Asking for a favour...

lynzpower

Do you guys think that it's too easy to get credit?
Absolutely. Banks give students credit cards & overdrafts, knowing full well they dont have an income to pay it back.
I ordered a little something from the catalogue that I had the cash for to pay for it they wouldnt let me pay cash over the phone, and advised me they gave me a grand limit. I said I didnt need it I just wanted the one item, they said I HAD to have it. ( account now closed )
barclaycard wont let you pay money back to them over the phone more than twice within a billing period.
While overpaying my CCs and moving balances Ive been offered consoidation loans for much bigger than my current debt is. "dont you need a holiday" " what about a new car" blah blah.

Have you had experiences of debt getting out of control?
Yes, of course. Usually coutesy of the banks charging me for going over my OD, and then becoming reliant on Ccs to manage.

Are you scared of bankruptcy or is it a relief?
Not applicalble, although the idea of it scares me.

Are you owed money and feel that the debtor is being selfish?
Im owed a bit, nothing Im desperate for ritght now. Debtor is my OH, so no biggie!

Have you lived beyond your means or have circumstances forced you into debt?
Bit of both. Living on 3k a year, at uni is impossible, and is entirely funded by debt. Ive been ill so lost money via that too. I never really knew what my means were till I found this site though.

Molanole

debtjourno wrote:

Do you guys think that it's too easy to get credit?

I do think it is far to easy to get credit although personally I have now reached a point where I'm no longer an attractive target to the banks. When I was fresh out of Uni however, with debts of £20K banks were falling over themselves to lend me more.

debtjourno wrote:

Have you had experiences of debt getting out of control?

Almost, I've always been able to make minimum repayments if nothing else but can see only too clearly now how bad it would have been if I hadn't sorted things out and quickly.

debtjourno wrote:

Are you scared of bankruptcy or is it a relief?

I've never been in the position of having to consider this as an option but I think if faced with it I would be petrified of the consequences.

debtjourno wrote:

Are you owed money and feel that the debtor is being selfish?

I'm not able to answer this question as I'm not owed money (unless you want to consider bank charges - and I've not even started on that yet).

debtjourno wrote:

Have you lived beyond your means or have circumstances forced you into debt?

I have lived beyond my means, simple. Misguidedly consolidating and then spending the spare, not recognising the impact of compound interest.

As far as financial education goes, I think it is CRUCIAL that there is some kind of financial literacy being taught, not just in schools but for adults as well. Simple things like budgeting are never going to be interesting but they are facts of life which often don't get taught and are learn from your mistakes kind of experiences, by which point of course, it is too late.

Good luck with your course.

Molanole

sickofhavingnomoney wrote:

I think it is definitely to easy to get credit.... I think there was a thread a little while ago that could help you. I cant remember exactly what it was called but I think it was something like Debt - whose fault is it?

I think this is the one.....

http://forums.moneysavingexpert.com/showthread.html?t=196555

lady_fuschia

I think basic financial education in schools would be a good idea- perhaps not as a subject in itself but as part of Pesoc (Or whatever they call it now- the one where they talk to you about relationships and personal hygiene!). Whilst at the end of the day you can't make people look after their finances, and there will always be some who behave irresponsibly, I do think it would help to give people the basic tools for understanding financial matters. How many people leave school not understanding compound interest (I had to explain the concept to my 30 year old partner not so long ago!)? My youngest sister moved into her own flat at 18 and was surprised by the existence of council tax- she thought only home owners paid it. Basic misconceptions like this could easily be dealt with at a young age and help make life that little bit less daunting for those starting out on their own, and maybe help them to avoid problem debts due to taking on commitments they couldn't afford. PRacticing budgeting skills could be woven into other lessons such as technology and maths quite easily. I don't think it would solve the problem, but it would perhaps encourage people to take more responsibility for their own financial well-being. A lot of people use the excuse of ignorance about finance, or financial issues being "too complicated" for not getting out of debt.

domesticgoddess

debtjourno wrote:

I'm building a website about debt and bankruptcy for my journalism degree (http://journalism.bournemouth.ac.uk/lmeakin) and would really love to hear your opinions and experiences for inclusion in my articles.

Do you guys think that it's too easy to get credit?
Yes very we are encouraged from an early age that credit is easy and we should spend spend spend
Have you had experiences of debt getting out of control?
yes
Are you scared of bankruptcy or is it a relief?
No, I think it could be
Are you owed money and feel that the debtor is being selfish?
The snowball effect from banks and CC companies have a hell of a lot to answer for, they really need to review their charging policy
Have you lived beyond your means or have circumstances forced you into debt? a bit of both if I'm honest

If there's anything you want to say please post it here or go to the site. I'd really appreciate your help and informed opinion, and will always respect your privacy too.

Thanks!

Sometimes I also think that our parents make life too easy for us, live at home rent free or a minmal amount, this does not give us a true and accurate refelction of the real world and to a certain degree spoils us and does not help us to be responsible IMO

HTH
DG

bikerqueen

domesticgoddess wrote:

Sometimes I also think that our parents make life too easy for us, live at home rent free or a minmal amount, this does not give us a true and accurate refelction of the real world and to a certain degree spoils us and does not help us to be responsible IMO

HTH
DG

Is this irony?