Kirkatronics Posted September 4, 2008 Share Posted September 4, 2008 As a nation were in a lot of debt, £1.3Trillion! We pay £97Billion back each year, but this in no way will ever meet up with debt owed. 1/4 of people in debt say they can't handle it. It averages out that each home owes just over £55Thousand, and we pay back just over £3Thousand of that per yea, meaning it will take most of our lives to pay it back if we dont meet bankruptcy first. Theres only one person to blame, and thats us, not the companies, not the bailiffs. How do you feel about debt, and do you agree with me that its the consumers fault and not the suppliers. Credit and Debit cards, when used sensibly, are great but they can easily go wrong. Personally id stick with my interest free Debit Card. EDIT: At 20-25 we are already in debt of £6Thousand on average. Link to comment Share on other sites More sharing options...
fex Posted September 4, 2008 Share Posted September 4, 2008 Im around 14000 in debt @ 22. Student Loans. I don't have any other debt or credit cards, they are dirty scum. The only reason I'd get myself into more debt is though buying a car / a house (if thats possible). Don't spend what you don't have Link to comment Share on other sites More sharing options...
Fierce_LiNk Posted September 4, 2008 Share Posted September 4, 2008 Funny enough, I work for as an advisor/application taker for a loans company. Its really amazing the amount of shit some people get themselves into. This one time, I spoke to a customer who had the worst record I have ever seen. He had something like 10 defaults, 3 CCJs (County Court Judgements) and a few Mortgage Arears. Needless to say, he didn't qualify for a loan with us. The majority of the time, it is the consumers fault. However, there are companies out there who will give out loans or something, knowing full well that its not something that they can pay back. However, the amount of companies like this are decreasing in number, as so many lenders are getting stricter with their criteria. I hopefully will never have a credit card. I've seen the crap it can get people into, and I'm dreading ever being in the same situation as many of my customers. I do have a student loan, and an overdraft, but thankfully that is small-fry compared to some of the debt I've seen people get themselves in. You'd be surprised. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 4, 2008 Author Share Posted September 4, 2008 Funny enough, I work for as an advisor/application taker for a loans company. Its really amazing the amount of shit some people get themselves into. This one time, I spoke to a customer who had the worst record I have ever seen. He had something like 10 defaults, 3 CCJs (County Court Judgements) and a few Mortgage Arears. Needless to say, he didn't qualify for a loan with us. The majority of the time, it is the consumers fault. However, there are companies out there who will give out loans or something, knowing full well that its not something that they can pay back. However, the amount of companies like this are decreasing in number, as so many lenders are getting stricter with their criteria. I hopefully will never have a credit card. I've seen the crap it can get people into, and I'm dreading ever being in the same situation as many of my customers. I do have a student loan, and an overdraft, but thankfully that is small-fry compared to some of the debt I've seen people get themselves in. You'd be surprised. There are companies who prefer to take on people who can't pay as they can make more moeny from them with taking their assets. Even these businesses are not to blame, credit cards have been around a while and people should know they are out to make money like any other business is. It frustrates me when Banks, Bailiffs,and other lenders are made out to be the bad guys when all it would take it a 'No' earlier on. Did they really need that stuff they bought? Im around 14000 in debt @ 22. Student Loans. I don't have any other debt or credit cards, they are dirty scum. The only reason I'd get myself into more debt is though buying a car / a house (if thats possible). Don't spend what you don't have Would you consider paying that off manageable? Link to comment Share on other sites More sharing options...
fex Posted September 5, 2008 Share Posted September 5, 2008 My girlfriends sister is in around £15,000 worth of debt and of course its her fault for getting loan after loan and around 3 credit cards. But at the same time companies shouldn't be allowed to lure in these people on poor wages who they know will struggle to pay them back. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 My girlfriends sister is in around £15,000 worth of debt and of course its her fault for getting loan after loan and around 3 credit cards. But at the same time companies shouldn't be allowed to lure in these people on poor wages who they know will struggle to pay them back. Why not? Surely common sense should kick and think 'Why am i getting free money', nothing in life is free. Link to comment Share on other sites More sharing options...
My Buttons are Magic! Posted September 5, 2008 Share Posted September 5, 2008 i am in no debt at all (thanks to my parents.. yeh) even tho i have student loans my parents saved up enough for me to be able to pay them all off (prob had no need of taking a loan in the first place) but in a way in lucky Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 i am in no debt at all(thanks to my parents.. yeh) even tho i have student loans my parents saved up enough for me to be able to pay them all off (prob had no need of taking a loan in the first place) but in a way in lucky Do you have a car? Link to comment Share on other sites More sharing options...
fex Posted September 5, 2008 Share Posted September 5, 2008 Would you consider paying that off manageable? No, not at all. Every month another £50 interest gets added. I currently don't even have a job. Even if I did will all my outgoings I'd never be about to pay £50 a month, just to stop the amount from rising. I was working for hallmark traveling 110 miles a day but with petrol prices being stupidly high and traveling taking an 2 and a half hours extra of my day it really wasn't worth it. // @ War&Chaos Yeh I understand and for me I would realise spending money that I don't have it silly. But theres alot of idiots in the country and thats how these companies make money Link to comment Share on other sites More sharing options...
