More than 100,000 people in problem debt attempt suicide each year, charity warns - MSE News

Former_MSE_Callum · 4 December 2018 at 10:52AM

A new report by the Money and Mental Health Policy Institute is calling on the Government to change 'out-of-date' legislation which it says is contributing to people in problem debt becoming suicidal...

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'More than 100,000 people in problem debt attempt suicide each year, charity warns'

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sourcrates · 4 December 2018 at 5:45PM

Sad state of affairs, and it does not have to be that way, no matter how much you owe, there is always a solution, I think a lack of awareness of debt solutions, and a stigma over debt in general, especially amongst the younger generation, means people don’t know where to turn for help.

For some reason the first thing they tend to think of is where can I borrow more money from, to pay my existing debt, instead of how can I reduce the debt I have.

aphill24 · 5 December 2018 at 9:24PM

Couldn't agree more, it's a materialistic world we live in unfortunately and these people can't resist the urge to spend.
I do think there should be more support from Government to clamp down on banks on how far people are allowed to get into debt. Should someone be allowed to have multiple credit cards and loans? I think there should be a limit before things get too bad and the NHS have to pick up the bill

[Deleted User] · 6 December 2018 at 12:17AM

aphill24 wrote: »

Couldn't agree more, it's a materialistic world we live in unfortunately and these people can't resist the urge to spend.
I do think there should be more support from Government to clamp down on banks on how far people are allowed to get into debt. Should someone be allowed to have multiple credit cards and loans? I think there should be a limit before things get too bad and the NHS have to pick up the bill

There is a limit of sorts which is usually defined as 50% of income.
But whilst I am sympathetic it is after all only money, too much time is spent by too many websites/forums (inc. I have to say MSE ) In advising people how to reclaim PPI etc ext etc and not enough time trying to educate people in managing their finances in the first place. It is all well and good calling on others to do the educating but forums with large memberships should be doing their bit as well.
personally I think their is more that could be done, e.g scrapping o% BT cards where people are just shifting debt around and not repaying it, the govt. should bite the bullet and set maximum interest rates for all kinds of lending, and yes I agree just one hour a week at school or college for a couple of years educating young people about finances would be a great idea.

pdel61 · 8 December 2018 at 4:52PM

Yes we need to get back to a time when people live more within their means. Yes remove 0% balance transfers, increase the minimum payment percentage on credit card debts, overdrafts should be small, if any at all. Co-ordination between all the credit card providers so that your total credit card limit relates to your income/ability to pay, so you can't keep getting more and more cards and getting further and further into debt. The problem is debt is good for the economy and good for the financial institutions so there's little chance of anything being done.

sourcrates · 8 December 2018 at 5:02PM

pdel61 wrote: »

Yes we need to get back to a time when people live more within their means. Yes remove 0% balance transfers, increase the minimum payment percentage on credit card debts, overdrafts should be small, if any at all. Co-ordination between all the credit card providers so that your total credit card limit relates to your income/ability to pay, so you can't keep getting more and more cards and getting further and further into debt. The problem is debt is good for the economy and good for the financial institutions so there's little chance of anything being done.

And herein lies the problem, banks want you to be in debt, they don`t make any money otherwise, they may moan about it when you go over your OD limit, or miss a payment on your credit card, but the truth is that is the situation they want, they make more money from a bad debtor, than a good one.

fred990 · 8 December 2018 at 8:27PM

But why did they borrow so much? It's only money that never really existed in the first place.....
The BOE just prints loads more when needed?
Weird.
Why care?
Genuine question.

sourcrates · 8 December 2018 at 9:13PM

Basically no one should be in a position where they think there only option to get out of debt is suicide, solutions exist already to deal with it, even non payment is more preferable, simply don’t pay it, it’s the threat level that pushes people over the edge, ignore what the debt collectors say to you, if you haven’t got it, they cannot take it, it’s that simple.

Threats of this, that and the other, are par for the course where debt collection is concerned, although most creditors now have to take affordability into account, but people worry too much about it, it’s only money for God’s sake, it doesn’t matter in the big scheme of things, but people place themselves in a bubble, and can’t see a way out of it, even though there are plenty of ways to deal with it.

I sometimes feel like shouting from the roof tops when I see someone on TV, or on here, who doesn’t have a clue what to do, this should be taught in schools.

More than 100,000 people in problem debt attempt suicide each year, charity warns - MSE News

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