Debt v Life

MET_3

The problem is the fact that the creditors often use bullying tactics to make you think that you have to offer everything that you can including the shirt of your back! They need to understand that you also need to live. One of my loans is a fixed interest loan which was for £25k and has £10k fixed interest. stupidly I agreed to this..perhaps I had no choice. but there is no way that they are going to get the full £10k interest. I agree I have to pay back what I borrowed but I will make sure that I won't pay back the full additional £10k. So I'm looking forward to the fight. m

jessegee

Good luck Met, family security comes before large company profits

Its not about buying the latest computer game, its about having a secure situation so children can grow safely with confidence

My family were usually teetering on bankruptcy, as kids you do pick up on it, and the feeling of being out of control can stay with you

Your kids may learn far more than how not to over spend from your example

jessegee

yeslek

MET wrote:

All I'm saying is don't let it ruin your life. Yes it may take a little bit longer but I'm certainly not going to let my kids miss out by living on a budget that is not managable. I'm not saying don't pay back. I'm just saying you have to have a life as well..or whats the point.

i see what you mean, now that i have cleared a few debts and have a little breathing room, i allow this extra for treats or for me.

bobble_hat

Kevicho wrote:

NO!

What about people who need loans to start businesses, i know there in the minority, but people under 30 have the same needs as people over 30, and just because you are young it doesnt automatically mean you waste money

I think there is a massive difference between a business loan lent against a well thought-out business plan and Credit Cards/shop cards. I really believe that lenders need to be forced to be more responsible lenders. I have one credit card left now, I've just paid a huge chunk off and they increased my credit limit without asking! It's so irresponsible. I was still able to get credit when I was in a real pickle, there is a huge difference between that and start-up finances.

Donedoingdebt

Brassic wrote:

Just wanted to say you're an inspiration - I've not seen you post before and have been really inspired to see how much you've cleared. Keep up the good work!

Thanks Brassic. I've tried clicking on the thanks bar but it doesn't appear to be working properly. I post as & when I can. I usually need permission off my 3 teens to use my pc!

Imelda

LizEstelle wrote:

... all of which is NOW a very responsible attitude, even if it IS raising the borrowing rates which I and the responsible majority pay.

As a former teacher, I can attest to the fact that young people are becoming 'grown up' much later than used to be the case. Their irresponsibilty - stupidity, as you call it - goes on for much longer.

I think there is a strong case here for laws to be passed banning the issuing of credit to persons under 30.

What do you think?

What about mortgages? Do you consider these to be "credit"? If I had waited until 30 to get a mortgage I would probably be about 60 before it was paid off.
I agree that there should be tighter controls over how much unsecured credit each person is allowed, and maybe this can be linked to age (I find it sad to see the number of under 21s that are on this board and up to their eyes in debt).
I think all types of people, of all ages, and of all levels of intelligence (note how many people's debt started as a result of uni) can get into debt but it doesn't make them a bad person.
I am just glad that MSE was around when I needed it or I know I would be in a very different situation today.

ZTD

If you want credit to be harder to come by - make bankruptcy easier.

The fact is, there will be a long period to come - just like the seventies - when credit will be exceedingly hard to get. Hopefully for exactly the same reasons. Even for people with spotless credit records.

MET_3

Hi yeslek, thats the idea. Why make life difficult. You only have one life so make the most of it. I won't lose any sleep in making credit companies wait that bit longer for their cash! yes I was a fool to take the loan/cc but when its handed on a plate...well you know the rest! One cc offered me 32k! on a card! I don't really suffer from stress as I believe what has happened has happened..me worrying about it does no one any good. m