Will you do debt again????

glamourpug

having been in credit-card debt since I got my first CC at the tender age of 18, and only now within sight of paying it all back at the age of 42, it's a situation I don't intend to be in again. a new mortgage is a possibility but I'm a lot more money-savvy than I used to be [and my personal circumstances have changed, ie, no !!!!less ex], so [hopefully] it'll be more under my control.

the trouble that's being stored up for the future with younger people spending like mad, getting into debt and having no pension could have a serious impact on society...

Merry moneysaving Christmas to all!

glamourpug

that was f e c k less - no rudies!

mjdh1957

I'm absolutely never going to get into debt again.

I've got a cashback credit card which I pay off in full each month and use to pay grocery, petrol and some bills so I maximise my casback - currently have over £40 to come when it pays out in January.

I don't have a mortgage but my partner does (it's his house) and we have a plan to be mortgage free in 8 years. We might possibly move at some stage after that but it will only be to a place in the same price band as he has now, so should only need a small mortgage if any.

I've started a cash ISA and am contemplating increasing payments into my personal pension plan (I'm self-employed).

Life in the black feels so different!

Somerled

Having been in debt upto the moderate sum of 4.7 k on cc the feeling of relief to have it cleared are immeasurable. I will like other MSErs continue to use credit cards because of cash back but also for security against businesses that go bottom up e.g. Farepak.
I feel for todays students who are liekly to have 10k debts when they finish - when I finished uni I had an overdraft of £50 at Lloyds was unemployed and got a letter form the bank manager saying unless I pay the money immediately I would be taken to court. How the times have changed!

mycunya

Taking on mortgage made me get into dats. I bought a flat, which needed full renovation. Having spent 12000 on repair and 8000£ as a deposit to get a mortgage I have no regrets whatsover. My place is absolutly great, I have done all the thing like I wanted. Yet, with 1000£ of savings in my pocket I own a great morden place, my own. Yes, I had to borrow from family, friends, banks, on credit cards. But while I was decoration my flat is already 15000£ more (just because of house market) plus at least further 25000£ for all the work I have done. I worth at least 40000£ more year after. Well, of course I am overstretched now. But I manage, and in 3 yyears time I will be debt-free and all these years I will be living in a comfort of my own, nice and mordern flat. Would I decide to save these money, could I buy the same quality place in 3 years time? I doubt. So it's great to be able to have a credit. It solves many problems and allow to enjoy life now, not later. Will I manage my debts? I think so. At least last 3 months since I finished spanding on my redecoration I am doing well and keep to my budget.

tesuhoha

Ive forgotten what it feels like not to be in debt. If I ever get out of it then I never want to be in debt again. The mortgage will remain as its too high at£1000 per month for us to afford to pay it off.