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Thread: Personal Debt

  
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    Personal Debt

    I was listening to the radio earlier and they were saying that out population is in loads of unsecured debt i.e. non mortgage/secured loan, the average person owing £3k which is apparently double the amount of your average European. We are also the most indebted country in Western Europe.

    Who's fault do people think this is? Is it the governments fault for allowing it to happen? Is it theire fault for making it too easy not to pay your debt? Is it banks' fault for lending people as much as they do and perhaps failing to underwrite properly? Is it people's own fault for borrowing in the first place?

    It's something I feel quite passionate about it as I work in collections, so I see people trying to wriggle out of debt day in day out. I don't want to start an argument, or get into a debate about who owes most or least and why etc etc.... Just curious to hear other people's perceptions on it.
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    debts ok if its manageable. Ive been in debt - it was fine, although i was uncomfortable being in debt if that makes sense?
    Debt free now. Its great

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    I think debt is something that people shouldnt get into. basically, i owe £400, and i make sure that the most i can owe is £400, i can comfortably pay off my debt with one months wages if need be, and still be financially comfortable for the rest of that month.

    Ive always been taught by my parents. if i cant afford it, dont buy it.

    the only one true debt i will ever see myself getting into, is a mortgage, which i wouldnt consider debt, so much as being a way of getting a house.

    In my opinion, its peoples own faults for getting into debt, for the most part, for buying things they couldnt afford in the first place.

    but then again, there are genuine cases, whereby parents lose jobs, and have to take out lowns/overdrafts etc to survive, even after cutting back to bare minimum.

    but getting into debt for luxurious items, is not a way of life.

    take cars for instance. you can get a car for a few hundred quid these days which will keep you in good stead, but i see people who dont have the funds to do it, go out and buy big new landrovers because they want to be seen as superior. these people survive on credit, in a run down house, in a run down neighbourhood, driving the flashyest car ever, and going on holiday after holiday. never actually spending thier own money, just other peoples. then they moan and bitch about how they cant afford repayments to all thier loans, debts and creditors.

    in my opinion, this kind of thing is down to the parents, and not being taught the value of money, and the value of owning thier own stuff.

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    Quote Originally Posted by monolith
    I think debt is something that people shouldnt get into. basically, i owe £400, and i make sure that the most i can owe is £400, i can comfortably pay off my debt with one months wages if need be, and still be financially comfortable for the rest of that month.

    Ive always been taught by my parents. if i cant afford it, dont buy it.

    the only one true debt i will ever see myself getting into, is a mortgage, which i wouldnt consider debt, so much as being a way of getting a house.

    In my opinion, its peoples own faults for getting into debt, for the most part, for buying things they couldnt afford in the first place.

    but then again, there are genuine cases, whereby parents lose jobs, and have to take out lowns/overdrafts etc to survive, even after cutting back to bare minimum.

    but getting into debt for luxurious items, is not a way of life.

    take cars for instance. you can get a car for a few hundred quid these days which will keep you in good stead, but i see people who dont have the funds to do it, go out and buy big new landrovers because they want to be seen as superior. these people survive on credit, in a run down house, in a run down neighbourhood, driving the flashyest car ever, and going on holiday after holiday. never actually spending thier own money, just other peoples. then they moan and bitch about how they cant afford repayments to all thier loans, debts and creditors.

    in my opinion, this kind of thing is down to the parents, and not being taught the value of money, and the value of owning thier own stuff.
    I have to agree with the above. A lot of people are getting themselves into debt due to 'greed'. I for one admit I was like this and really did regret it. There has been times I did not have the money for petrol and had to borrow which in result, more debt. Luckily I am in control now and even have money saved up for once in my life

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    I'm in debt by just over 3k now ( i think) on loan for my car. Was a 4k loan to start with, paying it off over 18 months and isn't a problem at all to pay it.

    Debt really isn't an issue as long as you can afford to pay it. It is only a problem when you hear of people with 10 credit cards etc, owing 20k. Chances are they will never be able to pay it back as the interest is more than they can afford to pay.

    Banks do make it very easy to get you into debt, i got a 4k finance on my car + a credit card (1.9k limit) + a 4k loan (to pay off the finance) all within a week and a half. Had i decided to use the 4k loan on something other than paying off the finance on car i could be in nearly 10k of debt now.

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    Personally I think there is a difference between having a debt and having credit. If you owe money and are paying it back comfortably and have the full intent to pay it back and know exactly what the score is with it, then that's fine. Thats what credit should be used for, I had a loan for my car, I saw it as just a bill each month that was manageable, plus I had something to show for it.

    The thing that gets me is people who borrow simply because they can, and buy stuff knowing full well they probably won't be able to pay it back. Then when they don't, they complain that the banks are charging them interest etc. Worse still is the people who borrow, knowing full well they can't afford it and have no intent to pay it back at all, then end up going to debt management and repaying £1 a month, worse than that are people that borrow, never make a payment and then go for bankruptcy - personally I'd have the lot of them (the extreme cases) in court for fraud.
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    Well I owe near 8k and dont get me wrong its manageable but I do regret it and wish I were debt free. If id not got the loan for the car etc me n the mrs could comfortably start buying our own house or at least start renting somewhere. As it stands im living with my folks coz I simply cant afford to move out. Live and learn I guess.
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    with the 888 coming next year i made the decision to become debt free, mine is very manageable. I will be debt free and have enough £ to get a 888 by next summer
    Drives:Mazda 6 MPS- Zoom Zoom

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    so, if so many of us are debt free (excl. mortgages), then how much must some people owe to make the average £3k?
    why do today what you can...... I'll finish this later

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    To give you a rough idea of the state I have seen people in...

    My mate "Fred" at 21 years old owed £14k. Very little to show for it.
    When I was selling loans I saw someone's overdraft come back from Equifax at 80k, we assumed it was his mortgage, but it wasn't, Is till have no idea to this day how that's possible.
    I think the average uni leaver owes something horrendous like £15k (please correct me if I'm wrong on this)
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