Why ARE people in so much debt?



  • Norma_Desmond
    Norma_Desmond Posts: 4,417 Forumite
    Good point too Austin Allegro! My furniture is ALL antique and NONE of it matches. I do have a Grade 2 listed house, but I don't know about being aristocratic LOL!! It just amazes me that several people I know have bought expensive 'fashionable' fittings and furniture on the never-never only to end up selling them on to friends and neighbours before getting the next 'in' thing; And the best bit is they're still paying the instalments - WHY???
    "I'm ready for my close-up Mr. DeMille...."
  • blondie7
    blondie7 Posts: 377 Forumite

    I do think a lot of people get into debt of there own accord especially if you have kids you dont want to think they get called at school for not having the right designer clothes or shoes. I am very lucky I have not worked since having my first child 15 years ago I also have a 13 year old yes they have designer clothes and shoes (they do not get these willy nilly they are christmas presents and birthday presents) they go on all the school trips they want we have a family holiday abroad every year,and yes my furniture does match, my husband doesnt have a fantastic wage (its not bad) we have a mortgage (no debt) all my bills are direct debit I leave enough money in every week to cover these and what is left I save for the above things.

    I think people have got to learn to manage their money better get their priorities right. I am sorry if this sounds harsh but at the end of the day we are all adults and what advice will be able to pass onto our kids if the adults cant manage their money.

    If the money was left to my husband to sort out I'd probably be in debt as he would just spend spend spend. I do think I am very lucky.

    I do feel sorry for those who are in debt of no fault of their own.
  • Shawz
    Shawz Posts: 1,054 Forumite
    Good on you, ceegee! I'm an auction addict when I need anything 'new' and a few weeks ago managed to get a full Victorian 6 setting dinner service for the grand sum of £8!

    This looks to be such a good way to save money. I alwasy thought auctions were for really expensive stuff. Can anyone recommend a good free newspapers or websites that can list where auctions are held. It would be nice to get a bargain or two ;)
    Looking to raise some money ;)
  • Norma_Desmond
    Norma_Desmond Posts: 4,417 Forumite
    Hello Shawz - your local paper is the best bet for auction listings, I never attend the big ones such as Sotheby's or Christies, but go to the local-ish ones which are usually held in draughty church halls and the like! Another example of a recent bargain I got is a huge extendable Georgian dining table with 4 chairs for the grand sum of £45! It's solid mahogany with brass claw feet too! Many people aren't after this sort of stuff nowadays and would rather spend their money on fashionable flat-pack goods which aren't even real wood, so you can get some silly bargains! Have a go, you'll love it!
    "I'm ready for my close-up Mr. DeMille...."
  • lee3276
    lee3276 Posts: 117 Forumite
    I got a wall cabinet from the auctions yes its made from chipboard it cost £200 from argos I paid £11 Brand new single bed £5 Matching pair of barley twist lamps look fab on the fire place £7, I have kitted out most of my flat for the grand total of around £150 most of its brand new auctions are Fab just look in the local paper
    Egg Loan £15000

    Debt Free 1st August 2013
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    The current debt culture is akin to slavery, your basically selling x number of years of your life, as that is how long it will take to repay the debt. This is what slavery is.

    The only free people are those without debt.
  • Norma_Desmond
    Norma_Desmond Posts: 4,417 Forumite
    Too true, deemy! I made the decision when I was pretty young (well, I'm only in my thirties now!) that there was no way I would become beholden to anyone financially. Okay, we've got a mortgage, but in the scheme of things it's a small one and although we have got a credit card it literally gathers dust in a drawer - the only thing on it EVER is our monthly internet payment of £20 or so. Even that I don't like, but seeing as we're living in a plastic society (in more ways than one) there's no avoiding even that!
    "I'm ready for my close-up Mr. DeMille...."
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    More and more people are looking at what to cut so as to meet the monthly debt repayments.

    You have a credit file where you are just a number ...
    Once they have you in their grips... they literally have you for life !

    I am NOT A NUMBER !.......... :)

    People should be extremely wary of credit.... No one offers to give you money for free !
  • The cost of buying a house is huge these days. Add student debts and a couple of credit cards then if anything unexpected happens such as redundancy, baby, illness, divorce and then you are really in deep trouble.

    We were lucky to marry 20 years ago and only had a small mortgage (we still do) fortunately. My husband has recently started a new job on a lot less money but is now much less stressed. I haven't used my credit card for five months and we only spend what we have in the bank. I know we are very lucky and I hope those of you in trouble can find a way out.

    I hope I haven't offended anyone by posting when I don't have debts myself it's just my opinion.
  • dougk_2
    dougk_2 Posts: 1,403 Forumite
    In addition to my previous posting I also think the reason for the increased debt is the impatience of people that manifests itself today (driving and queing included!). Lots of people have the "I want it now" attitude so never save up for things they want just borrow to finance it.

    To my mind with the exception of houses (and you should save if you can first) this is wrong.

    Because credit was harder to get in the past and because many things were so obviously above the reach of people (new cars for instance) even 20 years ago people generally didn't get into so much debt.
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