Record number declared bankrupt

kate1976

Just been reading this on yahoo and thought I'd post it here for others to read! I'm not a great expert on bankruptcy but it is an interesting read!

http://uk.news.yahoo.com/04082006/344/record-number-declared-bankrupt.html

dave318

My whole fear of this trend has been, "What are the banks going to do about it".

They either have to get tough on themselves and do more thorough checks before they agree to giving out credit like sweeties. Or else they are going to get tougher on customers as they will be losing a fortune in this respect, (whilst still making billions off of peoples misery)

I think us DFW's are amongst the sanest people out there, recognising the problem and dealing with it. As soon as we can all get out of Debt, and have positive bank balances, the better.

Add that to the 0.25% interest rate rise yesterday, a few more of these and people will be in loads of trouble.

:undecided

kate1976

Totally agree with everything you've said Dave, especially about us DFWs being the sanest people around!!

JAMIEDODGER

its starting already.....i for one am so glad that i chose to face my debt head on and tackle it before it got worse, with only 8 months to go until my DFD, i am thankful that as energy prices soar, i can afford to keep my family warm this winter. shame that a lot of people have still not reached their lightbulb moment and will find the coming year or so a real problem. start now, stop spending and live within your means, plan for the future and get those debts down!

chatta

Its chickens coming home to roost on all sides, Just hope the debtors get a better deal when mistakes on all side are learnt.

*Sparkle*_3

Yes there was also a mention on the BBC news today, about more and more people being in debt, i think some people have just got used to being in debt they just ignore it and dont think they should change their spending habbits.
This is why personal finance should be taught in schools as standard practice, who teaches us about money? If its our parents and they are in debt what are we learning?
It's terrible..... but its so easy to get into debt the hardest thing is getting out of it!
Best wishes to all the DFWB's

kate1976

I agree sparkle, I know quite a few people who are in debt have just gotten used to that fact, it's a very sad situation!

Personal finance is something that should be taught in schools, I try to teach my son about finance but I feel a little hypocritical doing so as I am in a poor financial state at the minute!:rolleyes:

Kevicho

The situation is worsening, people simply dont realise that buy now means pay and pay and pay later.
Everyone is out for the instant pleasure trip, if that means credit, then so be it.

These are the symptoms of a society based on greed, bad money management, poor lifestyle and the brainwashing of the consumerist masses.

The bubble is about to burst.

Now is last chance saloon for a lot of people, make a sacrifice and change your life, or become mired in debt and lose your future as it will belong to the credit companies.

I think it is inevitable there is going to be a crash, and its going to hit hard.

Credit has been one of the most silent evils of the past 20 years, and its been abused to breaking point.

chatta

kate1976 wrote:

I agree sparkle, I know quite a few people who are in debt have just gotten used to that fact, it's a very sad situation!

Personal finance is something that should be taught in schools, I try to teach my son about finance but I feel a little hypocritical doing so as I am in a poor financial state at the minute!:rolleyes:

Give your son a set amount to live with now and he will learn a small lesson so important in future. Let him learn by your mistakes. No harm or shame in that is there. Its NOT hypocritcal at all, dont rely on the greedy banks to do it.

Let_Robinson_Sing

I think being teached about credit control is important too, without working for a DCA i have picked up on many tricks of the trade to stop me getting in debt and finding ways to manage finances better. i probably wouldnt have learnt this without working at a DCA. my negotiation aint to bad either

Broken_hearted

I've got to admit a rise in the interest rate scares the life out of me. I'm not overstreatched at the moment but I need to clear off the interest charging debt s ASAP. All my credit cards now charge over 20% and I can't get a better deal.
Those with huge %s of their income taken up with mortgages, then debt on top are balancing on the cliff top about to go over and those struggling to pay will be hit with more and more interest. The banks won't lose out they never do. They just find another way.
At least in here we are in a way safe as we are learning how to use our money in the best way possible. Thanks Martin.