Will you do debt again????

livinginhope · 10 December 2006 at 10:32PM

I think I can safely say I won't do debt again,but only because I will never be debt free

I would never want to go through the hell of debt again and am going to have to live with it until I am very old :eek:

taxi73 · 10 December 2006 at 10:40PM

The only debt I will have is my mortgage which I want to pay off at a faster rate than I am now...I will continue to use a cashback credit card but only with the dd set to clear each month...I find this sensible for me as being SE ...I have a lot of car repairs petrol insurance etc so it's a large bonus to me to use one of these cards..

seven-day-weekend · 10 December 2006 at 10:43PM

Absolutely no way. It feels great to owe nothing to anybody.

We are old enough to not have a mortgage.

(Thinking about it, with our income - around £9k a year - I doubt whether anyone would lend us anything anyway!).

WHY do people borrow money for Christmas? I have never understood it. Surely most people can afford a bit of a special dinner and a present for the kids? (if they save only £1 a week they will have £52 to do this).

SunderlandBlackCat · 10 December 2006 at 10:45PM

I'm 8 payments away from being debt free (except my mortgage) but I'm probably going to start stoozing to speed up paying down my mortgage if there are still 0% cc's around in the summer.

victory · 10 December 2006 at 10:47PM

No way, go through all that again, the sleepless nights, crying, talking to all the debtors, the worry, stress, no way whatsoever!! xx

Ali-OK · 10 December 2006 at 11:02PM

It's an interesting question and because my debt was 90% due to being off work for many months due to pre and post operation and little pay for the majority, my goal is now to get 1 year of salary saved after I'm debt free in case something like this should happen again.

I'd like to think I've learnt a whole new set of money management skills through this, so in some ways the cloud has a silver lining. Never did I think I would be in a position to save £700 a month...currently paid to debt, will go to savings from May.

Beyond that, it's paying off the mortgage, increasing payments to my pension pot and saving some for DS.

A bit of stoozing or cashback cc might be on the agenda, but nothing else!

rog2 · 11 December 2006 at 1:33AM

I have NO INTENTION of getting into debt again, but I am not blessed with a Crystal Ball and they do say that the road to hell is paved with Good Intentions, but I will try my best to avoid debt.

Kevicho · 11 December 2006 at 1:46AM

Well I will never have bad debt ever again.

Its weird, even tho i have under 3K of debt left still to pay, money is not worrying me anymore.
Well not much anyways lol, I mean ive gone into 3 seperate businesses now, investing money which would have paid off or come close to paying off my debt, and I have just taken a opportunity where there is no guarantee of money, and that really isnt phasing me one bit.

I certainly wont be taking out loans to buy TV's or other consumer junk, as i dont need or want them, but i may take out business debt within reason.

I think the whole good debt/bad debt issue is an interesting one, and i have spent time learning what is good, and what is bad, im hopeful this past year of revision, will come in handy now that i am putting it into practice.

do_it_today! · 11 December 2006 at 2:23AM

:eek: I would like to say I would never get into debt again but I am more interested in learning off by heart and applying them all the time - the principles that will enable me resolve challenges without living beyond my means, relying on credit and buying/maintaining things through other peoples money...

about a decade ago I found myself in a situation where owed about £1000 via mobile phone and catalougues my work situation changed I was earning less and things came to ahead - I was freaked out :eek: but sorted things out - closed the accounts blah blah blah and swore never to get into that situation again

Now I have £12,000 worth of credit commitments (debt) I dont feel Im in panic station mode about it - because of the amount, I was paying it off never missing payments more than the minimum and living BUT I want to quit my job ASAP!, start a family, change my career and reduce my hours this is not sustainable or the best option for me with £12,000 hanging around - but in the 4 years it has taken me to acquire it - I wasnt thinking about making the changes in my life that I want to make today so it was ok ; now Im not gonna let the £12k stop me making the changes I want to make but I feel now is the time to be really aggressive about clearing so I have space to breath. If I just left work tomorrow I would be under more pressure and my situation be abit desperate
it is a start but I dont think it is enough to simply say oooh debt I'll never do that again - because in my experience debt never presents itself as being debt (that just how it ends up) it starts off as being some kind of benfit to you - whether its some spending cash or a treat because you've worked really hard and deserve it or I want to show the people Im with I can afford designer or the new gf/bf fancy restaurants - thats how it starts in some cases. I've heard it so many times but the impact of the statement is hitting home now, buying on credit is a chain and ball by promising to pay in the future you are imprisoning / limiting your options/choices and freedom - but it never looks like that at the time.
If we had a real appreciation of the true value of things we would make different choices instead society is so geared to the circulation /transaction of money via consumerism that we get caught up to some degree. End up doing stupid jobs we hate to get money to then spend because we are unhappy (somethimes) its crazy. 2007 onwards I want to spend time doing work I like if not LOVE to be able to move into this position in a sustainable way I must A) clear as much debt as possible

really question whether every optional financial transaction I make will support me in acheiving the goal to do work I love, start a family and be able to spend time with them.

I guess at the end of the day it comes down to values. do you value having the latest mobile or flash holiday every year or weekly takeaway over having a positive bank balance? Its the bigger picture really - but we are so busy being suduced by the media rushing around that its easy not to see it while your life is whizzing by... I think one of my goals by the end of 2007 is to be living in my overcash - yes I think always have £400 in the bank instead of £400 overdraft :j

GettingThingsDone · 11 December 2006 at 6:40AM

I don't know where it all got spent, but once it's paid off I'm not going though that again!

Feels like a mountain to climb at the moment but I'll keep coming back here for inspiration and motivation.

Will you do debt again????

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