Who is responsible for our debt?

OK all, it's about time someone started this thread!

Should we accept complete responsibility for our debt or does part of the blame rest with the financial institutions, fashion labels, car showrooms etc and their seductive advertising?

Let the debate begin....
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Comments

  • crawley_girl
    crawley_girl Posts: 2,010
    First Anniversary Combo Breaker
    Forumite
    Simple for me... I am responsible for my debts!

    :heartpuls CG :heartpuls
    Ever wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.
  • Hobsch
    Hobsch Posts: 613 Forumite
    I can't answer for everyone. Simple answer for me is I am. I chose to get the cards, get the loans etc.

    I do not hold any blame with the fashion labels, pier pressure to have the 'must haves'.

    I do think financial institutions have not helped by allowing me to get extra credit without worrying too much to check etc, and then to not help when there is a problem.

    ultimately though the blame is with me.
    Total Debt now £22,525.07 Start Debt £32,732.36
    £10207.29 OF DEBT PAID OFF:j 31.18%
  • Chortle_2
    Chortle_2 Posts: 403 Forumite
    yep, simple for me too - the banks might make it easy, the advertisers might make things desirable, but for me, at the end of the day, I signed the agreements on the credit cards, I spent the money, I'm responsible!
    Highest Debt (Sept 04) -> £41,300 :(
    Debt Free - August 2006!! :D

  • Catseyez
    Catseyez Posts: 993 Forumite
    Has anyone seen the latest TV advert for Virgin credit card? It totally promotes the 'I want it therefore I will have it' ethos...if everyone is telling us that we CAN have it, then why shouldn't we? Surely we 'deserve' to be able to 'say yes' all the time?

    Where are the adverts that tell us to save up for things?

    (PS...I cancelled and mutilated my Virgin credit card ages ago!)
  • all_hours
    all_hours Posts: 684 Forumite
    I'm responsible, I overspent when my circumstances changed I would have managed if I hadn't had the debt to pay.
  • beanielou
    beanielou Posts: 89,277
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    And me as well, however I might like to try to blame others I know the ultimate resposibility belongs to me.
    We all make choices along the way-in my case not always the right ones.
    I thought i 'deserved' this n that as I am disabled and also now a single parent too.
    I know know i only 'deserve' what i can afford to pay for.

    Interesting thread-thanks catseyez.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

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  • amosworks
    amosworks Posts: 1,831 Forumite
    Essentially all those things you describe are made up of people, I doubt any of them individually are evil per se, but when groups of people come together it's possible to create things beyond evil and do things nobody would dream about doing alone. People create the misery of people. I do blame those companies for creating the illusion that debt is right and I blame myself for falling for it, I was young and stupid and offered easy credit. But still, none of the people in those companies are bad, so I don't really know WHO is to blame besides me.

    After all, every drop of water in a flood would claim it's not his fault.
  • Chortle_2
    Chortle_2 Posts: 403 Forumite
    Catseyez wrote:
    Has anyone seen the latest TV advert for Virgin credit card? It totally promotes the 'I want it therefore I will have it' ethos...if everyone is telling us that we CAN have it, then why shouldn't we? Surely we 'deserve' to be able to 'say yes' all the time?

    Where are the adverts that tell us to save up for things?

    (PS...I cancelled and mutilated my Virgin credit card ages ago!)
    Oh god that advert makes me :mad:

    ''things get a lot more exciting when you stop saying no''.... yeah, and they get a damn site less exciting, and a lot harder, when you realise that you do have to pay it all back eventually!

    The thing is, that as consumers, we should be able to see through this. Everyone knows that marketeers are clever !!!!!!s, and can convince us we need anything if we are gullible enough to believe their blurb - its up to us whether we do fall for it or not.
    Highest Debt (Sept 04) -> £41,300 :(
    Debt Free - August 2006!! :D

  • Catseyez
    Catseyez Posts: 993 Forumite
    amosworks wrote:
    People create the misery of people. I do blame those companies for creating the illusion that debt is right and I blame myself for falling for it, I was young and stupid and offered easy credit. But still, none of the people in those companies are bad, so I don't really know WHO is to blame besides me.

    Do those companies care if you enoy your exotic holiday or look good driving your convertible? Doubt it.

    Do they care about lining their own pockets? Almost certainly!

    Young people are far more susceptible to advertising...that's why the companies like us!
  • crawley_girl
    crawley_girl Posts: 2,010
    First Anniversary Combo Breaker
    Forumite
    I think that admitting that the debt is my responsibility, is definately attributed to my light bulb moment and this site.

    If you had of asked me this a year ago, I would have said 'the banks, credit cards, loans etc etc' in a very whingey, self-pitying style voice.

    Like the others, I signed the agreements and I spent the money. It is 110% my responsibility

    :heartpuls CG :heartpuls
    Ever wonder about those people who spend £2 apiece on those little bottles of Evian water? Try spelling Evian backward.
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