Who is responsible for our debt?

Catseyez

Al_Mac wrote:

Wont find many rich people claiming it was the banks that made them rich;)

True...but you'll find many banks claiming it was the people that made them rich!

amosworks

Catseyez wrote:

As my Mum has always said, "take care of the pennies and the pounds will take care of themselves"

Mine always said be a chef in the bedroom and a !!!! in the kitchen. Sound advice.

all_hours

The banks don't always help the situation. At one point I contacted them before things got out of control, and explained what was going to happen but they wouldn't stall or reduce the DD payment for loans. They replied there was nothing they could do.

I subsequently found out I could have requested all accounts and loans go to their collections department. Eventually the accounts did end up there and they were basically doing what I'd previously requested but it looked worse on me because it wasn't voluntary.

milliejon

It is entirely my fault but situations can make temptation harder to resist!

And why oh why do I still get post from credit card and loan companies telling me that I've been pre-selected for a card or loan? Pre-selected by which method - pin the in the phone book?:mad:

bobbiebob

I personally blame moden sociatity.

Yes the banks are also to blame, as banking is one of the most lucrative industries in the world, just look at the third world countries and how they cannot escape thier debt ridden chains and lift the povity. The worlds banking institutions milk these nations for cash when we should be uniting as a global population, its appauling..! Absolutley shocking.

But back to the main problem I have £60k of debt currently and as I said I blame sociaity and our modern culture. It has become socially acceptable to live on credit, buy now pay later, you must have this now..! To add to this banks make credit far far to easily obtainable to almost anybody, knowing forwell some people cannot afford to pay it back, they dont care, they are insured.

And to top it all off, the TV, glossy magazines & Papers are filled with so called celebraties living the life of luxury spending £3,000 on a handbag and other nonsense, that adds pressure to people who feel they want those things and they want them now.

I really dont think there are many people who actually save up for things, we as a nation tend to just buy now pay later. or on the never never.

Another issue has been the likes of the fast pace of technology, everybody wants the latest gadets and gismos, all of a sudden we all need 50" Plasma screens and Sky+.

Rant over, but whos to blame, of course its me i spent the cash, but the banks made it too easy to get the money and "peer" modern lifestyle pressure closed the sale.

I would love to know just what the current state of affairs is in terms of the UK population and how in debt we are as a nation due to our media induced habits..!

(Appologies for poor spelling of sociaity..)

bobbiebob

Just to add,

Why in the UK must we all strive to own our own homes.

Throughout the rest of mainland Europe people tend to rent. Why is it we as a nation feel we must own our castles.

Look at the cost of housing these days its absolutley rediculos. No wonder kids stop at home longer its almost impossible to get anything affordable unless its in a slum area.

If I sold my house tommorow (which I bought 4 years ago) and spent the money on a round the world Cruise and a Porsche, I could not afford to repurchase it due to the asking price..

Wheres the sence in that...

dudleyboy

Coo it's getting late but i thought i'd chip in with a few pennies' worth before bed...

Who's to blame? Well, i think it's safe to say that the majority of the blame goes to the individual. None of my debt was fuelled by frivolous expenditure on consumables... just your usual debts for a hard working 20-something on an average income, like extortionate car insurance (every !!!!!!!' year without exception despite no claims!) and student loans. It's not helped much either now by bloated house prices for first time buyers (i'm STILL renting at 28) and rising utility bills... but anyway... even tho it wasn't due to p*ssing money up the wall, it was my choice to go to university and it was my choice to buy and run a car (even tho i needed it). The money was by no means squandered but it was still my decision to part with cash that wasn't mine.

As for blaming society... i feel that's a bit of a cop out. Society is simply a collective of individuals, each with it's own free will and freedom of choice. If someone decides to follow the majority(?) then that's THEIR decision... as is the decision to get into debt.

Temptation is all around us - i'd LOVE loads of the new stuff i see on TV and on the people i pass in the street - but ultimately it's my decision as to whether i buy into that lifestyle now (paying later) or waiting til i can afford it. And i think i'll wait.

That said, it's far too easy nowadays to get into, and out of, debt. With our £1bn consumer deficit and over-inflated house prices, this country is almost ready to implode on itself what with all it's borrowed wealth. Those who deny it are the ones with the most to lose if it does (e.g. the govt and banks)... but ultimately we'll be the ones feeling the greatest pinch of all.

Thank God our pensions are all sorted then, huh?! Ummm....

Time for some more whiskey before bed methinks...

mm2000

I blame the government who are continually finding new ways to take more and more of my hard earned cash making it increasingly harder to repay my debts.

mandi

What a brilliant thread, Thank you.

However, my debit isnt caused by , credit card overspending, or store cards,overdrafts, and a mortgage..Simple fact is that I cant, afford to live on the income I have.:eek:

Too many outgoings, and very little income.

I recieve IS, and yes I hate it.. Im a trained nurse, and and also a trained Estate Agent, have ran my own business,

I have 2 children to look after, and, no family to help. one of them gets sick, and if I am working... then who looks after them

Debit isnt always about overspending.. wish it was...........:D

sammy115

I blame me! I have always had a problem with money and have spent the last 22 years in and out of debt. I come from a fairly typical working class background from a council estate. Nothing wrong with that but I bought my own house at 21 had a couple of jobs to pay for it, but racked up credit card debts (not huge but enough to always be skint at the end of the month). Had kids got divorced, moved down south, had post natal depression - all whilst fairlys skint, nearly got the house repossessed, survived that one. And then!! Both OH and me got good paid jobs, had share windfall, good redundancy payment - and what did we do - blew it!!! On holidays, big tvs bigger house etc.

Consequence - when disaster strikes (I lose my job and get no payoff - not even my monthly salary) we were up **** creek without a paddle.

No one made me spend the money. Yes we live on an estate where everyone thinks they are millionaires, but I don't care anymore. It is more important to me to be happy living within what I can afford now. If I haven't got it I don't spend it. I cannot believe how I used to live. If I wanted it I got it, no matter how I got it. Such a waste. Oh well, remember - you only make a mistake if you don't learn from it. If you do its an experience!