Your net worth...

I have no debt, no overdraft and no credit card. Only time im likely to go into debt is if/when I buy an house...

To MrTom, what the hell have you fritted 100K away on?

[L3nny]

I spent my 20s enjoying myself, went on 3-4 holidays a year, drove nice cars, went out every weekend and a couple of times in the week. I spent a lot of money on enjoying myself, maybe a bit too much, racked up a few grand on credit cards etc. Now I am older and all my mates are married and have kids I stay in a lot more and am starting to pay it off.

Do I regret making the most of my youth? Do I balls.

You can't take it with you, enjoy yourself while you can, it's only money, it's no fun sat looking at your bank statement.

[jamesterror]

I'm only 18, nearly 19 and buying a house, well it isn't going to happen for a while as I'm a student, however I live at home so still have my loans and tuition fees..

My parents don't give me a penny as I work, they don't charge me board as long as I do my fair share round the house, the rule of; if you can't afford it don't buy it is highly emphasised in my household as our house is continually a work in progress, such as the bathroom has just a shower and a bath, no flooring, toilet, sink etc because my folks believe that its better to have the money in their account rather than lend it or bang it on the mortgage.

Ever since I turned 18 and have had more freedom to do what I want independantly most months my bank account has gone down to £50 enjoying myself, going out, going round the country, snowboarding and now going abroad twice more this year.

I wish I'd stayed at uni the first year, although I'd have racked up probably a bit more debt it'd have made up for it in fun, however the commuting will have to carry on and although its the boring option, I stand more chance of a house after or to move abroad after uni..

[Bibio]

Originally Posted by MrTom

I'm on -£100k, I'm 24, and I don't even have a house to show for it. Well you can't take money with you to the other side so you might as well spend it all while you can.

are you a compulsive shopper... jezuz m8 thats scarrrrrrrrrrrrrrrry.

[Bibio]

Originally Posted by jamesterror

our house is continually a work in progress, such as the bathroom has just a shower and a bath, no flooring, toilet, sink etc because my folks believe that its better to have the money in their account rather than lend it or bang it on the mortgage.

and here was me thinking i was the only one i'm not quite as bad as your parents though but very close

Biggest debt for age I've seen was £300k at 22. Guy had tried to setup several companies and borrowed heavily personally to do this.

I think at the minute, and perhaps more so a couple of years ago. The problem was the ease at which people could obtain credit.

At 18 and whilst unemployed I had a credit card approved from Halifax (and hey ho they were one of the banks in difficulty)

At 19, I get a Natwest credit card with a 4k limit whilst employed with RBS group for 5 months on about 16k pa.

I then get accepted for a capital one card with 1.6k limit and halifax at this sort of time, increase my limit to 2.5k from 1100.

I do not have an especially good credit rating, I do not utilised my credit cards a great deal. The natwest card was a balance transfer and the capital one card has my bike insurance on as it's 0% promotion. (so cheaply to pay monthly)

I was also offered a loan by the halifax (as I recently cancelled my credit card when they tried to up apr from 15.9-24.9% apr) £10,000 at 33% apr (oh yeah sounds brilliant)

It's easy to accept a lot of credit and banks have tended to pile it on. It obviously, is a choice whether you use it or not. However, the problem is a lot of people assume it'll work out in the end, or they can borrow more to pay for their credit.

I don't have a huge amount, but I am looking forward to being debt free, at which time it will be a case of save and pay for it and no more debt.

Originally Posted by ThEGr33k

To MrTom, what the hell have you fritted 100K away on?

Ah just the usual, hookers, fast cars etc.!

No really its debts from doing a masters plus the cost of training to be a pilot. I'm very fortunate in that a large sum of the loan is interest free, and if the airline who is supporting me through training does give me a job then I'll be let off another fair chunk for staying with them 3 years, which I will! However, as it stands now I am committed to be £100k down.

I must add that I agree with all the comments about not spending what you don't have. I've never had a credit card, and I've never borrowed to buy luxuries. I see my debts purely as investment, hopefully I'll be able to pay them off!

I've just turned 24, my total debt is £1700, and I'm hoping to have that cleared by September. Had a rough few years since I moved out from my parents at 21, but I've never been more than £6k in debt. I've had no holidays away (apart from weekend breaks in the UK staying with friends), haven't been out drinking more than once or twice per month, and haven't bought anything stupidly expensive except for my new Macbook. I don't understand how people get into massive debt, tbh - if I'd spent less money on petrol and bikes (the SV cost me about £4k in replacement parts and improvements), I could've had three nice holidays or a lot of nights out drinking and still been in the same situation...

Ah, well that sounds fair Mrtom. Way you said it, it was like you just shoved it down the toilet

It's just what I have to tell myself to be able to sleep at night.