How much debt you in ?

[BNthree]

About 8k still to pay on a loan but have equity of about 400k on the house (only few years left on the mortgage) so not worried.

 

[papachris]

Moved abroad a couple of years ago. Due to the much lower property prices I became mortgage free and retired at 59 with a home that a working class guy like me could only dream of in England. No debts at all and even have a little in the bank. Feel incredibly lucky! Just made some good decisions at the right time because of Brexit and moving to my Mrs home country

 

[Herr Tubthumper]

Moved abroad a couple of years ago. Due to the much lower property prices I became mortgage free and retired at 59 with a home that a working class guy like me could only dream of in England. No debts at all and even have a little in the bank. Feel incredibly lucky! Just made some good decisions at the right time because of Brexit and moving to my Mrs home country

Nice.

Where did you move to?

 

[atomised]

about 7k but manageable and travelling in the right direction

 

[papachris]

Nice.

Where did you move to?

I live in Estonia, about 20km west of Tallinn

 

[BBassic]

It's easy to say things like "debt's for mugs" if you've never been in the position to need it.

Mine's not too bad, about 5k at the moment, between one UK credit card an an overdraft in my Cypriot bank. Well on the way to being cleared.

There's an assumption isn't there that people in debt are in debt because they're shit with money or they like a gamble or whatever.

I don't have the data but I'd wager the vast majority of people in debt are in out of necessity rather than recklessness.

 

[zefarelly]

Moved abroad a couple of years ago. Due to the much lower property prices I became mortgage free and retired at 59 with a home that a working class guy like me could only dream of in England. No debts at all and even have a little in the bank. Feel incredibly lucky! Just made some good decisions at the right time because of Brexit and moving to my Mrs home country

Random question. COuld you afford to move back when you're 70, or sick?

I can quite see why yo wouldn't want to move back.

 

[mikeyjh]

Other than a £475,000 mortgage nothing .

So £475,000 then.

 

[Icy Gull]

Random question. COuld you afford to move back when you're 70, or sick?

I can quite see why yo wouldn't want to move back.

I have seen this happen with so many people who moved to France in their 50s and 60s. Wife wanting to spend time with the grandkids and health concerns as they get older, I’d say more than 50% of people I knew there in the early 2000s have come back to the UK as they reached late 60s, early 70s

 

[papachris]

Random question. COuld you afford to move back when you're 70, or sick?

I can quite see why yo wouldn't want to move back.

I won't move back. I have made my life here now. Easy to settle in eg; the govt here pays for people like me to learn the language etc. A lot speak english anyway. We have a little place in Spain I can always go to if I am missing the sun in winter. We are VERY north.
I only miss 3 things; family (children/grandchildren), friends and watching the Albion live (was previously a sth in wsu).
I make reasonably regular visits to get my fix of these things

 

[dazzer6666]

I won't move back. I have made my life here now. Easy to settle in eg; the govt here pays for people like me to learn the language etc. A lot speak english anyway. We have a little place in Spain I can always go to if I am missing the sun in winter. We are VERY north.
I only miss 3 things; family (children/grandchildren), friends and watching the Albion live (was previously a sth in wsu).
I make reasonably regular visits to get my fix of these things

Have to say family, friends and watching the Albion live are pretty much the top 3 things in my life so missing them would leave a colossal hole.

 

[Official Old Man]

On the subject of moving overseas and returning. We lived in Spain in the 90's, good life with own car and apartment fully paid for as cheap. Returned 1997 having sold up and my money was only enough for a deposit on a house. 22 years later debt free again. Taught kids to save, no credit cards and buy only what they can afford.

 

[SweatyMexican]

No debt, and I’ve just got on the property ladder at a young age. I feel very fortunate.

Could’ve got a much cheaper property up north, but the Albion keeps me tethered to the south coast; bit annoying really.

 

[papachris]

Have to say family, friends and watching the Albion live are pretty much the top 3 things in my life so missing them would leave a colossal hole.

Not easy for sure. You really have to be determined to make a new life for yourself to do this. And fill it with a lot of other things, Otherwise retirement would be a long time to be bored

 

[Berty23]

We were in the process of moving house when covid struck. We were buying a new build which would have increased mortgage from about 80k to 350k. We are early 40s with three kids who are secondary school age. We survived just fine all living here during covid and realised we don’t need much more space. Our twin daughters shared a bedroom but we had a kids’ lounge/office upstairs. Changed that to a bedroom and took a loan to build a nice garden office.

Our mortgage will now be paid off in 6 years. Our repayments are far far smaller than they would have been and with interest rate rises they would have been very close to unaffordable when rate expired this summer.

Best decision we have made. I joined a nice golf club. Get to watch loads of sport and we can go on holidays. If we had moved then it would have been existing but in a nicer house. Meh. Life is for living.

 

[Herr Tubthumper]

.

I live in Estonia, about 20km west of Tallinn

Nice one. Enjoy!

 

[nicko31]

No ever had any debt apart from mortgages, bigger than I'd like but sub 2% for a few years yet

 

[deletebeepbeepbeep]

About 4k left on a student loan and 230k mortgage and a credit card that gets full amount paid off every month.

Hopefully the student loan will be done in next 2 years, could pay it off but seems pointless.

 

[Hamilton]

This is your Ghost of Christmas Future, young man.

Your debts will fluctate but never really leave you.

Tough times ahead, especially in Winter 2022/3 which you'll be glad to see the end of.

But, although tough, your magnitude of debt will be much less by 2023.

16.5 years later :

Credit card 1 - 1200
Credit card 2 - 700
Credit card 3 - 500
Credit card 4 - 250
Credit card 5 - 200
loan 1 - 800
loan 2 - 670
loan 3 - 330
Overdraft - 1950

= 6.6K

Well done. Looks like you are close to zero. Keep going!

 

[81jamie]

10grand student loan.

I'm hoping if i stay out the country long enough it will magically disappear...

Did it magically disappear? Asking for a friend.