Record number declared bankrupt

LittleL_4

Thanks for that Kate, I had no idea it was as high! And no doubt those staistics will continue to rise just like the interest rates :eek:

I'm so glad I have this site :grouphug: grouphug to everyone

Little L
xx

kate1976

Broken_hearted wrote:

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.

So very true! :money:

LittleL wrote:

Thanks for that Kate, I had no idea it was as high! And no doubt those staistics will continue to rise just like the interest rates :eek:

I was shocked at the figures too, very scary!

poppy_f1

i think people see bankruptcy as a easy way out these days

MrsTinks

Have to admit I suspected as much... but still scary to see those figures in writing! As already said - thank goodness for Martin and this site - Otherwise I'd never realised the amount of poop I was in really! Now when I pay of my loan I won't get another one but start saving for things I need (or occasionally want but don't need )

Marisan

Sparkle has hit the nail on the head by saying that debt is so easy to get into but so much harder to get out of.We DFWs have learned that lesson and I wish more people would.I find it very hard to have any sympathy at all,though,for the Banks and Credit Card/Finance companies who have in the past virtually thrown money at people.Even now,when my credit record is undeniably poor,I still get offers of credit or loans most weeks,unsolicited,through the post.

I think one of the best things is to learn to call 'credit' by its proper name of 'debt'. Somehow,an offer to sign up for our' Platinum Debt Card ' is not nearly so tempting.

ZTD

Kevicho wrote:

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.

Well, I must disagree with this. I would say that are the same greedy grasping apes today, as we were 15,000 years when we finally wiped out the last of the neatherals. This getting into too much debt thing is cyclical - it happens all the time. Then it unhappens - again - all the time.

Kevicho wrote:

The bubble is about to burst.

That it is - but the question is: burst which way?

Kevicho wrote:

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.

Well there's two ways it can burst. Either inflation can be let rip, and people with savings, fixed income, or who are owed money lose their shirts. You debts might be £15,000 - but that might just be the cost of a cup of coffee. See Zimbabwe for a current example of this.

The other way: There can be a trend towards debt revulsion.

Those people who lived through the seventies remember debt revulsion. That's when people dressed up in their best clothes to go and see the bank manager - cap in hand - for a tiny sum. Then the wife's father, the husband's father and the bloke three doors along had to all act as guarantors. None of this having credit thrown at you malarky.

Kevicho wrote:

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

It will. If we're lucky - we'll end up back in the Seventies - where the Gov bailed out Natwest, and then were bailed out themselves by the IMF.

If we're not lucky...well let's just say the Roaring Twenties roared along on credit. And we know what happened after that - don't we kids?

Kevicho wrote:

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

There are more fundementals things wrong than just consumer credit - but that's for another time...:D

Luke

I have mixed feeling about bankruptcy. There are those who are in a genuinally bad way as a result of bad luck or poor financial management. In this case bankruptcy can be the only option left.

I do however think that all of the people going bankrupt just to get rid of say a personal loan are crazey. They think they are being smart by cheating the system of say £15,000 but six years with no credit is harsh and they will realise this.

Does anyone know are you even allowed a bank account. If not that has impacts on how you are paid etc.

HenryWeston

Luke wrote:

I have mixed feeling about bankruptcy. There are those who are in a genuinally bad way as a result of bad luck or poor financial management. In this case bankruptcy can be the only option left.

I do however think that all of the people going bankrupt just to get rid of say a personal loan are crazey. They think they are being smart by cheating the system of say £15,000 but six years with no credit is harsh and they will realise this.

Does anyone know are you even allowed a bank account. If not that has impacts on how you are paid etc.

yes you can get a bank account, but only one with a cash point card, no debit/ switch card etc

MABLE

You can play the system and at the end of the long play period you can walk away from your responsibilities. It can never be right.

*Sparkle*_3

Its amazing how many people that you know who are in debt but are hiding it, bring up credit cards at work and see how many people say, "oh dont talk to me about credit cards mines maxed out to the limit!"

Two people confessed to me today that they are in debt, i tried to tell them and direct them, but although they are terrified of the debt they wont wake up to it, they haven't yet reached their "light bulb moment"
Its so sad because they will get into so much more debt until they reach the lightbulb point then its very hard to get out of it.
but no matter how much you try and tell somone who's sinking into debt they wont listen they have to make their own mistakes and learn the hard way.

Best wishes