Biggest debt you've been in?

WilyCoyote

A friend lent me 25K Irish Pounds (about 30K Euros) unsecured, years ago. Was able to pay him back in 12 months. Debt free since mortgage paid off. Potless now and relatively happy

Kiwi in IE

I don't understand why people get massive loans out for cars! 45k someone posted earlier! The feckin thing will be worth about a quarter of that in 5 years. What is the point? So long as it gets you from A to B safely who gives a ****e what it looks like or the date on the number plate? I really don't get this. I am no angel when it comes to budgeting but large debts for cars is just mad.

House of Blaze

Kiwi in IE wrote: »

I don't understand why people get massive loans out for cars! 45k someone posted earlier! The feckin thing will be worth about a quarter of that in 5 years. What is the point? So long as it gets you from A to B safely who gives a ****e what it looks like or the date on the number plate? I really don't get this. I am no angel when it comes to budgeting but large debts for cars is just mad.

Well it was either that or some decking...

KERSPLAT!

Kiwi in IE wrote: »

I don't understand why people get massive loans out for cars! 45k someone posted earlier! The feckin thing will be worth about a quarter of that in 5 years. What is the point? So long as it gets you from A to B safely who gives a ****e what it looks like or the date on the number plate? I really don't get this. I am no angel when it comes to budgeting but large debts for cars is just mad.

I made the huge mistake of taking out a sizable loan when I was 18 for a car, probably the biggest mistake of my life. When I look back now I should have been happy in an 89 Micra ffs, lessoned learned

KeithM89

Kiwi in IE wrote: »

I don't understand why people get massive loans out for cars! 45k someone posted earlier! The feckin thing will be worth about a quarter of that in 5 years. What is the point? So long as it gets you from A to B safely who gives a ****e what it looks like or the date on the number plate? I really don't get this. I am no angel when it comes to budgeting but large debts for cars is just mad.

That was me Everyone has that one thing they'll spare no expense on, and mine is on cars sadly. I wouldn't have taken the loan out if I had any doubt I couldn't repay it (its a 5 year loan) but I have great job security could pay it off in a year if I had to. I could just have got a 1k corsa from 15 years ago but I have a softspot for big shiny cars.

Micky Dolenz

Mortgage doesn't count as debt. If, of course you can pay it.

Personal and business debt is a whole different kettle of squirrels.

$700? You're kidding.

ardle1

Micky Dolenz wrote: »

Mortgage doesn't count as debt. If, of course you can pay it.

Personal and business debt is a whole different kettle of squirrels.

$700? You're kidding.

Mortgage is dept, and as soon as people realise this, then the sooner our kids will learn...
Hah mortgage isn't dept.. There should be a a motion picture rating system included with that post... 18s maybe! PG at least!?

Bafucin

ardle1 wrote: »

Mortgage is dept, and as soon as people realise this, then the sooner our kids will learn...
Hah mortgage isn't dept.. There should be a a motion picture rating system included with that post... 18s maybe! PG at least!?

It's the most serious debt most people will get into. Not a bad thing necessarily. But you have to realize it IS debt.

Frigga_92

lukesmom wrote: »

Really? She never said they were abusive or neglected her, just that they didn't celebrate things like others do.

We'll leave that for another thread.

Micky Dolenz

Bafucin wrote: »

It's the most serious debt most people will get into. Not a bad thing necessarily. But you have to realize it IS debt.

You are paying for an asset that hopefully increases in value, ie an investment. Not the same as car loans or personal cc debt which is debt in the true sense if the word.

coffee_cake

It doesn't matter what you're buying or how much of a "sure thing" you think it is, it's debt

Barely There

ardle1 wrote: »

Mortgage is dept, and as soon as people realise this, then the sooner our kids will learn...
Hah mortgage isn't dept.. There should be a a motion picture rating system included with that post... 18s maybe! PG at least!?

It's not really debt, if the asset it's secured against is worth more.

I've never been in a situation where the money I've owed lending institutions has been more than the value of my assets.

ronjo

Barely There wrote: »

It's not really debt, if the asset it's secured against is worth more.

I've never been in a situation where the money I've owed lending institutions has been more than the value of my assets.

Well unfortunately thousands of people in Ireland are and I wouldnt try and tell them its not really debt.

holystungun9

Five Green Bottles wrote: »

owe excess of €5,000,000 today i think

Jeez, they were expensive green bottles

Paranoid Mandroid

CruelCoin wrote: »

Debt - €0
Assets - €x


No debt right now. Never occurred to me to purchase things with money i did not have.

I will shortly be going into a mortgage for 90k over 25 years that i intend to repay in half that time.

What a smug git :-D I'm just jealous, I'd love that.

noodler

c_man wrote: »

Never been in debt thankfully.



^Except for that

cookiexx wrote: »

:eek:

Christ.

georgiecasey wrote: »

that's very misleading, it includes the debt of all the foreign finance houses with brassplate offices in Dublin

Yes, just to say again.

About 3/4s of that is IFSC debt and has nothing to do with the Irelansd State itself.

