1.6m families in 'extreme' debt

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Millions are spending at least 40% of their wages on debt repayments, research has found...
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'1.6m families in 'extreme' debt'

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'1.6m families in 'extreme' debt'

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This board wouldn't be here if people stopped doing that.
What is the best way to get everyone to have their lightbulb moment earlier?
Educating children and young people about borrowing and debt at school and college and how to manage your money and budget in general.
Responsible bank accounts and loaning of money.
Curbing how much can be borrowed, amount of accounts that can be held.
Develop a culture of pay your own way and saving.
All of the above and no doubt more, so that light bulb moments are nolonger necessary in many cases.
I agree with the education part and the savings part but not the rest of your suggestions because they will unfairly disadvantage people who can correctly manage their money.
The banks are already strict enough on their lending criteria and people need to start taking responsibility for what they can afford.
Also limiting the amount of accounts that can be held would mean that those who have multiple current accounts for high interest or multiple credit cards for cashback, spending abroad, stoozing etc would loose out.
Also the article blames the high debt on falling wages. When in reality the root cause is people not budgeting to take into account of changes in their income.
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
The more people share our Financial Education section, especially the Teen Cash Class the more we can teach children and young people how not to get into debt in the first place.
Please do share them as much as possible!
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Vwhen I was growing up, pre credit cards, then mostly if you ran out of cash through bad budgeting then tough. Although in small villages it was quite common to get some essentials from the local store 'on tick'
June 20.....£7,587.....3 creditors left 72% paid
£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764
You then start living on your credit cards, all your wages do is pay the minimums every month, then you get more credit for something else, before you know it, your nearly 60k in hock to various banks.
Financial education is nie on non existent in schools, that needs to change, even though at the time, I earned less than 12k, I was allowed to rack up nearly 60k of debt, that must change too.
“A man who pays his bills on time is soon forgotten. - Oscar Wilde"
“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” -JPMorgan Chase"
"I don`t trust Bankers, I don`t trust Banks, and I don`t trust you. -Private Frazer"
For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2022 challenge #36 £6000/£12,000 June 2022
I think before credit cards it was catalogues and HP. Still debt.
I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] All views are my own and not the official line of MoneySavingExpert.
Save £12k in 2022 challenge #36 £6000/£12,000 June 2022
They teach you many things you will probebly never need in life, such as algebra and py, but not how to change a fuse, or manage your money, lots of kids parents are just as useless with money unfortunately, just my opinion !!
“A man who pays his bills on time is soon forgotten. - Oscar Wilde"
“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.” -JPMorgan Chase"
"I don`t trust Bankers, I don`t trust Banks, and I don`t trust you. -Private Frazer"
For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.