Fierce_LiNk Posted September 5, 2008 Share Posted September 5, 2008 There are companies who prefer to take on people who can't pay as they can make more moeny from them with taking their assets. Yeah, these companies exist, and probably will always exist. But, a lot of other companies, especially particular lenders are far more reluctant to take on people who can't pay, as they can be a lot more hassle than they're worth. In some cases, it can just be a waste of time and effort on a company's part chasing a customer who has missed payments, when they could just have easily got the payments on-time from somebody else. Even these businesses are not to blame, credit cards have been around a while and people should know they are out to make money like any other business is. Credit Cards are pretty dangerous, but if you can keep on top of it, they can be useful. But, when you can't keep on top of things, one thing can spiral out of control, and lead to other things. I can't count the amount of times I've spoken to people who have 2 or 3 credit cards, can't afford to pay them off, so take out a loan to do that. Its just a big cycle. It frustrates me when Banks, Bailiffs,and other lenders are made out to be the bad guys when all it would take it a 'No' earlier on. Did they really need that stuff they bought? Generally, I'd agree with you, but it really does depend on each individual case. However, a lot of the time, people do buy shit they don't need. Technology vs. Affordability. A lot of the time, it's young adults who get themselves into debt. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 No, not at all. Every month another £50 interest gets added. I currently don't even have a job. Even if I did will all my outgoings I'd never be about to pay £50 a month, just to stop the amount from rising. I was working for hallmark traveling 110 miles a day but with petrol prices being stupidly high and traveling taking an 2 and a half hours extra of my day it really wasn't worth it. Ouch, do youwish you had done anything differently?Maybe taken a gap year to earn your fees rather than taking out a loan? Yeah, these companies exist, and probably will always exist. But, a lot of other companies, especially particular lenders are far more reluctant to take on people who can't pay, as they can be a lot more hassle than they're worth. In some cases, it can just be a waste of time and effort on a company's part chasing a customer who has missed payments, when they could just have easily got the payments on-time from somebody else. Credit Cards are pretty dangerous, but if you can keep on top of it, they can be useful. But, when you can't keep on top of things, one thing can spiral out of control, and lead to other things. I can't count the amount of times I've spoken to people who have 2 or 3 credit cards, can't afford to pay them off, so take out a loan to do that. Its just a big cycle. Generally, I'd agree with you, but it really does depend on each individual case. However, a lot of the time, people do buy shit they don't need. Technology vs. Affordability. A lot of the time, it's young adults who get themselves into debt. They can spiral pretty easily, too. Personally im staying away from Credit Cards. Link to comment Share on other sites More sharing options...
jayseven Posted September 5, 2008 Share Posted September 5, 2008 At the end of this educational year I'll probably be in debt of... erm... what, £18k? at least? Yeah. I never want a credit card. I think we are individually to blame, and the only way to change things is to drill it into kids' minds that saving is awesome and we don't need to buy a new games console/mobile phone/tv/fridge every 3 years, no, not at all! ... No in all honesty I do think it's the consumerist society - the desire for bigger/better/stronger/faster and the art of staying fashionable, through the good times and easy. keeps us tied to the banks, where the river runs red. Sorry I just felt like quoting music. Link to comment Share on other sites More sharing options...
fex Posted September 5, 2008 Share Posted September 5, 2008 Ouch, do youwish you had done anything differently?Maybe taken a gap year to earn your fees rather than taking out a loan? I loved Uni soooo much and the experience was amazing. But if I had the choice now, then I would seriously think about it and I probally wouldn't go. Once out of Uni its sooo hard to get a job, you've more chance of getting the job you want spending 3 years getting experience and working a part time job to support yourself. Link to comment Share on other sites More sharing options...
EEVILMURRAY Posted September 5, 2008 Share Posted September 5, 2008 No, not at all. Every month another £50 interest gets added. I currently don't even have a job. Even if I did will all my outgoings I'd never be about to pay £50 a month, just to stop the amount from rising. Interest on student loans is lower than that surely? I was informed that you only start paying it back when you earn more than 15-16k a year, and even then it's a piss poor interest rate. Either way, I'm about 9,000 in debt, from Student loans. Tuition fees have been paid by pr0 grants. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 At the end of this educational year I'll probably be in debt of... erm... what, £18k? at least? Yeah. I never want a credit card. I think we are individually to blame, and the only way to change things is to drill it into kids' minds that saving is awesome and we don't need to buy a new games console/mobile phone/tv/fridge every 3 years, no, not at all! ... No in all honesty I do think it's the consumerist society - the desire for bigger/better/stronger/faster and the art of staying fashionable, through the good times and easy. keeps us tied to the banks, where the river runs red. Sorry I just felt like quoting music. Another big problem, in my oppinion, is when people try keep up with their friends when they cant afford it. Such as if your friend has a great new phone, yours only has a 4 MP camera and theirs is 5, you need to go one better. Link to comment Share on other sites More sharing options...
