How much debt do you have?

Discussion in 'TalkCeltic Pub' started by DamianWayneCSC, Dec 21, 2016.

Discuss How much debt do you have? in the TalkCeltic Pub area at TalkCeltic.net.

  1. DamianWayneCSC

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    So a little personal, and dont expect too many to answer too honestly.

    But for as long as I can remember, ive always had some form of "debt". Wonder if everyone else is the same? Be it overdraft, student loans, credit cards, store cards etc?

    Currently sitting with 2500 worth of debt over 3 bills (overdraft and 2 store cards), and intend to pay the cards off by end of this month and hopefully the overdraft by mid feb. The thought of being debt free soon is exciting. And building my savings properly even more so.
    Was debt free a few years back, but then took a loan out, then got close again couple years ago, but started taking too much advantage of the overdraft. The biggest issue was being a student a little later than most (not quite mature student, but had a couple years between leaving school), and the idea of interest free overdrafts was too easy. Regret it a little now, but I see the horizon.

    So anyone else got a bit of debt? Used to have some? How did you overcome it? What have you done with your income since?

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  2. TimFloyd Gold Member Gold Member

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    Got about 3/4K on credit cards
    1k on store cards
    4K left on my car

    I was balls deep in my overdraft at 2.5k for a while but out that now.

    Everything is now manageable as for a while it just seemed to be * against the wind so it's gradually coming down.

    The 3/4K on credit cards will just be balance transfers till it's gone.
     
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  3. Mr. Slippyfist Gold Member Gold Member News Writer

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    Not if you want more credit in the future.
     
  4. Minimalist Banned!

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    Never had debt in my life. Always been in the Green.
     
  5. Heb Celt

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    They say a man without debt is a rich man.
     
  6. TimFloyd Gold Member Gold Member

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    they don't half tempt you though when you start paying things off, I must have about 15k worth of credit available to me should I decide to use it.

    Only wanted a credit card for purchases from my bank as my high interest "bad credit" cards were all payed off and closed.

    Only wanted about a grand.... nope here's a 6.5k limit :56:
     
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  7. DamianWayneCSC

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    This is something that has also crossed my mind, always hear (in business and personal) that a little manageable debt is good as it gives you credit rating etc. A little mad to think that way, but would it be better? Perhaps pay everything off and take out a credit card and use it little and often?

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  8. Minty 2 x BOTB winner Gold Member

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    Just my phone contract.
     
  9. Miles Platting Irish Mancunian Gold Member

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    Uncanny this, just paid £500 back to HMRC today, *
     
  10. Aidan O’Shea Gold Member Gold Member

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    Overdraft is 2.5k. Don't really give a * for now.
     
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  11. TimFloyd Gold Member Gold Member

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    Aye have a credit card set up to take full payment every month, don't go daft just stuff like putting petrol in your car etc
     
  12. DamianWayneCSC

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    What do you mean by full payment?
    And I assume put stuff on it that you are normally going to pay for anyway? But just delaying the payment to keep a credit score active and "high"?

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  13. Sween

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    Only a mortgage which is pretty big but manageable and on a low interest rate. I have a 5 year target to be able to pay it off.

    My mum worked most of her days on the customer desk at a bank and she saw the mess people get themselves in with debt. She also left because she saw how banks punted debt to people who they shouldnt have been selling debt to.

    She drilled it into me at a young age never to get into credit card debt and Im pretty tight so overspending has never been an issue.
     
  14. TimFloyd Gold Member Gold Member

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    Well you can have a card set up by direct debit to either take the minimum payment or full payment each month.

    Full payment iirc means you don't incur interest fees because you pay it off before it has a chance to

    Aye pretty much, just as long as you don't go daft on it so it shows you have credit and use it wisely
     
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  15. PaulM1888 Gold Member Gold Member

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    26 years left on the mortgage, 2 left on the car and I get 50 quid a month off me for student loan.

    I've get a neglible amount on a CC that gets used for bigger purchases for the insurance it gives. Can see how and have seen how those can gobble you up, didn't have one until I got engaged in NY last year.

    :56:
     
  16. Sween

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    Just pay money into the card the day after you spend. So the card is used but you dont pay interest. It is effectively just a debit card with protection if you use it like that.

    That said, the idea that you have a bad credit rating if you dont have debt is a myth. Its more based around showing you have the capacity to pay back regular commitments
     
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  17. Minimalist Banned!

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    What?
     
  18. Big Mick Un pour tous, tous pour un Gold Member

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    Was it tax owed or a late payment charge or something, because if it was a penalty charge you can appeal it and if you come up with a half decent excuse you always get it back.
     
  19. Minimalist Banned!

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    What you working as?
     
  20. PaulM1888 Gold Member Gold Member

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    What is it you do for a living again?