of the house.

One Egg loan and a student loan that's slowly getting paid off. I won't say how much I earn or how much the loans are for though. :P

I'm gonna say no. I have a student loan, but more in savings than the total loan value.

no, but soon to be a student so probably not long till i am

Yup, I'm in debt...
I have a car and a laptop on credit... There's my student loan... Then there's my credit card (albeit unused at present) and my overdraft...

Your 22 and you earn 30K a year!

What's your job?

I was wondering that too.:D I hadn't even finished my engineering degree at that age and 32 before I hit anywhere near that figure. :o

I was wondering that too.:D I hadn't even finished my engineering degree at that age and 32 before I hit anywhere near that figure. :o


I'm 32 now and still no where near

Its usually the people who shout about how much they earn that actually earn the least, its usually the quiet ones that often earn the most.

why would someone lie about how much they earn on a forum though?

Your 22 and you earn 30K a year!

What's your job?

It's commission based telephone car sales for one of the largest in the UK ;)

I just happen to be good at what I do :thumbsup:
The basic is around 13-15k depending on service level achieved. Ive never earned less than 27k a year here though.


edit - For what reason would I lie about what I earn? It makes no odds. Nobody will think any better of me for earning 30k a year rather than 3k a year.
I wasnt shouting about it either, I was merely stating that if you live beyond your means at 12k a year, you will probably do the same at 30k a year.

It's commission based telephone car sales for one of the largest in the UK ;)

I just happen to be good at what I do :thumbsup:
The basic is around 13-15k depending on service level achieved. Ive never earned less than 27k a year here though.


edit - For what reason would I lie about what I earn? It makes no odds. Nobody will think any better of me for earning 30k a year rather than 3k a year.
I wasnt shouting about it either, I was merely stating that if you live beyond your means at 12k a year, you will probably do the same at 30k a year.

I would imagine that you have to be extra careful in your spending then and tuck some away for a rainy day as your income is performance related.

If anything went belly up and you were used to spending 30k a year, you might well find yourself in a quagmire especially if the company went out of business which is not unknown in the motor Industry these days and to find a replacement sales position that would pay the equivalent must be quite hard.

The Motor Manufacturer I work for are selling every new car at a loss of 2k per unit just to maintain the share of the market and losing money hand over fist.... all the major manufacturers are bar Toyota.... the bubble will burst one day or the market will improve either way I am glad that in any eventuality I would be able to move on. Just a thought for you Nate.... never be comfortable in what you do.... always look ahead and keep a second string to your bow.

I was merely stating that if you live beyond your means at 12k a year, you will probably do the same at 30k a year.

Too true. As my levels of wage have increased so has my spending. If I'd continued living like the doley I was for the past 6-7 years that I've been working, I would have amassed a fortune. But when there's money in the pocket its natural to want to spend it. And why not? It only becomes a problem if your material aspirations outstrip your finances or (see the thread about being on the street) your personal circumstances suddenly become a lot more unstable and frought and you find you've overstretched yourself.

Interesting comments about how we react when we get more money.

Is it just a matter of self discipline to do something like immediately increase the payments on your mortgage when you get a payrise.
It doesn't need to be the entirey of the payrise, but you never miss it cause you never had it, and in the long run it's saving you thousands...

The Motor Manufacturer I work for are selling every new car at a loss of 2k per unit just to maintain the share of the market and losing money hand over fist.... all the major manufacturers are bar Toyota.... the bubble will burst one day or the market will improve either way I am glad that in any eventuality I would be able to move on. Just a thought for you Nate.... never be comfortable in what you do.... always look ahead and keep a second string to your bow.

I don't believe all manufacturers are selling at a loss. To name a few; Honda, Toyota, Renault (On new clios), BMW.
I know Citroen, Ford, Vauxhall etc are - and I think the company I work for are partly responsible from selling PRE-REG fleet cars at such cheap prices. Dealers just can't compete!

I am aware of how topsy-turvy the motor trade is, and that it has hit it's all time low over the past 12 months. Our company has made a fair few people(triple figures) redundant recently, as have a few other companies.

I currently don't spend all that much money... Problem is, when you have just shy of £2000 per month in Direct Debits, there isn't much left to save after fuel/food/living expenses. As I say, the debt I am in, I have been in for 4 years. It's a painful cycle. One bad month at work = several £30 a go bank charges... Earn more next month just to make up that loss.

I'm selling my house soon and starting again..... debt free! YEY! :D

I appreciate what you are saying though!

£2000/month direct debit.

A 30k salary doesn't actually cover that after stoppages.

in debt too: car loan and overdraft. Also I still owe money to one of my brothers who kindly lent it me for studying in England. Studies are SO dear in England! :( But I really wanted to finish my studies here so I have no regret. I'm lucky my brother is in no rush (he lent me the money in 99 and I finished studying in 2000) but I have decided to pay it off by the end of this year. :)

Actually if I buy a new car (which I plan to do soon) then i'll be borrowing about 7k, probably to be paid off over 2 years or 18 months.

£2000/month direct debit.

A 30k salary doesn't actually cover that after stoppages.

Great! You won't catch me out mate, as what I am saying is true ;)
jan 2004-jan2005 = 27k, jan2005 - jan2006 = £33k hence, 30k a year.
There's 2 of us (my ex that still lives with me). Except she works part time/temporary work at the minute.

I'm neither ashamed, nor arrogant about how much I earn. How much I earn is irrelevant when I have so much debt. That's the reason I posted in the first place.

wasn't trying to catch you out, i just thought it strange. 33k works out (on a standard 498L tax code) to almost exactly 2k/month, assuming no pension payments :-)

this (http://www.listentotaxman.com/index.php?calc=1&year=2005&age=0&add=0&taxcode=498L&period=1&ingr=33000&Submit=Calculate) cool little calculator lets you check.
Also good for working out what a payrise means in real terms every month :D

this (http://www.listentotaxman.com/index.php?calc=1&year=2005&age=0&add=0&taxcode=498L&period=1&ingr=33000&Submit=Calculate) cool little calculator lets you check.

Damn, that is useful! I didnt even know this existed! Cheers :)

Yep, lots! :hihi:
But its going to be sorted out in the next 5 weeks thankfully.

Friends often take the **** out of me for being in debt, but at the end of the day, I live in a lovely house full of belongings I have got in debt to have and they go home to live with mum and dad and have a car for company!

So- its not all bad being in debt really, especially if you know how to sort it out.

nope not in the slightest

YES! I owe Yorkshire Water because they are a rip off but other than that i owe nothing. Not bad to say im 19 live on my own and pay my own way :D