Can I ask your thoughts on the current climate..

MicheH

with regard to 'easy' borrowing, irresponsible lending, 125% mortgages and like.

I've grown up my adult years (late 90's/00') thinking I can get a new car when I want, getting mortgage and a load of money to furnish. I've been given more and more money on credit cards and rearranged different loans a fair few times. Financially I have acted pathetically and only now am I relising that this behaviour is not the norm, it's not acceptible and what I'm wanting you to tell me (being a complete ignoramous when it comes to money or business - be kind, im asking a fair question and being honest)is every one has learnt their lesson and credit will be much harder to get in the future.

What do you think?

Dan:_4

until it's all forgotten...

mewbie_2

There's one born every minute. A new potential borrower I mean. Or saver. What I mean to say is - your own circumstances are that - and others are theirs. There is not neccesarily any pattern or reason to it.

Loans may be harder to come by, but I notice more credit card !!!!!! is coming through my letterbox each day now.

MicheH

Hmmm.. I'll just have to make sure I educate my children and make damn blo*dy sure they don't go down the route I and their dad have gone down.

movingforward2010

its the difference between need and want, you dont NEED a brand new car, but you want one , but you do need a new washing machine when your current one is beyond repair for instance.

most people spend money just for the sake of spending

kriss_boy

I think ultimately it is about education.

My parents taught me to not buy what I cannot afford and to save to get the things I want.

Its testiment to them that even aged 26 I spent literally monthss agonising over buying a new car when my old one began to pack in. I was so tempted to go down the road of buying a newish car with finance but in the end I saved half of the deposit and put the remaining on a 0% credit card.

I hope to have the car paid off my March which is pretty good going considering most would have taken out 3 or 4 years finance.

MicheH

I do feel that I havn't had the influence in my life to make me see that you should be wary of borrowing money.

It started at 18 with me. I worked 2 days a week earning £380 a month but got a loan for a brand new car. I should never have been granted that loan. Should I have known better at 18, Im not sure! That is why i'm in a mess over 10 years later. Marry a man that did the same sort of thing and as a family your bu*ggared

mewbie_2

MicheH wrote: »

Marry a man that did the same sort of thing and as a family your bu*ggared

You are if your a man.

Graham_Devon

It's been around 9 months since near armageddon.

Have we learnt? No way. Look at us all, look at the government trying to get us into nice shiny new cars. Look how house price increases are cheered on.

No, we have learnt nothing.

All we have done is replaced our silly spending with even more silly spending.

Pobby

I am still amazed at how people kind of came uncoupled from the real world of money. This, OP, is not aimed at you. I have members of my own family that did the same. I am very middle aged and the only new car I have had have been company ones. I think they are a total waste of money.

One family member took out a 18k loan at 18 for a car. At 21 he and his 20 year old partner have bought a £195k house over 40 years!

MicheH

mewbie wrote: »

You are if your a man.

:rotfl:You've cheered me right up!