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whitewitch
11-Jan-08, 21:48
just watched that debt programme on itv, i cant beleive the amount of credit cards that lady had!! i would never dream on getting into that much debt!! i have one credit card and that is enough, and i even have the limit seized so they wont increase it!! :lol:

stekar
11-Jan-08, 22:30
Certainly was an eyeopener! The lady with all those credit cards, why her 3 year old daughter needs so many pairs of shoes is beyond me.

starry
12-Jan-08, 15:48
I have a fair bit of debt, when I left my ex I left with nothing. He was very clever with the settlement and I had to borrow to live until I got on my feet.

It is a pain paying it all back but at the time there was no other way round it.
I will be debt free in 4 years and will never ever be in debt again.
It is so easily done, my daughter is at college,has a part time job and is constantly being offered loans and credit cards.
It makes me so annoyed that they are practically throwing money at her with no thought at all as to how she would ever afford to pay it back :roll:

badger
12-Jan-08, 17:08
The country is in debt, political parties are in debt, individuals in more debt than they've ever been - it's crazy. For individuals it all went wrong when the rules were relaxed people were allowed to have mortgages of 100% + and allowed to use their homes as security for things like holidays (obviously doesn't apply to you Starry - some are in debt just due to others).

Are we all sailing happily into disaster?

whitewitch
12-Jan-08, 17:49
i agree some people haven't got an option, but for them on that programme last night was stupid, having all those cards, she owed over £100,000. how much clothes can a little girl have?? i think she was getting to stage where she was just buying for the sake of it!! you have to make it to spent it i say!!! credit cards arent the answer as you are paying for the item over and over again on the interest!!

badger
12-Jan-08, 17:54
That's why we need more regulation. In the present free-for-all there will always be people who spend far more than they can afford. It's ridiculous that it's possible to get almost as many cards as your wallet will hold with no proper checks or overall credit limit.

EDDIE
12-Jan-08, 17:57
When i was younger i spent over 1500 pound on a credit card and had nothing to show for it it take me ages to clear never again.i only ever use a credit card as an emergency or buy something £200 tops so i no i can clear it buy the end of the month if i want to its to easy these days to get loans and credit cards thats the problem that needs to be addressed.

henry20
12-Jan-08, 18:19
I'm sensible with my money - I use my credit card for everything but I never spend more than I can afford to pay off at end of month. I sat and added up the amount I could spend and it came to over £22k :eek:

What I find scary is the fact that last month I spent (ahem) rather a lot - family meal out, petrol, food, xmas presents, but my minimum monthly payment was still £5! That wouldn't have even made a dent - especially once they whacked on intrest!

I think its something the government has to set regulations for - no-one in their right mind needs credit cards to the value of £22k - I only use 1 card and the only reason I do is because its with A&L and I get 0.5% cash back. As I clear it every month, I basically get paid to use it! :Razz

Yoda the flump
12-Jan-08, 20:39
Credit cards aren't necessarily a bad thing, as long as you remember that whatever you spend on them HAS to be paid back, preferably at the end of the month.

They also give the consumer some protection if they buy something over £100.

What really bugs me though is the credit card cheques, get loads sent to me and I don't request them, just stick em on the fire.

scorrie
12-Jan-08, 20:52
Credit cards aren't necessarily a bad thing, as long as you remember that whatever you spend on them HAS to be paid back, preferably at the end of the month.

They also give the consumer some protection if they buy something over £100.

What really bugs me though is the credit card cheques, get loads sent to me and I don't request them, just stick em on the fire.

We have asked several times that Credit Card companies stop sending cheques. It seems to have worked for all but Capital One, who keep sending them time and time again, even though we have never used one.

Debt is a huge problem in Caithness but most people seem to live in denial and leave it too late to seek help.

starry
12-Jan-08, 21:10
I got two lots of cheques from different companies last week [evil]

lady penelope
12-Jan-08, 23:17
It's far too easy to get into debt. Being paid off and living on savings that are meant to better your life is one example, especially when you are used to a good lifestyle. Working full time and still your expenditure is higher than your earnings even only buying neccessities and being careful with money is a downward spiral thet can be very difficult to cope with, let alone get out of! I try not to judge others unless the shoe fits! ;)

Yoda the flump
13-Jan-08, 00:58
It's far too easy to get into debt. Being paid off and living on savings that are meant to better your life is one example, especially when you are used to a good lifestyle. Working full time and still your expenditure is higher than your earnings even only buying neccessities and being careful with money is a downward spiral thet can be very difficult to cope with, let alone get out of! I try not to judge others unless the shoe fits! ;)

Accepted, there are many people who through no fault of their own find themselves in debt.

However, that does not excuse the very many who use credit to live beyond their means. Do people really need to go on holiday every year, a new car every couple of years and that extra special pair of shoes?

Yes it is very easy to get credit, but surely even the least financially astute among us must realise that these companies need to make a profit and you don't get something for nothing (unless you pay the balance off during the interest free period).

j4bberw0ck
13-Jan-08, 01:14
That's why we need more regulation. In the present free-for-all there will always be people who spend far more than they can afford. It's ridiculous that it's possible to get almost as many cards as your wallet will hold with no proper checks or overall credit limit.

Two points, badger; first, I've never yet seen a bank or credit card issuer send out large gentlemen armed with pickaxe handles to make people spend on credit cards. Second, for most folk the checking is quite sufficient. Some sneak through and I grant you some (a little) credit limit granting is crazy. It isn't, believe it or not, a free-for-all. A good many people just lie through their teeth; sorry, but those people deserve all the trouble that's coming to them.

The "credit crunch" is forcing lenders to be more selective about who they take on and for how much; thousands of cardholders have had their limits reduced and acceptance rates for new applications are falling rapidly, so the market is forcing self-regulation.

Credit cards and unsecured loans should have been regulated rather than mortgages; there was never a particular problem with mortgages.

A good deal of the problem arises when people in debt go to their bank for advice and help; the clerk behind the counter, pressured to make sales to target, sees an opportunity to sell another credit card or loan.

mums angels
13-Jan-08, 01:23
We don't have credit cards and hubby is dead set against them , now what i don't understand is why bother having one if you pay it off at the end of the month anyway , surley it sould be simpilar to just wait till you get paid then buy what you need and less likley to get carried away either .

people get in to so much debt its scary , i panic and lose sleep at the first signs of owing a little money not alone owing thousands to big companies etc . i can understand maybe the need to have a credit card for emergencys etc i wish i could convince my hubby of that thou .

as for holidays and new cars we don't bother unless we can afford it .