Who is responsible for our debt?

mm2000

Kevicho wrote:

We live in times where job security is a thing of the past,

Exactly and blame for this lays at the door of the government, which is allowing this countries manufacturing industry to fail. Soon this country will have nothing to manufacture and export. Why should I have to pay extra National insurance to pay for some civil servants pension, why should I as a London Borough Resident have to pay extra Council Tax to pay for the Olympics as well as subsidise people in the north. It wasn't my borrowing that grew but the governments taxation.

Kevicho

mm2000 wrote:

I may have spent it or borrowed it but I was within my means because of the greed of this government and their inability to make ends meet, I now have to struggle to make ends meet. Only difference is I don't have the ability to force people to pay me more so I can sought my finances out.

Im not having a go here, but you were living within your means for that time period, where you not concerned with the future?

The one thing that amazes me is that the wool is so far over peoples eyes.

They think its ok to run up large debts (debt is caused by overspending) and buying whatever they want on credit.

Our upbringing, advertising, media are alle encouraging us to live a lifestyle that is financially beyond our means.

Credit card & loan companies are not our friends, yet the advertising and media are saying, sure well make sure you have that expensive holiday, for a reasonably monthly sum

Well a couple of those monthly sums added together means that months (and many consecutive) months budget is already accounted for.

Then someone sees a TV they like and think wow ill have that, and run up another credit bill.

I have no sympathy any more, i have no sympathy for myself and i feel really stupid about the debt i have run up, my eyes are open now, im taking responsibilty and sorting it, and to be honest it feels great and its having a positive effect on the rest of my life

I dont need a huge TV or a expensive car which will be on a ludicrous interest rate, to be successful, id rather keep the money myself rather than giving it to the credit companies

Kevicho

mm2000 wrote:

Exactly and blame for this lays at the door of the government, which is allowing this countries manufacturing industry to fail. Soon this country will have nothing to manufacture and export. Why should I have to pay extra National insurance to pay for some civil servants pension, why should I as a London Borough Resident have to pay extra Council Tax to pay for the Olympics as well as subsidise people in the north. It wasn't my borrowing that grew but the governments taxation.

What about the issues in the rest of the post?

I suppose my next post addressed other things i could say here

Broken_hearted

mm2000 wrote:

Exactly and blame for this lays at the door of the government, which is allowing this countries manufacturing industry to fail. Soon this country will have nothing to manufacture and export. Why should I have to pay extra National insurance to pay for some civil servants pension, why should I as a London Borough Resident have to pay extra Council Tax to pay for the Olympics as well as subsidise people in the north. It wasn't my borrowing that grew but the governments taxation.

I think you will find money in this country travels south not north.We get very little help up here.

Leilasmum

I think the banks and financial institutions have got a lot to answer for. When I worked for a well-known high st bank, the area manager would email the manager daily saying, "we're a bank, we should be lending money". I felt pressured to push products onto people who didn't need them.
There should be a lot more responsibility placed on lending institutions, and financial advice should be taught to kids from an early age.

Stupidspender_2

MM2000 it seems that you blame your debt on the labour party? this is a new one to me I have seen people blame banks\partners\unemployment\accidents ect ect but never a political party.
I am just glad this forum was not around when the Tories put up mortgage interest rates 5% in one day and when we had inflation at 14% unemployment at 3 million and thousands in negative equity, or are we not supposed to remember all that?

Lydia.42

No one to blame but ourselves i'm afraid. We bought food and drinks for everyone, bought new clothes., cd's, dvd's, etc and then had to spend on cards for nessecaties because we had spent our wages on credit card/loan repayments.
Learning the hard way now, but learning this time none the less!!!!!

**purpleprincess**

Oooh, what an interesting thread!!!

Well, I am responsible for my debts!! Completely and wholly!! No-one else!! I was the one that wanted to go out for dinner, I was the one that wanted to go on a couple of holidays a year, weekends away, have new clothes, shoes etc.

Crazy crazy crazy!!!:rotfl: Can't believe what I like!! So glad I found this site when I did. Pretty much up to the day I joined I was still using my credit card! Makes me laugh heartily now!!

I had six credit cards, SIX!!! I mean, really what were the companies thinking of when they were giving them to me! Especially my sixth one!! I would have liked to have known what they said when they accepted me! But all my fault for applying for them, signing for them and spending on them.

Then there was the whole consolidation loan! "Lookee here, can pay off all your debts in one fell swoop!" well that was soooooooo tempting and I got it!! But of course it didn't really pay off my debts did it!:rolleyes: And then the cards were clear, ooooh! I've got lots of spare money!!!:rotfl: :rotfl: :rotfl:

I now have just one credit card left (well in spirit but not in body as cut it up into tiny tiny pieces!!) with just £339 left on it, hope to clear this in the next couple of months. Cancelled all the others and would you believe they asked me if I was sure!! I said yep, don't want to owe you money anymore!! They weren't really pleased actually!:p

So now my debt is coming down slowly but surely, hope to be debt free by the end of next year, I will be really lucky, will be 23 and debt free. I live just within my means and do everything with cash. If I haven't got the money I can't have it/do it!! And I'm much much much happier operating this way:D

Cor, what a long post!!!

Tootsie_Roll

Leilasmum wrote:

I think the banks and financial institutions have got a lot to answer for. When I worked for a well-known high st bank, the area manager would email the manager daily saying, "we're a bank, we should be lending money". I felt pressured to push products onto people who didn't need them.
There should be a lot more responsibility placed on lending institutions, and financial advice should be taught to kids from an early age.

Of course they want to lend more - that's their business. An analogy I have used before is that I can't blame Tesco for my increase in weight because they sell Choc Chip Cookies. The only mistake as has already been mentioned is believing lenders are on your side - just say no !

Overall though it is refreshing to see the responses on here.

lynzpower

I would also ask about the impact of financial parenting. My folks god love em dont care about the debt they are in ( petrol on the creidt card etc) and brought us up to believe if you want something theres no reason not to have it, especially whne you can get so many credit cards, HPs etc.

I talked to my folks about MSe and becoming debt free, they cant get thier heads round why Id want to. They gave me a credit card on thier account at 16 for "things I might want to buy"

I look on this with the benefit of hindsight, having never really saved up for anything and then going to uni with £200 and no budgeting skills from school or home, started me on this road to ruin. Sure, you are supposed to "know" right from wrong, and yes, as a burned adult, Ill know not to raise my kids ( when I can afford them!!) to do the same as my parents did to me.

Now I take responsbility, in the way, I know its my situation, It will all be paid off, but its another circumstance which certainly hadnt deterred me from getting into debt.