Your net worth...

[the_lone_wolf]

Excellent, I think all the figures might be on the low side.

Heard somewhere the average unsecured debt in UK is around 30k?

That's f**king brilliant!

Though it doesn't take assets into account, I doubt that these would cover it in some cases!

[the_lone_wolf]

Originally Posted by EssexDave

Heard somewhere the average unsecured debt in UK is around 30k?

Supposedly £8,761 per household, still double the European average and quite frightening when you consider there will be a significant number of households who don't have debts though...

[the_lone_wolf]

Originally Posted by thedonal

Though it doesn't take assets into account, I doubt that these would cover it in some cases!

I'd wager the majority of cases

For an asset to cover it's debt to you, including interest, it'd have to be worth more than it cost you at the point at which you bought it. Short of inheriting something you'll have paid for it at some point, and if you borrowed to do so it's extremely unlikely to be able to pay off that borrowed money should you need to sell it...

Originally Posted by the_lone_wolf

I'd wager the majority of cases

For an asset to cover it's debt to you, including interest, it'd have to be worth more than it cost you at the point at which you bought it. Short of inheriting something you'll have paid for it at some point, and if you borrowed to do so it's extremely unlikely to be able to pay off that borrowed money should you need to sell it...

Not entirely true.

If you purchase a motorbike for £10,000 and put a £5,000 deposit down for example, a part exchange and some cash. You get finance for the remaining 5k.

Obviously depending on the depreciation, but at the time you purchase it, and presumably for quite a while it will be worth more than you owe on it.

[timwilky]

Eh, I must be the exception to the rule

Own my house, no credit card, no bank loans, money in the building society, own my bike.

Guess my credit rating must be low. Or is that the side effect of growing up in a time of if you cannot afford, you cannot have

[L3nny]

Originally Posted by timwilky

Eh, I must be the exception to the rule

Own my house, no credit card, no bank loans, money in the building society, own my bike.

Guess my credit rating must be low. Or is that the side effect of growing up in a time of if you cannot afford, you cannot have

Probably more like growing up in a time when houses were reasonably priced in relation to the average earning.

I have had always thought the same when I see a beggar on the street, especially as most of them go home to their benefit funded houses at night.

[Sid Squid]

Originally Posted by timwilky

Or is that the side effect of growing up in a time of if you cannot afford, you cannot have

I think it probably is, some people I know have debts that just the thought of is enough to keep me awake at night. They however consider this to be entirely normal and that I don't have significant debt to be unusual. I have credit cards though not for borrowing as such, just for convenience.
I find some people's level of debt simply scary - it seems those like you and I are the odd ones out nowadays.