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Which One Are You?
topherxp
Posts: 267 Forumite
Somebody asked me what my debt situation was and i replied that I was virtually debt free, because I was in a position where I although in debt for sometime to come, I could easily just sell my stuff and pay my debt's off.
After somemore thought, I came up with a couple of categories to describe different debt situations, which are you? and can you think of anymore categories?
OAD (Old Aged Debtor) - Could be collecting my pension before your debt's are paid off.
Virtually Debt-Free - Will be in debt for a short while to come, but could pay them off straight away if I sold my possessions. Obviously, not that good a position, because who wants to pay there debts off and have almost nothing to show for it.
Technically Debt-Free - Still have debts, but have enough money in savings or shares to pay them off anytime. You should only be in this situation if you don't have to pay any interest on your debts.
Debt-Free - Happy Days!
I hope this makes for an interesting, light-hearted debate.
After somemore thought, I came up with a couple of categories to describe different debt situations, which are you? and can you think of anymore categories?
OAD (Old Aged Debtor) - Could be collecting my pension before your debt's are paid off.
Virtually Debt-Free - Will be in debt for a short while to come, but could pay them off straight away if I sold my possessions. Obviously, not that good a position, because who wants to pay there debts off and have almost nothing to show for it.
Technically Debt-Free - Still have debts, but have enough money in savings or shares to pay them off anytime. You should only be in this situation if you don't have to pay any interest on your debts.
Debt-Free - Happy Days!
I hope this makes for an interesting, light-hearted debate.
If saved £2710 and only spent the interest (Based on a return of 5%), you would have enough money to pay your TV Licence every year. Saving you £7452.50 over a period of 55 years, based on you buying a license from the age of 20 until your 75 at a cost of £135.50.
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Comments
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I am virtually debt free...Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)0 -
How about GITTS? Give It To The Sprogs - Still be in so much debt when you die the kids will have to pay it off, and possibly their kids. Like an heirloom only not an ugly vase.This year I'm getting organised once and for all, and going to buy a house with my wonderful other half. And that' s final!
Current Pay Off Target : £1500 :mad:0 -
me too. I mean 30 months isn't that long is it?*Sparkle* wrote:I am virtually debt free...Barclaycard 3800
Nothing to do but hibernate till spring
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OberonSH wrote:How about GITTS? Give It To The Sprogs - Still be in so much debt when you die the kids will have to pay it off, and possibly their kids. Like an heirloom only not an ugly vase.
LMAO like a ugly vase..... ha ha:rotfl:Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)0 -
LOL it doesnt sound that long but then you think abit harder.....Broken_hearted wrote:me too. I mean 30 months isn't that long is it?Abbey Loan £6,000
Tesco loan £3,000
Tesco points --- £100 worth £400 in deals for holiday! :j :T
"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change." (Charles Darwin)0 -
I suppose im virtually debt free, but you never know what could happen job wise so i dont want to tempt fate
Im happy with my progress so far so even though at times this has been a tough year, i know its not for nothing, cant wait to be debt free.
I think the most important thing really is my mindset has changed, getting out of debt will be nice, but that is the real prize0 -
:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:OAD (Old Aged Debtor) - Could be collecting my pension before your debt's are paid off.0 -
topherxp wrote:Somebody asked me what my debt situation was and i replied that I was virtually debt free, because I was in a position where I although in debt for sometime to come, I could easily just sell my stuff and pay my debt's off.
After somemore thought, I came up with a couple of categories to describe different debt situations, which are you? and can you think of anymore categories?
OAD (Old Aged Debtor) - Could be collecting my pension before your debt's are paid off.
Virtually Debt-Free - Will be in debt for a short while to come, but could pay them off straight away if I sold my possessions. Obviously, not that good a position, because who wants to pay there debts off and have almost nothing to show for it.
Technically Debt-Free - Still have debts, but have enough money in savings or shares to pay them off anytime. You should only be in this situation if you don't have to pay any interest on your debts.
Debt-Free - Happy Days!
I hope this makes for an interesting, light-hearted debate.
what about the people that are in debt but cannot simply sell things to pay it off?
we need a caterogry for those!
WillSShhhhhhhhhhhhhhhhhhhhhhh0 -
Not totally certain what my debt is to be yet. Looking down the barral (sp)of approx £32k.:eek: :eek:
That will put me in the OAD catagory, maybe even a gitt, and will leave them the vase as well.:rotfl:
Messy0 -
Im just paying my student loan off now so I guess that makes me virtually debt free
£2.00 Coin Savers Club - £72.00 :j :j
Boots Points £10.06 Saving For Christmas0
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