Will you do debt again????

southernscouser

I wouldn't say I would never borrow again (excluding mortgage).

But the difference would be making sure I could afford it and not consolidating.

I hope I'll never have to borrow again but I trust myself to do it properly should I need to.

taplady

georgiasmum wrote:

Wow! How much did they lend her if you don't mind me asking? I thought they only lend really small amounts £100-£200 at a time

not sure but it was enough to buy a new X Box!

taplady

Ali-OK wrote:

It's an interesting question and because my debt was 90% due to being off work for many months due to pre and post operation and little pay for the majority, my goal is now to get 1 year of salary saved after I'm debt free in case something like this should happen again.
quote]

Good idea! we have been in this situation a couple of times and aim to save at least 6 months wages if we can, not easy when you are paying off debt but we're trying!

System

Once I am debt free, I think I would get another Credit Card and use it sensibly such as one that gives you money back for spending etc. However, that is a long way off and I find living without it fine. But with the world we live in it is becoming increasingly diffucult to function i.e. booking hotel etc

poppy_f1

dont think so, certainly not to the extent i previously was

lemontart

It is not always a matter of choice...............I was in serious debt yr ago which took me 4 yrs to sort out following divorce, single parenr hood, incompentance of csa etc............being doing real well and fairly comfortable until this year when my business has taken a hammering for various reasons from bad debtors and family issues taking me away from work............resulting in some pretty serious finacial probs for me at mo,

Circumstances chance, things happen beyond our control but with the knowledge of clearing debt we cab prempt some of the probs associated with it,

Beth
xx

vicki_1981

No No No No No...

None of my family have any credit (other than mortgages) and I too will NEVER get a credit card again.

They're more hassle than they're worth - we really honestly have learnt our lesson. The moment when I broke down in tears while cooking dinner and seriously considered doing some damage to myself was the lowest point I had been for a long time. Things were too much, no money, no life, stressed and being hassled by creditors was the last straw.

I'm not going through that again. I know that for a fact.

THE_LONE_RANGER_4

pbradley936 wrote:

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.

I WAS ON 42K A YEAR LIVED WITH IN MY MEANS 2 CREDIT CARDS ,ONE CAR LOAN ,1 MORTGAGE,LOST MY JOB BANG DONT WORRY IVE UNEMPLOYMENT INSURANCE , BANG NOT PAYING OUT DUE TO YOU WERE PROMOTED AND YOU WERE ONLY IN THAT POSITION FOR 3 MONTHS (SMALL PRINT ) REDUCED PAYMENTS NO THANKS SAYS THEY. WELL OK FOR 2 MONTHS GET KNEW JOB WORK ONE MONTH IN HAND DEBTS START TO PILE UP BANG MADE REDUNDENT AGAIN THIS TIME OUT OF WORK FOR 5 MONTHS TOOK FOUR YEARS TO GET OUT OF IT NOW SELF EMPLOYED WITH WIFE ,ITEMS OF SET AGAINST TAX HERE& THERE AND ON 56K A YEAR CLEAR .CREDIT CARDS/ CAR LOANS , YOU CAN KEEP THEM IF YOU NEED A CREDIT CARD THEN YOU CANT AFFORD TO PAY FOR IT EVEN IF YOU PAY AT THE END OF THE MONTH, WHY NOT A DEBIT CARD ? IF YOU HAVE THE MONEY THATS WHAT YOU USE I HAVE A PREPAID CREDIT CARD WITH A BALANCE OF 3K ON NO FINANCE INSTITUTE WILL STUFF ME AGAIN ,IF YOU HIT A RUN OF BAD LUCK AND OWE BANKS ETC WILL SCREW YOU FOR 1000S ,
I LIVE THE LIFE OF A FLASH GIT AND ITS ALL PAID FOR THE BANK MANAGER LOOKS AT ME EVERY TIME I GO IN TO PAY IN AND I REALY FEEL LIKE GOING OVER TO HIM AND REPEATING WHAT HE SAID TO ME PERHAPS YOU SHOULD AIM LOWER IN ORDER TO PAY OFF YOUR DEBTS IF I DID THAT ID STILL BE SKINT NOW

cempabunny

I'd rather skin my shins with a housebrick than run up my debts again...


I've learnt a valuable lesson the hard way and plan never to get into this much debt again (other than my mortgage)

Craftyscholar

I currently have cc debt of approx £5500. I retire at the end of the year so in Jan I will get my (smallish) lump sum which will enable me to clear my debt, put savings away and start again.

I realise that makes me much luckier than those of you who are struggling to clear debts, but what is worrying me is that I will have cleared my debt without having to do anything about it - if you see what I mean.

So no Lightbulb Moment - which means I could slip back again

Plan for new year
Bury cc cards
Log on to MSE regularly - esp Old Style !!
Try and get it through my thick head that if I don't keep control of my money I won't have spare to do the things I want to do.