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MSE News: Proof you can get out of debt in the recession

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"Despite the state of the country's economy, one Money Saver became debt free after having amassed £35,000 worth of debt..."

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  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
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    Can someone tweet this link to George Osbourne?
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    He has a job. Times are not tough for those that have a secure job. For an increasing percentage though hours have been cut, wages and salaries have been cut and the income coming into the household has been greatly reduced.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    HappyMJ wrote: »
    Times are not tough for those that have a secure job.
    But who has a secure job these days?

    Getting out of that kind of debt has to be one of life's great adventures. The other great thing about coming out the other end is that many of the frugal ways acquired along the way will stick with him for the rest of his life.

    Well done Dave - an inspiration.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • DebtMagnet
    DebtMagnet Posts: 210 Forumite
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    I also note a lot of shifting debt to 0% interest credit cards in that story.

    Not all of us with jobs and debt get the option of using 0% finance these days, and so while I am pleased for him, this is not 'proof' that we can ALL get out of debt during these tough times. Its merely showing that those who are in debt but still credit-worthy can!!

    Well done to him though :T

    DM
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    DebtMagnet wrote: »
    I also note a lot of shifting debt to 0% interest credit cards in that story. . . Its merely showing that those who are in debt but still credit-worthy can!!
    Quite agree.

    I think the moral of this story is to confront your debts before they confront you. This much has, I think, always been the case.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • BlushingRose
    BlushingRose Posts: 1,621 Forumite
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    HappyMJ wrote: »
    He has a job. Times are not tough for those that have a secure job.

    Erm, yes it is.
    Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568

    Oct 2012 = Current debt: £40,548.93
    Oct 2013 = Current debt: £39.054.70


    DMP Support number 424 - Long haul number 308
  • Petlamb
    Petlamb Posts: 922 Forumite
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    I think it's fair to say they are generally tougher for those without job security or those struggling to find work in the current climate...

    Still, all power to him for turning a bad situation around, I hope to manage the same myself in the future.
    On the up :D
    Our wedding day! 13/06/15
  • pqrdef
    pqrdef Posts: 4,552 Forumite
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    In fact the paradox here is that David used his credit to tackle his debt.

    And there could be a lesson for George Osborne in that as well.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • anrutpea
    anrutpea Posts: 89 Forumite
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    hmmm I wonder what wages this fella was earning to be able to plough £1000 a month off debt?

    It does give me hope though, 6 months after meeting my partner 3 years ago I found out he had £30 000 of debt. It has been such a long slog but in 3 years he has managed to get this down to £4000. Most of his spare cash has ploughed in to it but now we can see some light at the end of the tunnel.

    It's easy for people to be judgemental about debt but not everyone gets the same financial support in life. I never realised how lucky I was growing up taking for granted birthday and christmas money and savings accounts given to me when I hit 21. My partner never had any of this and while he has taken responsibility for his debt I have tried where possible to help him out. I took out a 4k loan to move some of his higher interest debt onto and we paid that off over 12 months. I also sold 2k worth of shares to pay some debt off.

    As soon as we are debt free we are debt free we will start saving the money we paid off debt towards a cheap wedding and towards our mortgage deposit. Then we can start our family. I'm 31 now so I'd better get cracking.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    Erm, yes it is.
    Recession or not if you have a job and are finding it tough then when we are not in a recession you will still find it hard.

    Minimum wages £228 per week. Expenses £229 per week. It's tough.
    Minimum wages £228 per week. Expenses £227 per week. It's not tough.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
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