Who is responsible for our debt?

I'mcomingbackasaman

Love to see my bank managers face when I tell him it's 50% his fault I can't pay my overdraft back because he shouldn't have given it to me in the first place ...It's a business in business to make money from us, the customer, if we don't want to give them money then we shouldn't use banks we should uprise against them. I'm seriously thinking of reverting back to my old aunties 'bank' ie. under the bed,(!!*) after I've paid debts in cash, it worked for her - might make the banks drop their 'unlawful' charges.

heppy23

I think it's a case of "it takes two to tango".

When I was a student nurse on about £600 a month I ended up with an overdraft of £2600.

I would go to the bank and say money was tight etc and they would up the limit by £100.

At no point did they say "go over the road to WH Smiths and buy a book about personal finance and budgeting".

I was young and naive then. The lessons I have learned will be passed on to my baby son so he doesn't make the same mistakes as I have done.

nicola1982_2

We are to blame - we forget that some people earn more than others and assume that we too can have a new car, nice clothes etc. I think back to being a kid and my parents always had a second hand car and clothes from C&A, yet today someone earning the same as they did will be buying a new car on finance and shopping in upper high street stores on their credit card.

Unfortunately people who earn more can have more and people don't seem to realise this!

timmybest

Hi

Can someone please give me some advise. I have a personal debt of £20000.00 and am not currently working. My wife works full time and is on 25000.00 a year. I have no asset's and house is in her name ( transferred it over last year). I don't worry about going Bankcrupt but do not know if they will bother my wife or the house or her saving's. Can they legally demand money from her cuz we are married and live in the same house.

Please Advise.

Thankyou

Blue3

I really admire the people who say that they take responsibility for their own debt. You can't blame advertisers (unless you are weak and have no self-control). Advertising is there to advertise things for sale for those who can afford it. I'd like a Ferrari but I wouldn't go into debt and disadvantage my family just because It was advertised. I think a lot of debt is because people just won't save and wait they all want it now. A few years ago after my divorce, I was bringing up 3 children alone - if they wanted something and I couldn't afford it- I would explain and say sorry -another time. Now parents seem to give in to their kids all the time and go in debt just to appease them - then the kids grow up and continue to want want want it NOW. I went without if I couldn't afford it and saved bit by bit till I could. BTW when my kids were young (before divorce)I stayed at home to look after them becasue I didn't want to farm them out and we lived on 1 wage until ex was made redundant. Then things got really tough - interest rates soared and nearly lost house but I worked evenings when ex came home - still no debt.
For those with genuine debts through hardship (I don't mean debts for designer clothes and the latest mobile and a brand new car) then Good Luck in clearing your debts soon.