Are most people in debt to there eye balls?

System

rictus123 wrote: »

Surely its priceless? Or maybe she just cant work.

Everyone thinks im loaded because of all the hours iv put in at work and all the extra homers iv done and i dont have a flash car and live at home and go out twice a month at most

£1.5k debt

Theres a boy at my work 2 years older than me with £18.5k of debt. I dont know how he can cope, itl take him at least 7 years to pay off he says because he earns a good salary and has a nice car but he is always out.

She works part time taking home around £70 per week, if she works much more we loss tax credits or something, we are at he borderline apparently.

HellsGranny

Hi Nirelandguy,

There are basically two kinds of folk, one kind scrimp and save for their luxuries, going without until they can afford them, and the other kind who are the Spend Now and Hope for the Best when it comes to paying it back.

It's basically all a matter of attitude, but even the scrimpers and savers can get into debt sometimes.

Cheers HG (Who hasn't had a holiday in 20 years)

System

Oldernotwiser wrote: »

If you earn £15K and have a combined income of £17K then it sounds as if your wife isn't working a lot. I don't think you can have the lifestyle you describe on one income, unless the breadwinner is on a good salary. Average earners tend to have both partners earning.

Exactly. Hence my point, Not a dig at computershack, I was talking about £15Kish

marie2000

There is a well known saying "Big hat, no Cattle". You cant have both.

Hermia

nirelandguy wrote: »

I'm just curious, I've posted my income and outgoing before so I wont go through that again, but I am comparing myself to my work colleagues, We are not big earners, well at least i'm not, £15K per year before tax and I'm sure my workmates aren't much better, but yet they manage to have here holidays each year, sometimes several times per year, they all have mortgages etc, they don't have to shop in Lidl or the likes, they appear to have a pretty decent life

Have you actually asked your work colleagues how they afford these things? Maybe, as other people have said, they are in debt or have other sources of income? Or maybe they are just better at managing their money and you can learn some tips from them?

I have a colleague who has three holidays a year to lovely places and I have heard other colleagues make envy-fuelled catty remarks about this. But she pays for the holidays by scrimping and saving in other areas of her life (she literally has no luxuries at all and she doesn't even have some of the things other people would consider essentials) and she is an expert at finding cheap holidays. Another colleague also has a nice lifestyle which attracts remarks from envious people, but he has an ebay business which he runs in his spare time.

I would talk to your colleagues (I find most people are usually happy to discuss money). You'll probably find that it will make you feel better. Either because you will realise that they are in debt up to their eyeballs! Or if they are really that great at budgeting then you can grill them for some tips!

tiff

I think if you were abe to look into the lives of a lot of people you would be surprised. I have a friend who is on a very low wage as well as her husband but they live quite well as she is very good with money, has no credit card and saves. Other friends have a high income and high debt as in their words they couldnt live like us (not replacing something until we have the money for it).

angelicmary85

computershack wrote: »

My sis-in-law (different one) has £200 a week she simply has no idea what she does with and seems to be permanently skint - thats nearly half our income. Madness.

That post could have been written by me about a member of my family!
Myself and OH have an combined income (inc TC & CB) of about 16k and we get along just fine. Our 2 children are well looked after on a shopping budget of £150 (that includes nappies and wipes for both of them) and I agree with 100% that alot of people are too wasteful!

Rob71

What an entertaining read!

I particularly like computershack's response... it's pretty much bang on the money.

People's vanity usually get's the better of them, we're wasteful as a nation, people have forgotten how to think and do things for themselves, people are easily lead, and people do things without thinking through the consequences... as a society we're guilty of this.

When the missus wrote off her car she was given 30grands worth of BMW to drive around in for a couple of weeks - it was the whole "look at me" thing going on. When I see someone driving a decent BM or Audi, I think they got it on tick or lease or whatever - I don't sit there and think "jeez they must be loaded" (although I've no doubt many people are loaded and can afford it).

I know people in their 30's that are still bank-rolled by their parents, just so they can have all of the shiny things the shops/tv/friends tell them they need. These are the same people that'll rack up a massive credit card bill to buy Xmas presents, because they want to out-do other people.

What they don't realise is that people look at them and think they're a bit thick...

The whole "keeping up with the Joneses" mentality leads people down the wrong road - far better to work out what makes you happy and pursue that rather than worry about what others are doing.

All that glitters ain't gold...

Edit: mean't to say I was a bit carefree when I was younger (35k debt, CCJs and all of that), now I'm careful with my money and debt (and stress!) free...

kingfisherblue

Rob71, well done for gettting debt free from that amount. I can't imagine ever owing so much (except for the mortgage!), but I really admire people who acknowledge their debts and work hard to pay them off, and the amount that you have paid off is incredible.

Oldernotwiser

rictus123 wrote: »

Surely its priceless? Or maybe she just cant work.
.

Perhaps either but you can't really expect to have holidays and luxuries on one low income.