How much in debt are you

Sugar Free

Zero debt at the moment. Prior to saving for a mortgage I put a lot into stock and index funds, specific tax-deductible government approved investment fund* and company stock (at a 25% discount).

The last 6 months and next 8 or so I've had to build up my cash pile for the deposit instead. So all investments save for my pension and tax-deductible investment fund have been halted.



* I don't live in Ireland

20Wheel

tayto lover wrote: »

Was never on the dole and never a day off work sick either.

Here, have a tiny medal.

LimeFruitGum

Other than the mortgage, I have been debt free for years. I got rid of the credit card a few years ago, once I could clear the balance after a nice tax rebate came through. I only got a credit card because I was traveling and using your own bank card abroad was still very hit-and-miss at the time.

I have never been one for always tapping mates for a tenner or whatever; feels a bit scabby. I took a small business loan years ago when I was self-employed, but I wouldn’t see the point of taking out a loan to buy presents or something that would not give you a return on that loan amount.

Sheep Shagger

New mortage as we moved from.a 2 bed apartment to s 4 bed house a few months back.

Normally have a couple of hundred euros on the credit card each month but is cleared in full each month.

Need to sit down and go through xmas spends as it's a bit higher than normal but on track to clear everything with this months pay and we are pretty much done present wise.

Luckily both of us think the same way re money and dont like debt except for the mortgage.

Wife paid off a new iPhone with Argos 6 months interest free (why use your own money when you can use someone elses) but don't normally do HPs, small loans for holidays, car etc.

An conscious we are fortunate enough to be in this position, is very very easy to get into (non mortgage) debt though.

CivilCybil

6k other than mortgage. Was on 26k a year and recently moved to 33k so hopefully will use the extra to repay the debt in 2020 and start building some savings.

Have been a single parent for a long time and sometimes debt has been necessary just to keep going.

Salary Negotiator

Just under €180K on the mortgage and €35K on a car loan.

The car loan is higher than I’d like but it’s an EV and if I’ve done the calculations right the fuel savings will match the depreciation over the next few years.

DelBoy Trotter

None thankfully. I had a car long for about 10 years that I kept topping up and changing car with, but cleared that about 5 years ago and haven’t had any debt since

SafeSurfer

€1,333 on one term loan, €8,567 on another, €6,442 on another, €51,000 on another, about €8,500 on one credit card and €6,000 on another. Apart from those and the mortgage, completely debt free.

gmisk

No debt...bar mortgage

The J Stands for Jay

Ignoring the mortgage, nothing. I pay for my cars in cash. What other things are people using debt for?

eviltwin

Nothing just my mortgage and that will hopefully be paid off next year.

The J Stands for Jay

The chan chan man wrote: »

€230,000 left on my mortgage
€4,000 left on my wedding
€10,000 left between my and my wife’s cars

The heir to the overdraft as I call my son...

How much was the wedding?

monkeysnapper

About€107,000

Sure.... I'll be ok , nobody worry about me , I'll be fine...

SafeSurfer

McGaggs wrote: »

Ignoring the mortgage, nothing. I pay for my cars in cash. What other things are people using debt for?

Business loans and property purchase. It’s much easier to finance property investment through multiple short term loans than through a mortgage. For the same amount of compared to term loans, the red tape around a mortgage is onerous.

Cushtie

Apart from the mortgage only loan about 6.5k left on car loan. It's a 0% rate and the car is worth about 14k so not overly worried about it. No credit card.

Hoping so clear mortgage in next year or two by selling and moving to a smaller property we plan on building.

Still waters

2500 credit union loan, I pay it off and top up when i need money or have extra cash to pay it off, usually borrow up to 5 grand when i need it and pay it back asap, 250 a month on a finance loan and 180 a month for insurance, also gone 5 grand into my overdraft due to bad luck and bad weather

HamSarris

It’s interesting that people often use the term, ‘nothing, just the mortgage’. It’s like the guy with a €400,000 mortgage looking down on the guy with a €4,000 car loan. Debt is debt, interest is dead money, a house with a mortgage is a liability not an asset (unless it’s generating income above the mortgage re-payments).

mad m

I'm in debt to my mam and dad. Always there to help me and my family out. Love ya Mam & Dad, you are the best!

eviltwin

HamSarris wrote: »

It’s interesting that people often use the term, ‘nothing, just the mortgage’. It’s like the guy with a €400,000 mortgage looking down on the guy with a €4,000 car loan. Debt is debt, interest is dead money, a house with a mortgage is a liability not an asset (unless it’s generating income above the mortgage re-payments).

