Will you do debt again????

itsarichmansworld

I hope once I am through this I will not have debt again bar car finance and Mortgage but again I will save save save for these thing last resorts would be car finance but because of my job I need a good reliable car not talking porsche or that kind of thing, But a wee yaris or something reliable and safe.

However my dream car as always been a 2 seater convertible I can pick a MG for 5k which I know after my debt is done I can save and buy outright.

I will be careful but as Yung says I want to enjoy my life after the sentence is done.

immoral_angeluk

We want to own our own home at some point so can't say we will never have debt again. I for one don't plan on getting any stupid debts again. After the ballache we're going through to pay them off there is no way I'm going to let us get in this mess again. I do worry about DH sometimes though. He's already talking about the posh new tv we can get (ON FINANCE!) with all the extra money we're saving each month by paying off our debts. I think it's going to take a lot to get him round to the DFW way of thinking as at the moment I've taken control of everything moneywise (He's openly admitted that if it were left up to him he'd just spend and spend without care for bills etc.). :eek:

dinkylou

Yes, I think that I'll be 'doing debt' most of my life probably, but good debt.

Whilst I will try my very hardest to avoid as much of it as I can, changes in circumstances do happen (as my recent redundancy taught me).

So whilst I'm definitely going to be avoiding bad debt such as bad credit cards and loans which are unneccessary, I've got a mortgage and a cashback credit card.

At least now, I know how to budget, how to save and how important both of these are. That way debt doesn't always have to be such a nightmare.

THE_LONE_RANGER_4

no 4 years of it was enough , im now debt free money in bank ,savings healthy , have and do what we want infact since being debt free money seems to go to money so every one ditch cards car loans etc and work save and enjoy a qauility life

monkeyy

No way learnt my lesson,already my spending habbits hve totally changed Now that I am out of debt I want to stay that way.

DavidHM

If you can save in the same way as you paid off the debt, i.e., don't change your income and expenditure, then you won't need to be tempted by debt as you will be backed by assets over time.

Snaggles

I'm luckily now in a position where we only have one loan, with a cheap interest rate and low monthly repayments (can't make lump sum reductions to this, but will pay it off in full in about 12 months time, when a sharesave policy matures), so it is what Martin would class as good debt I suppose (as it was planned & researched). I intend to carry on with the sharesave plans, so will have one maturing every year from now on. I'm hoping this will prevent us from needing to borrow again in the future. But never say never lol!

Sassers

Nope- I never ever want to go through having so much debt ever again.....Once it's paid off I want to change to a basic bank account with a debit card and that's it. I changed jobs to higher pay so I could start paying off my debts - I worked out at the weekend as I drove past the `posh' car dealers on Sunday that if everything was paid off, I could afford to have a brand-new Lotus Elise @ £299 per month and still have room to breathe financially!
Please note I DON'T and have never wanted one though!!! It's just a comparison but a sobering one all the same!

Snaggles

That IS a sobering thought sassers! I bet if we all worked out what we have spent on debt repayments, interest etc over the years, we would be shocked at what else we could have done with the money!

Mrs_pbradley936

You have to be sensible about finances - you can have a credit card if you can pay it off every month. What you have to realise is that the fairies do not pay your bills. You should also know what a budget is and if you are in a job where money is inconsistent you must not spend as if a good week/month is a permanent thing. That is why the tax man averages out your income over the year – and you must do the same. One of the biggest reasons for getting into trouble with money is because you are “green” that means inexperienced about the ways of the world. When banks and financial service providers say that want to lend you money they are hoping that you will not be able to pay it back. You are like a goose that lays golden eggs for them. The reason that they are so keen to lend to you is that they know if they turn you down a rival will snap you up and you will be paying their rival high interest rates over long periods of time. If you exceed your limit what happens? Do they put a stop to your spending? Of course not – they increase your limit.