Everyone I know is sinking under a decade of DEBT..

WHITEVANMAN

Jowo wrote: »

Perhaps the high degree of debt is being caused by the knowledge which is being shared about easy ways that people can shrug off the obligation to repay their creditors with few or no consequences to them. Much easier now for a person to make themselves bankrupt, the introduction of DROs, etc.

A colleague I once worked alongside, hadnt paid his income taxes for the best part of 15 years although he did submit his returns, every now and again he would make token payments in a fresh agreement, eventually the hmrc decided to go for bankruptcy, as soon as he discovered this he furnished his girlfriends home on credit, maxed out 3 credit cards on holidays and luxuries and then moved to a flat which was furnished on a short term let.
Debt cleared, no consequence, no take back, and after a year was back in his comfy home and quite proud of his efforts :mad:

elwistua

bendix wrote: »

I know. I'm sorry. But I feel better now that it's out in the open.

It's good to talk about these things.

Like the other sheep get spending on the never never!!

Unfortunately we have a generation who think the most important thing is to have the new mobile on a 24 month contract and store cards to buy all the things they probably won't need (I generalise but you get the idea I hope). The governments can't bang the interest rates up like the 80's as the world as we know it will end and the capitalist society will collapse and the entire world is all capitalist even those who might protest otherwise.

Thrugelmir

WHITEVANMAN wrote: »

A colleague I once worked alongside, hadnt paid his income taxes for the best part of 15 years although he did submit his returns, every now and again he would make token payments in a fresh agreement, eventually the hmrc decided to go for bankruptcy, as soon as he discovered this he furnished his girlfriends home on credit, maxed out 3 credit cards on holidays and luxuries and then moved to a flat which was furnished on a short term let.
Debt cleared, no consequence, no take back, and after a year was back in his comfy home and quite proud of his efforts :mad:

No assets at all? I find that hard to believe.

Thrugelmir

rich744 wrote: »

The DFW post count seems to grow everyday!!!

Where's it all going to end???

The increase in DFW's is surely good news. As that indicates that more people are taking a real interest in their personal finances and want to tackle them. Being a DFW can just relate to having a mortgage not being in serious financial trouble.

The end....... is actually an improving personal financial situation in this country.

WHITEVANMAN

Thrugelmir wrote: »

No assets at all? I find that hard to believe.

After 15 years playing the game and living well, no assets that could be taken.
He wasnt the sort to make any investments, daily heavy boozing and cheating the system was his life.

rich744

Thrugelmir wrote: »

The increase in DFW's is surely good news. As that indicates that more people are taking a real interest in their personal finances and want to tackle them. Being a DFW can just relate to having a mortgage not being in serious financial trouble.

The end....... is actually an improving personal financial situation in this country.

I think it indicates a 'Tipping point' when an individual realizes that they can no longer service the huge debts they've accrued.......

ILW

I think a " Debt Wannabe" board would have many of the same questions that DFW does.
eg. Where can I get a loan?
Why will they not give me a credit card?
etc, etc.

StevieJ

smeagold wrote: »

I read in one of the papers the other day that 75% of 18 to 25 year olds went into debt to pay for christmas.

I almost certainly did when I was 18-25 but I don't have any now.

RenovationMan

I'm upto my eyeballs in debt. Where will it all end?

amcluesent

>Everywhere, there is Debt...<

It's not debt, it's leverage. Surely everyone re-mortgaged to buy gold? Mmmm, bullion...