TPD

Owed about 1k to my parents when waiting on my first pay day. None other than that.

Micky Dolenz

bluewolf wrote: »

It doesn't matter what you're buying or how much of a "sure thing" you think it is, it's debt

Why the confused face?

I don't consider my mortgages debt.

Barely There

ronjo wrote: »

Well unfortunately thousands of people in Ireland are and I wouldnt try and tell them its not really debt.

There's nothing unfortunate about it - the vast majority of people need to borrow money (or go into debt) in order to be able to buy a home.

lukesmom

Barely There wrote: »

There's nothing unfortunate about it - the vast majority of people need to borrow money (or go into debt) in order to be able to buy a home.

I think it's unfortunate in the sense that it's gonna take about 30 years to pay. I would hate that hanging over me not to mention the huge monthly payments.

pickarooney

The One Doctor wrote: »

Now I'm debt free and saving like mad. Just bought a car with savings a month ago and have half of it paid back already.

Are you sure you understand how debt works?

Sugar Free

--LOS-- wrote: »

For the people that have big student debts.......where did you loan the money from? I always thought it made no sense how there was no system in place in Ireland where you could pay off the debt once you graduated. I had a loan from the credit union at one point coz they were the only place that didn't have crazy interest, but I was paying back the loan with the loan?!

Now I'm in the same situation again, studying, no income, my course is full on so no opportunity to earn an income, nowhere I can loan it from that I don't have to start paying back immediately with money that I don't have...... I mean I kinda want a debt and I can't have a debt, it's laughable

Bank loan but I studied part time and worked full time.

Padkir

8k car loan and when I started working 3 years ago. At the and time, I owed Mam about 3.5k.

Had Mam paid within less than a year and have my loan paid off for the last 6 months. Have a good bit of savings but will probably still get a loan of some kind in the next couple of years to upgrade the car.

After that, the next big thing will be a mortgage whenever I get a more long term job.

As people have already said, there's nothing wrong with debt as long as you have the means to pay it back and you don't get a crazy amount.

c_man

noodler wrote: »

Yes, just to say again.

About 3/4s of that is IFSC debt and has nothing to do with the Irelansd State itself.

Ok, I'll update my household accounts accordingly.

Woshy

lukesmom wrote: »

I think it's unfortunate in the sense that it's gonna take about 30 years to pay. I would hate that hanging over me not to mention the huge monthly payments.

Most people don't have a choice and most people don't like having it hanging over them - you are in a very fortunate position.

At the moment we've no debt and a sizeable amount in the bank. We're about to buy a house though so that will change in the next few weeks. The mortgage will only be for less than half the value of the property though and it's not an expensive property to begin with. We are very lucky and I'm very grateful for that.

Paramite Pie

maximoose wrote: »

I just like things and stuff too much.

I like stuff too but I won't buy something until I actually have all the money for it. I need (not just want but actually need) a new laptop as mine is at the end of it's life but I'm holding out until I can actually afford it upfront.

I've seen enough friends struggle with credit card debt, not to mention my tendency to procrastinate... I'm convinced I would accrue debt very quickly.

o1s1n

House of Blaze wrote: »

Well it was either that or some decking...

I spent all of Sunday cleaning and re-oiling the decking in time for winter. Pain in the hoop.

ToxicPaddy

Mortgage which just fell into the 5 figure sum 2 months ago.. planning on selling the place in the next few years anyway as its in another part of the country where there are no jobs any more so I can't see myself ever living there again.

I'm now based in Dublin, so I'm gonna stay renting for the foreseeable future and the money made from the sale will add a nice healthy balance to my savings. Yes renting is dead money but its cheaper and less hassle than a mortgage especially in Dublin and I have the flexibility to up sticks and move to another country if I ever want to which may happen in the near future.

Had another €35k of combined debt up to 2010 on top of the mortgage through car finance, personal loans, outstanding credit card balances and over drafts.

Car finance gone, Credit cards cleared and cancelled, over drafts are gone and only one small loan left which will be gone next March.. never ever, ever, ever being so stupid again. Seeing 50%+ of your income going to service debt is soul destroying.

It's nice looking at your bank account at the end of the month and seeing a few quid left in it.. might only be €50 but its the little things :P:D

Grayson

Eileen Fluffy Peppercorn wrote: »

Just to be clear. Firstly I was talking about myself and not most people - as asked by the OP. Secondly my parents paid for nothing for me. They had nothing - no car, no phone nor holidays, not even an inside loo until I put one in for them in the 1970s. I paid my own way and worked from leaving school and then paid my own way to a degree, master and PhD: while still working full time/ I was fortunate to do well and retired just over 15 years ago. So don't assume all are in similar situations as yourself or that those who aren't have had some privileges not afforded to you. I find it best in life to realise there are all sorts out there.
.

You said that if people were sensible they wouldn't be in debt. If you're talking about people living half a century ago, then it's hardly relevant.

Zubeneschamali

Micky Dolenz wrote: »

I don't consider my mortgages debt.

I don't consider my Mini a car, it's more of a personal friend.