How many live on credit ?

woozywendy

I recently found out a friend of mine consistently lives on credit.:eek: I honestly do not know how she can afford to do this. I know she has a few credit cards and a large o/d that she is consistently in to about £2500. She does not earn that big a wage but still goes out fri & sat night and always buying new clothes etc. I was cheeky enough to ask how she manages to pay everything and she only makes the minimum amount to her cards. When I found out about her debts it did make me wonder how many other people live like this, as my friend came across as having no money worries and she was managing financially just fine.

Deep_In_Debt

Yep, I used to live on credit. I also had the attitude of your friend that as I was meeting minimum payments, I had no worries - then ended up with £26k of debt!

Jo3y83

I have a friend who lives the same way. We've tried to help her but believe she is in denial. Worried about her is not the word .
She lives her life like she earns a massive wage and I'm so terrified that one day it will come tumbling down on her.
If your friend will listen try and offer some advice and suggest that she might need to seek help to get her out of the debt she is in.

Greenbynature

Deep_In_Debt wrote: »

Yep, I used to live on credit. I also had the attitude of your friend that as I was meeting minimum payments, I had no worries - then ended up with £26k of debt!

Exactly the same as me until my LBM of which there were several before it really hit me how bad my debt was. Am now slowly and painfully paying it off. I'll never get into debt again my whole attitude has changed just a shame it took me getting into £25 grands worth of debt before I woke up!

Broken_hearted

We lived on credit for months when we had no income.

MrsPorridge

Sounds just like me! Or rather the old me. Not any more. I lived on credit cards and thought nothing of having good holidays, buying new clothes etc. Thankfully its now hit home and I am slowly getting myself together again. However, knowing that its going to take a few years to sort myself out has made me realise its just not worth it.

debtman2007

I lived on credit for a number of years. I amassed 35K debt. go me!! :rotfl:

SunderlandBlackCat

Pre LBM I had a £5k+ flexible loan, £4.5k Overdraft that I only moved away from the limit of on payday & 4 CC's with between £2k-£3k on each of them & every month used card 1 to pay the minimum off card 2, card 2 to pay the minimum off card 3, card 3 to pay the minimum off card 4 & card 4 to pay the minimum off card 1

None of the above were balance transfers either so the interest was astronomical & so were the charges for cash advances.

I went about 2.5 years without ever being in the black on my current account or reducing the balance on any of my cards which all kept increasing my credit limit until they suddenly stopped increasing & I was left without the ability to use the cards to pay each other, only £12 in the overdraft & got a NO when trying to increase the flexible loan & the same when trying to consolidate onto my mortgage.

shopaholictiedtheknot

This is a question I ask myself a lot, especially when I have a trip to the Trafford Centre every couple of months or so to go to Yo Sushi! It seems that the whole world (except me and OH) have untold amounts of cash to spend on endless shopping trips - they all parade around the mall wearing their finest and carrying designer bags full of god knows what and I always say to OH - where do they get their money? :eek:

I often wonder how many of them are up to their eyes in debt that they can't afford to repay?

woozywendy

I have to admit when I found out how my friend lives it did scare me as to how much debt she is in. I live in hope of being debt free (apart from mortgage) next year when we remortgage on to a repayment mortgage and cash in the endowment to pay the loan off. Her attitude is to spend the endowment enjoying ourselves,but I would rather have more money in my pocket every month than blow a few thousand in a matter of weeks. I have tried showing her this site and pointing out some threads as to how deperate some people are for help to get themselves out of the debt their in. Her reply was they should not spend what they can't afford. I did say to her do the words pot - kettle - black - ring a bell. I for one know she will gladly welcome this site and everyone on it when her bubble bursts.

woozywendy

debtman2007 wrote: »

I lived on credit for a number of years. I amassed 35K debt. go me!! :rotfl:

:eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: :eek: