Will you do debt again????

richardvc

Will I do debt again ?

I have two answers -

Yes, I will do 'good debt' again because I now know how to act responsibly and manage my money.

My second answer is that being in debt now has changed my attitude - I now enjoy what I have rather than yearning / regretting what I don't have. I think that answer sums up why it's unlikely that I will go into debt again !

lynzpower

Im sure I will have debts again.

Its all very well lsaying "save up for things" but if due to high wonds you need a new roof on your house,what are you gonna do? My 20p pot wouldnt go that far!!!

Im not scared of debt now, I know it would have to be an emergency- a proper one. New clothes dont count!

mintymoneysaver

I'll only have ' good' debt.
I will use a credit card but it will be paid off every month and I will get cashback on it...

ricksExpensive

This is a very good thread to read and also answer! I will never get in debt as bad as i am at the moment! However i will continue to use a CC to buy car insurance as you get the 0% interest once youve bought it, where as when you pay monthly to insurance company you pay a silly % on top! Other than that i will also be a "if i aint got the money then i aint buying it" person! GREAT THREAD! :T

laurajayne

Good question....

Well, yes, I'm sure I'll be in debt again, but knowing what I know now, I think I'll be able to 'deal' with it.

I should be debt free mid 2007, and want to save up £3.5k to fix my teeth (8 crowns) - it's not essential, purely cosmetic, but I would like to finally be able to smile.

I also want a car (after I've passed my test lol), and have already started to look round to see what I want. My aim is to save up half as a deposit, and then get a good (0% probably) finance deal....it'd take me forever to save up the total amount. I'll also get a cashback credit card when my credit rating repairs itself.

So yes, I'll get in debt...but it'll be planned, researched, and manageable

themaccas

Yes, we've been in debt before and paid it off only to be in a worse situation 15 years later.

This time though we are more informed and understand our money better. I never want to be paying all this money to a debt/credit company again, it is soul destroying. I am happy about having a mortgage though and don't particularly feel the need to pay that off early....yet!

MoneyMagnet

No way - I've learned my lesson! Once my loan & mortgage are paid, I'll never be in debt again. I do still use my 2 credit cards, because they're convenient, & safer than debit cards for online shopping, but I always pay them in full each month.

Gemmzie

Yup

Student debt from September, then one day a mortgage - but like others have said, these are "good" debts really.

As for cc's - will always have two open in case of the car going wrong. If you are lucky then you can pay for it on one and get a BT on another I can't not have a car unfortunately so need to have that back up.

Paula_anne

I think it is about discipline and not going mad with the 'i want it all now' moment that some (me inc) have when they feel down and depressed, i've just come to terms with the needs and wants. We all need to make mistakes in life this is how we learn and teach others.

Bargain_Rzl

Interesting to see people's different definitions of "good" and "bad" debt.

Personally I think "good debt" = mortgage, credit cards paid off each month or stoozed, and to a certain extent, home-improvement remortgages (where the amount is small and the mortgage was well within the person's capabilities to begin with, and where the property was purchased at a value below any value it's likely to drop to next time the market crashes).

"Bad debt" = frivolously acquired debt - particularly where by getting into debt a person has become accustomed to a certain lifestyle which then has to be sustained by more debt - and ANY debt that the person isn't in a position to pay.

BUT there's a big grey area in the middle. Several posters on this thread so far have said that "manageable" debt is OK, but the fact is that these debts are often only manageable if one's circumstances don't take an unexpected downturn (unemployment/illness etc). Personally I would be unhappy about running up any debt other than my mortgage; once I've got my new flat sorted I'm going to start saving hard for contingencies as well as to overpay the mortgage, so that I don't have to get into debt if the hypothetical "new roof" has to be paid for.