Fierce_LiNk Posted September 5, 2008 Share Posted September 5, 2008 Another big problem, in my oppinion, is when people try keep up with their friends when they cant afford it. Such as if your friend has a great new phone, yours only has a 4 MP camera and theirs is 5, you need to go one better. I remember dealing with one customer who was taking out a loan to pay for her kids to go to University/make sure they were OK at University. That's the other side of things. To live in Britain today is so fucking expensive, especially if you're young or trying to make it on your own. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 Interest on student loans is lower than that surely? I was informed that you only start paying it back when you earn more than 15-16k a year, and even then it's a piss poor interest rate. Either way, I'm about 9,000 in debt, from Student loans. Tuition fees have been paid by pr0 grants. They also get higher interest rates as the Bank Of England's does. I remember dealing with one customer who was taking out a loan to pay for her kids to go to University/make sure they were OK at University. That's the other side of things. To live in Britain today is so fucking expensive, especially if you're young or trying to make it on your own. I think parents, if they want their kids to go, shouldstart a fund and put a few quid away per week. Link to comment Share on other sites More sharing options...
fex Posted September 5, 2008 Share Posted September 5, 2008 Interest on student loans is lower than that surely? I was informed that you only start paying it back when you earn more than 15-16k a year, and even then it's a piss poor interest rate. Either way, I'm about 9,000 in debt, from Student loans. Tuition fees have been paid by pr0 grants. With high interest rates atm student loans reflect that and whilst its true you dont start paying it back till your earning 15-16k a year it will still be earning interest. And yes it is around £50 a month for a 14k loan. Link to comment Share on other sites More sharing options...
Fierce_LiNk Posted September 5, 2008 Share Posted September 5, 2008 I think parents, if they want their kids to go, shouldstart a fund and put a few quid away per week. Many do, but it is not easy to save, especially in this day and age. Especially if you're not even earning a great income to begin with. I'm kinda glad I had the experience with my job, and it has really been eye-opening. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 Many do, but it is not easy to save, especially in this day and age. Especially if you're not even earning a great income to begin with. I'm kinda glad I had the experience with my job, and it has really been eye-opening. It can be hard, but just a pound per week or more on weeks that you can afford more will soon burst into a huge amount over 18 years. EDIT: But then again i bet its easy to e tempted into taking some of the money out for something new. Are there any bank accounts which you can only withdraw after a set time? Link to comment Share on other sites More sharing options...
EEVILMURRAY Posted September 5, 2008 Share Posted September 5, 2008 Another big problem, in my oppinion, is when people try keep up with their friends when they cant afford it. Such as if your friend has a great new phone, yours only has a 4 MP camera and theirs is 5, you need to go one better. My step dad is like that all the time. But he doesn't really even know what he's talking about. He'll brag about how his camera has Xmp on it, yet doesn't really know what it all means in the end. Doesn't really matter much anyway, when it gets compressed to fit your screen it all pretty much looks the same. Link to comment Share on other sites More sharing options...
Will Posted September 5, 2008 Share Posted September 5, 2008 I'm probably about 12k in debt from my student loan (No idea on an exact figure). To be honest it doesn't bother me at all. The repayments are taken out with tax so I don't miss the money at all. I also have a 5k loan that I took out at the start of the year which is now down to about 3.5k to pay, I might pay that one off with savings but at the moment the savings gain more interest than I lose on the loan so its not worth it right now. I agree its the people taking out the loans fault, they just don't seem to think about the consequences of these things. The main problem is interest rate rises, people found it easy when they were low and credit was easy to get. Now payments are going up and people just weren't planning for these things. Link to comment Share on other sites More sharing options...
Kirkatronics Posted September 5, 2008 Author Share Posted September 5, 2008 I'm probably about 12k in debt from my student loan (No idea on an exact figure). To be honest it doesn't bother me at all. The repayments are taken out with tax so I don't miss the money at all. I also have a 5k loan that I took out at the start of the year which is now down to about 3.5k to pay' date=' I might pay that one off with savings but at the moment the savings gain more interest than I lose on the loan so its not worth it right now. I agree its the people taking out the loans fault, they just don't seem to think about the consequences of these things. The main problem is interest rate rises, people found it easy when they were low and credit was easy to get. Now payments are going up and people just weren't planning for these things.[/quote'] What about if the interest rises on it or your saving account interest falls? Youll be up shit creak without a paddle. Link to comment Share on other sites More sharing options...
EEVILMURRAY Posted September 5, 2008 Share Posted September 5, 2008 Youll be up shit creak without a paddle. Good way to fake your death and evade debt it has shown. Link to comment Share on other sites More sharing options...
Will Posted September 5, 2008 Share Posted September 5, 2008 What about if the interest rises on it or your saving account interest falls?Youll be up shit creak without a paddle. Not really, I'd just pay off the loan with my savings. Link to comment Share on other sites More sharing options...
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