I suppose that's because virtually no one can buy a house without a mortgage

andekwarhola

Chronically overdrawn to the bank of love.

ytpe2r5bxkn0c1

HamSarris wrote: »

It’s interesting that people often use the term, ‘nothing, just the mortgage’. It’s like the guy with a €400,000 mortgage looking down on the guy with a €4,000 car loan. Debt is debt, interest is dead money, a house with a mortgage is a liability not an asset (unless it’s generating income above the mortgage re-payments).

In fairness I don't think anybody is looking down on anybody else, but just answering the question asked. The OP did specifically say "not taking mortgages into account".

andekwarhola

HamSarris wrote: »

It’s interesting that people often use the term, ‘nothing, just the mortgage’. It’s like the guy with a €400,000 mortgage looking down on the guy with a €4,000 car loan. Debt is debt, interest is dead money, a house with a mortgage is a liability not an asset (unless it’s generating income above the mortgage re-payments).

The vast majority of people of a certain age won't own a property outright so will either be paying rent or a mortgage. Stuff like car loans, credit card debt and so on are all more elective whereas we all have to live somewhere so it's understandable to partition this from normal debt.

Lefty Bicek

Harry Palmr wrote: »

None fiscally, but plenty in life!

Good answer.

rossie1977

Barely anyone on AH has debt and Irish household debt stands at 137.5 billion euro

AH seems disconnected with Irish life as a whole

peasant

I owe a debt of gratitude ...


...to my parents for teaching me how to be happy and content with the things I can afford.

So, no debt here

Eggs For Dinner

Don't be ashamed by being in debt. There are stages of life where it is necessary such as going to college, mortgage, putting kids through school, putting food on the table and clothing the family.

What's important is that you know what you are borrowing and can manage the repayments. Very few people have cash in hand for every bill that appears before them. Going without necessities (as opposed to luxuries) is no life

kippy

joejoggs wrote: »

How much in debt are you and your current income. Would be interesting to see. Not taking mortgages into account.

How much in debt?
About three fiddy
Current Income?
One million dollars.

eviltwin

Eggs For Dinner wrote: »

Don't be ashamed by being in debt. There are stages of life where it is necessary such as going to college, mortgage, putting kids through school, putting food on the table and clothing the family.

What's important is that you know what you are borrowing and can manage the repayments. Very few people have cash in hand for every bill that appears before them. Going without necessities (as opposed to luxuries) is no life

Thank you for saying this. Some people have no choice but to get into debt to improve their lives. It's nothing to be ashamed of.

SafeSurfer

HamSarris wrote: »

It’s interesting that people often use the term, ‘nothing, just the mortgage’. It’s like the guy with a €400,000 mortgage looking down on the guy with a €4,000 car loan. Debt is debt, interest is dead money, a house with a mortgage is a liability not an asset (unless it’s generating income above the mortgage re-payments).

A house with a mortgage is not just a liability. A €500k house with a €100k mortgage is an asset of €400k. The house isn’t the liability. The mortgage is the liability.

ytpe2r5bxkn0c1

rossie1977 wrote: »

Barely anyone on AH has debt and Irish household debt stands at 137.5 billion euro

AH seems disconnected with Irish life as a whole

But doesn't a national household debt figure include mortgages?


I don't think AH ever represented the population as a whole.

JDMC2

What about you? Mr Rev Comm

Weltsmertz

rossie1977 wrote: »

Barely anyone on AH has debt and Irish household debt stands at 137.5 billion euro

AH seems disconnected with Irish life as a whole

Indeed. It seems AH posters are much more responsible and affluent than the norm. Or else posters are coming on to this this thread to boast.
Just two final payments in the yacht and then I'll be debt free.

andekwarhola

rossie1977 wrote: »

Barely anyone on AH has debt and Irish household debt stands at 137.5 billion euro

A lot of their parents might be struggling with debt to be fair

eviltwin

rossie1977 wrote: »

Barely anyone on AH has debt and Irish household debt stands at 137.5 billion euro

AH seems disconnected with Irish life as a whole

I'd say the age profile here has a lot to do with that

Ghosteen

1 million dollars!!!

The J Stands for Jay

HamSarris wrote: »

It’s interesting that people often use the term, ‘nothing, just the mortgage’. It’s like the guy with a €400,000 mortgage looking down on the guy with a €4,000 car loan. Debt is debt, interest is dead money, a house with a mortgage is a liability not an asset (unless it’s generating income above the mortgage re-payments).

No, it's because the OP specified debt other than mortgage debt.

A house with a mortgage is an asset and a liability. Banks only lending 80% of the value means they should net to an asset. A car, because of their depreciation profile, will likely always net off against the associated loan to a liability.

ytpe2r5bxkn0c1

eviltwin wrote: »

I'd say the age profile here has a lot to do with that

Correct, there are stages, or phases, in life when it is virtually impossible to avoid some level of debt. And that is perfectly sound financially, if you can service the debt. Working your way up a career ladder while on a low income, with young kids, house repairs or car trouble, for instance, can leave you needing to borrow.
Very few people in the early years of marriage or while raising a family have gone debt free.

