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bristolhunter

"brits Only Panic When They're 45K In Debt"

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Size of debt doesn't bother me, it's my ability to pay that does. Whether it's 1k or 45k.

Just because you can pay off your monthly repayment this month, how can you know you will be able to pay off in 3, 6, 10 years' time? Very few people have such safe jobs these days.

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True nobody can be 100% certain, but it wouldn't put me off completely, otherwise I would never ever get a mortgage if I can't be reasonably confident of working for at least a decade.

I might have that niggling concern in the back of my mind but wouldn't "panic". If I was borrowing 45k for ten years I would do my most to overpay monthly payments anyway, try reduce the term...

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But when it comes to understanding what debts are good and bad, a third of adults admit they are muddled.

Council tax debt, tax debt and utilities companies chasing for payment are considered the very worst kind of debt to be in.

But mortgages, student loans, finance options and bank loans are largely considered good debts by many.

Mortgage debts can't be "good" if you have the threat of repossession...

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mortgages are different - if you get in to difficulties, you sell the house, which has increased in value, pay off the debt and keep the profit. :)

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The entire point of that headline is to get people with LESS than £45k DEBT to relax, then take on some more DEBT.

This end of thread

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mortgages are different - if you get in to difficulties, you sell the house, which has increased in value, pay off the debt and keep the profit. :)

You're George Osborne, aren't you? C'mon, fess up.

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Surely this 45K debt figure excludes mortgage debt?

according to MSE..mortgage debt is more like enforced savings in your investment that you can live in too.

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The entire point of that headline is to get people with LESS than £45k DEBT to relax, then take on some more DEBT.

Have to agree with you there. It seems to be more intent on normalising huge debt and needing the credit card to get you through the month than highlighting the dangers.

Oh well. You pay borrow your money, you take your choice.

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Size of debt doesn't bother me, it's my ability to pay that does. Whether it's 1k or 45k.

How long will you be paying for tomorrow for something you bought yesterday?

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I once had a credit card bill I couldn't pay off in full at the end of the month.

I still remember the panic I felt.

It would have been about 1985

Only ever had credit card debit for longer than a month on 0% cards, except when I forgot to pay the balance once or twice. 2nd stepper and only ever had 40k worth of mortgage debt, gotta love the north :) (won't be able to say the same for the next step though unless we get some big falls...)

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