Reply to: Why are you in debt?

[Doggy Styles]

I have one debt, the mortgage on my house. I've been trying to pay it off as soon as possible and I'm nearly there.

[Ravello]

My only debt is my mortgage.

WHS.

WTS

[AlfredJPruffock]

I think the best advice on this topic comes from Kurt Vonnegut

I tell you, we are here on Earth to fart around, and don't let anybody tell you different.


Kurt Vonnegut

[TheFaQQer]

My only debt is my mortgage.

WHS.

[pmeswani]

Nope.

But I was a contractor once... remember... I wouldn't be mortgage free on what they pay me here...

So when were you evicted from your property then?

[Jog On]

Snap.

Same

I got into debt as a permie as well and lived beyond my means using the 'óne day I'll sort it out' mentality

Lived for a couple of years where every month when my salary went in my balance would go up to -£1k..

Was far more concerned with going out and having fun and buying nice things, having £5-6 takeaway lunches every day etc..

Now I'm earning nearly 4x as much and bringing in my own sandwiches

Not for long though.

[pmeswani]

Inspired by another thread I wondered why so many (presumably highly paid contractors) are in debt?

I have about £6k to £7k of debt to pay off. I would love to be able to pay it off in one shot, but with all the things I do with the money, it isn't easy to pay it off. I am hoping that one day I will be able to pay off all off. And yes, I do have a habit to fund.. it's called education and development. It doesn't get paid for by itself.

[DimPrawn]

Why are you in debt?

I'm not.


HTH

[EternalOptimist]

I'm not.

The one and only loan I've ever had was £350 in 1976 to buy a Ford Zodiac MkIV... a.k.a. "The Flying Pig".

£350 was quite a lot in 1976.

nary a mortgage ?

mmm, must consider teaching

[Turion]

house i consider a pension fund, don't intend selling it till i get shifted into a care home

[norrahe]

mortgage and car, though car is 0% finance and I'm using the interest from my savings to pay that off, so will own it outright next year.

house i consider a pension fund, don't intend selling it till i retire.

so no debts really, pay off me credit card every month and stick to living within my means

[Moscow Mule]

£5-£20K per month after tax - how do you get 20K per month after tax as a contractor?

Bill approx £30k

5K

Bill approx £8k

[Sockpuppet]

"Technically" I am in debt.

I have an overdraft of £3000. Now I say technically becuase there are many times that sitting in myco account as retained profit.

I don't want to clear the overdraft as it interest free so no rush to clear it. The half a % I'm earning on myco savings is better than nothing.

[expat]

Well, it started when I was a poorly paid permie and was in the process of splitting up with an ex. As it was amicable and she earned about half what I did I walked away with pretty much nothing.

Then I was skint and had to buy a car, new furniture, etc etc.

Well on the way to clearing it now though

Snap.

[Mich the Tester]

5K

You should take up testing if you're that hard up.