The J Stands for Jay

Eggs For Dinner wrote: »

There are stages of life where it is necessary such as .... putting food on the table and clothing the family.

I'd hope not.

Zamboni

“Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” Albert Einstein

It took me far too long to understand this

monkeysnapper

What I dont get about some peoples understanding about cars and debt....

My neighbor for instance is only working part time , his wife is on maternity leave with their 3rd child and she works seasonal mostly ... he goes to look for a car loan for 10k but says he cant get loan so he purchase brand new skoda Octavia on PCP and is paying €345 a month ..... his wife still has over 2 years loan on her car.

It's a bloody tin on wheels !!!!! Why hang a huge depreciating car around your neck .....

Buy a bloody cheap car and use another loan and go on a beautiful holiday somewhere hot if you want debt so badly!!!!!

Elemonator

Legacy Tasty Spit wrote: »

No debt whatsoever. Income? €80k+

What about yourself OP?

Maybe I’m confusing you with another Boardsie but I thought you were retired? Fair play and well done either way, wouldn’t mind a few life lessons from you :P

kowloon

rossie1977 wrote: »

Barely anyone on AH has debt and Irish household debt stands at 137.5 billion euro

AH seems disconnected with Irish life as a whole

Boards has never been representative of Irish life as a whole, although it has become moreso since it was initially set up.

Deja Boo

I can't afford to be in debt.

fryup

Deja Boo wrote: »

I can't afford to be in debt.

yep, i think people on low income or the dole are the one's who live most sensibly...they budget themselves to every last cent

its the one's on big salaries who spend all around them and then regret it when the credit card bill needs to be paid

monkeysnapper

monkeysnapper wrote: »

What I dont get about some peoples understanding about cars and debt....

My neighbor for instance is only working part time , his wife is on maternity leave with their 3rd child and she works seasonal mostly ... he goes to look for a car loan for 10k but says he cant get loan so he purchase brand new skoda Octavia on PCP and is paying €345 a month ..... his wife still has over 2 years loan on her car.

It's a bloody tin on wheels !!!!! Why hang a huge depreciating car around your neck .....

Buy a bloody cheap car and use another loan and go on a beautiful holiday somewhere hot if you want debt so badly!!!!!

Debt for a holiday are you mad? Holidays are a bit of a waste or money compared to most things but getting on debt for one so you can drive a heap of scrap tje other 51 weeks of the year? I think most would choose the new car over a week away long forgotten.

I never will get people’s issue with buying new cars or their fear of a car loan or pcp it’s all very bizarre.

SafeSurfer

fryup wrote: »

yep, i think people on low income or the dole are the one's who live most sensibly...they budget themselves to every last cent

its the one's on big salaries who spend all around them and then regret it when the credit card bill needs to be paid

Not sure about this. People on low income spend a much larger portion of their income on highly taxed vices like alcohol and tobacco.

Bishop of hope

Car loan, 8000 left to pay, some minor creditors for supplies on credit, but I'm good for it, nothing that won't be handled

Millionaire only not

eviltwin wrote: »

Thank you for saying this. Some people have no choice but to get into debt to improve their lives. It's nothing to be ashamed of.

Unlike the norm here , I’ve been up to my tits in debt from greed after wasting 10 years of my life I’m nearly free . Some of it luck coupled with hard work and no waste or luxury spending (not that I ever really blew money bar a car )

My advice to anyone do without it if u haven’t in your hand bar a mortgage maybe !

I aged 20 years over it , destroyed my life wrecked a marriage , missed my younglads growing up all over greed !

I’m happy with being debt free now , I feel I’m worth a million believe it or not

SafeSurfer

monkeysnapper wrote: »

What I dont get about some peoples understanding about cars and debt....

My neighbor for instance is only working part time , his wife is on maternity leave with their 3rd child and she works seasonal mostly ... he goes to look for a car loan for 10k but says he cant get loan so he purchase brand new skoda Octavia on PCP and is paying €345 a month ..... his wife still has over 2 years loan on her car.

It's a bloody tin on wheels !!!!! Why hang a huge depreciating car around your neck .....

Buy a bloody cheap car and use another loan and go on a beautiful holiday somewhere hot if you want debt so badly!!!!!

I drive a debt free 11 year old car. A nice way to deflate someone driving a shiny new 192 or soon, a 201 is not to say “oh I see you got a new car” but “oh I see you got a new loan”.

Nonoperational

Nothing. Love my credit card though. Put everything on it. If any month is tight just leave it and pay the few quid interest. Peoples' phobias to cards is gas. A massive tool to manage and spread the years expenditure. Also have a car on PCP. Absolutely the best thing I ever did. What a car and don't notice the repayments one way or the other.