Just how rife is unsecured debt?

tori.k

takman wrote: »

That is really the wrong attitude to have and people who blame it on the banks are usually the ones who easily end up in large amounts of debt.
If you feel that you can't resist spend right up to your limit you should tell your bank this and they will more than happily lower it for you!.

People need to take responsibility for what they borrow and having the banks impose even more restrictions on lending does not solve the problem of people not being able to manage money properly.

My attitude is that it limits have been raised because we have been heavily overpaying the balances the first card I dropped the limit on has once again been raised, which actually doesn't do me any good longterm showing that I credit availability which surpasses my actual income. Im bombarded with junk mail offering balance transfers and personal loans from pretty much all the main banks, Barclays being the worse, to me there is culpability on both sides, im not daft enough personally I want to retire this side of 70
Life isn't easy and crap happens some of our own making and some that's not, it's an easy trap to get into.

PoorGuyNextDoor

ReadingTim wrote: »

I think people reckon they're fine as long as they can afford to meet their minimum monthly repayment, and some spend right up until they get to that point. It's only then - when more has to go out than comes in, do they think they might have a little bit of a problem. The reality is that they're in debt up to their eyeballs, and are about to drown.

I know this is true as its exactly how i got into the mess im in!!

PoorGuyNextDoor

Another point thats been well made, how would you know if even closest of friends are in debt? Do they know about yours? I dont know anyone that admits to being in debt yet i know a few of them are on here!!

sourcrates

From what I can gather, from posts on this forum, the higher your salary, the higher your debt is, now that's not universal, there are exceptions to the norm, but living on credit is a lot more widespread now than ever before.

It seems to be more socially acceptable now to have debt, but I don't think people see it as debt, they see there credit limit, and usually borrow up to it, and as long as the minimum payments can be made, they don't worry about it, it's only when something goes wrong, like a job loss, or illness, that reality of the situation hits home, and the blinkers drop, and people realise how deep in the mire they actually are !!!

Poor_Single_lady

Im so confused by all the people that post in the debt forums and seem to be writing to everyone about how they have no debts.
Well its a free country and free for all forum but I don't understand why people keep doing that or what good its supposed to bring. Surely debt free people have better things yo do then to log onto a support forum and gloat about how they have no debt!
I just don't get it.

sourcrates

Poor_Single_lady wrote: »

Im so confused by all the people that post in the debt forums and seem to be writing to everyone about how they have no debts.
Well its a free country and free for all forum but I don't understand why people keep doing that or what good its supposed to bring. Surely debt free people have better things yo do then to log onto a support forum and gloat about how they have no debt!
I just don't get it.

I don't know if this is aimed at me or not, but I choose to share my knowledge and experiance with others who are not as well informed, because I have been in there position, and want to help !!

Poor_Single_lady

More of a general observation. You go to read the posts trying to find solace with people in the same boat and then you had to wade through all the contributors writing to say that they are debt free. Maybe its not that prevalent and its just all the posts I read. But its like the people who do that wouldnt go to alcoholics anonymous and talk about being life long teetotal. But somehow it makes sense to them to post about having a dent free life in the debt forums and tell everyone?

takman

Poor_Single_lady wrote: »

Im so confused by all the people that post in the debt forums and seem to be writing to everyone about how they have no debts.
Well its a free country and free for all forum but I don't understand why people keep doing that or what good its supposed to bring. Surely debt free people have better things yo do then to log onto a support forum and gloat about how they have no debt!
I just don't get it.

I haven't actually seen anyone on here gloating about being debt free and that wouldn't be very productive.

But people who "arn't in debt" can also offer useful advice and a different perspective that may help people who are in debt to sort out their finances and budget better.

But in reality I would say the vast majority of this forum is in debt because even if they don't have a mortgage they are likely to have a credit card they use, even paying gas and electric by direct debit is a debt!.

enthusiasticsaver

Poor_Single_lady wrote: »

More of a general observation. You go to read the posts trying to find solace with people in the same boat and then you had to wade through all the contributors writing to say that they are debt free. Maybe its not that prevalent and its just all the posts I read. But its like the people who do that wouldnt go to alcoholics anonymous and talk about being life long teetotal. But somehow it makes sense to them to post about having a dent free life in the debt forums and tell everyone?

It depends on whether you post on a forum looking for advice or whether you just want to talk to people who are in the same boat as you.

I don't have debt but spent several years as a debt counsellor so have seen the usual pitfalls people who are struggling with debt fall in to and have experience in helping them get out of their situation.

There are also many people on the forum who have been in debt in the past and managed to get out of it and want to help and advise those who are still struggling.

Also just because some one says they are debt free it does not mean they are gloating. It is a simple statement of fact.

Karonher

Poor_Single_lady wrote: »

Im so confused by all the people that post in the debt forums and seem to be writing to everyone about how they have no debts.
Well its a free country and free for all forum but I don't understand why people keep doing that or what good its supposed to bring. Surely debt free people have better things yo do then to log onto a support forum and gloat about how they have no debt!
I just don't get it.

I tend to read to get tips about staying debt free. I don't think people gloat about it.

When you are debt free do you think you will stop posting. reading or stay around for information and to give support?