Why ARE people in so much debt?



  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    You would have to go down to the bank manager who would vet your ability to pay properly. Now its a few mouse clicks and youve sold x number of years to the credit slave trade.
  • ceegee
    ceegee Posts: 856 Forumite
    I also think the media can take some blame. Look at the telly particularly....the adverts telling you that you must have this and you must have that........some people think that it's all true. I don't read magazines (I'm a Daily Mail girl) but I wouldn't mind betting that these magazines are full of glossy adverts saying things like "your life will be so much better if you have this or that".

    Going off on a slight tangent, there is a skincare product advert on TV at the moment, I think it's Claudia Schiffer that does it, but I'm not too good on supermodels, but she says "let surgery wait", as if it is something that we are all going to HAVE to have one day, but try and delay it a bit, hey?

    Also, the advert about men's moisturiser... "YOU (the man) think they're great lines, SHE thinks they're premature wrinkles". What a load of tripe, but some people believe what they see in the media and they fall for it hook, line and sinker. It all goes towards creating this materialistic society. Ageing happens to all of us.....go with it and gracefully. Thank goodness for the new Dove adverts.

    I have digressed. I think that the reasons that people are in so much debt are threefold. It's a bit like a recipe and you need three ingredients:

    1) The media: cons susceptible people into believing that they must have certain things and a certain lifestyle.

    2) The banks: throwing loans and credit at people willy-nilly.

    3) Susceptible people who, for whatever reason, haven't got the faintest idea about managing money.

    I know I'm ranting and raving and that there are people who are in debt for reasons totally beyond their control. But I do think that an awful lot of it stems from materialism or, dare I say, greed?

    I'm worn out now, I think I'll have a rest!
    :snow_grin"Let it snow, let it snow, let it snow........":snow_grin
  • Ceegee, great summary.

    Especially point two. I think the problem is that debt, per se, has become legitimised in modern society mainly by mortgages but also more recently by student loans. Now as canny moneysavers we know that these are both 'managed debt', ie they have very low interest (student loans) or generally work out cheaper than the alternatives(mortgages as opposed to rent). But this then makes it easier and more socially acceptable to get into more debt, and gradually people distinguish less and less between 'good' and 'bad' debt.
    'Never keep up with Joneses. Drag them down to your level. It's cheaper.' Quentin Crisp
  • deemy2004 wrote:
    More and more people are looking at what to cut so as to meet the monthly debt repayments.

    People should be extremely wary of credit.... No one offers to give you money for free !

    I am a curious babe and I don't mean to be rude:) , but have you ever been in debt deemy2004?

    I want to be a good saver, but I find it difficult to control my temptation to spend :o .

    I owe £1,247 more than I have in savings :( .
  • tiff
    tiff Posts: 6,608 Forumite
    First Anniversary Combo Breaker Savvy Shopper!
    Its definitely materialism in a lot of cases, not all obviously.

    People say after having a baby "I have to go back to work" when sometimes what they mean is they couldnt keep up the standard of living they had before baby if they didnt work. Most people these days dont want to make sacrifices, dont want to save up for things, they want it all now. I wish we could go back to a simpler way of life, and I'm only 35!
    “A budget is telling your money where to go instead of wondering where it went.” - Dave Ramsey
  • Norma_Desmond
    Norma_Desmond Posts: 4,417 Forumite
    This has been an interesting thread - and it's heartening to find out that so many people are sick of this 'I want it now' culture! I still can't quite understand why so many otherwise intelligent folk get sucked in to it though. It's the kids I feel sorry for - take away the expensive gadgets and trappings and designer labels and you're left with a blank generation who just don't know how to enjoy childhood. It really cheered me up this morning to see a Dad and his two young lads go off 'crabbing' on the beach and come back wet, covered in mud and happy. To so many families a good day out is a trip to the nearest giant shopping mall!
    "I'm ready for my close-up Mr. DeMille...."
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Yeh shopping is the new religion and the malls are the churches.. religion of satan we are all damned !!!.... :D

    The one thing that sticks from the Jesus story is how he reacted to the money changers.... ;)
  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    I am a curious babe and I don't mean to be rude:) , but have you ever been in debt deemy2004?


    Hmmmmmmmmm...................... :D
  • ceegee
    ceegee Posts: 856 Forumite
    tiff wrote:
    I wish we could go back to a simpler way of life, and I'm only 35!

    Oh yes, oh yes, oh yes!

    It's nice to find someone else who feels like I do. Sometimes I've thought that I must be a bit odd, feeling this way, but now I know that I'm not alone!

    Thank you, Tiff! (and I'm only 49)
    :snow_grin"Let it snow, let it snow, let it snow........":snow_grin
  • But we CAN go back to a simpler life - that's the great thing!

    Frugality was not an option for our ancestors, it was a necessity - but we have the choice.

    We can live the rat race/materialistic/debt culture, or we can opt out for a simpler life, yet occasionally dip in to the materialistic culture and pick and choose the best bits as and when we want/need them - eg healthcare, computers, cheap flights etc - but not be enslaved to them through debt.

    The problem is it takes resourcefulness, imagination, independence of mind and strength of character to 'opt out' - qualities that are not encouraged in our 'drone' society, and which are especially difficult to foster in children and teenagers.
    'Never keep up with Joneses. Drag them down to your level. It's cheaper.' Quentin Crisp
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