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  • FIRST POST
    • Catseyez
    • By Catseyez 11th May 06, 10:57 PM
    • 935Posts
    • 716Thanks
    Catseyez
    Who is responsible for our debt?
    • #1
    • 11th May 06, 10:57 PM
    Who is responsible for our debt? 11th May 06 at 10:57 PM
    OK all, it's about time someone started this thread!

    Should we accept complete responsibility for our debt or does part of the blame rest with the financial institutions, fashion labels, car showrooms etc and their seductive advertising?

    Let the debate begin....

    Last edited by MSE Archna; 16-05-2006 at 4:18 PM.
Page 1
    • crawley_girl
    • By crawley_girl 11th May 06, 11:01 PM
    • 1,996 Posts
    • 3,151 Thanks
    crawley_girl
    • #2
    • 11th May 06, 11:01 PM
    • #2
    • 11th May 06, 11:01 PM
    Simple for me... I am responsible for my debts!

    CG
    Ever wonder about those people who spend 2 apiece on those little bottles of Evian water? Try spelling Evian backward.
  • Hobsch
    • #3
    • 11th May 06, 11:04 PM
    • #3
    • 11th May 06, 11:04 PM
    I can't answer for everyone. Simple answer for me is I am. I chose to get the cards, get the loans etc.

    I do not hold any blame with the fashion labels, pier pressure to have the 'must haves'.

    I do think financial institutions have not helped by allowing me to get extra credit without worrying too much to check etc, and then to not help when there is a problem.

    ultimately though the blame is with me.
    Total Debt now 22,525.07 Start Debt 32,732.36
    10207.29 OF DEBT PAID OFF 31.18%
  • Chortle
    • #4
    • 11th May 06, 11:04 PM
    • #4
    • 11th May 06, 11:04 PM
    yep, simple for me too - the banks might make it easy, the advertisers might make things desirable, but for me, at the end of the day, I signed the agreements on the credit cards, I spent the money, I'm responsible!
    Highest Debt (Sept 04) -> 41,300
    Debt Free - August 2006!!


    • Catseyez
    • By Catseyez 11th May 06, 11:06 PM
    • 935 Posts
    • 716 Thanks
    Catseyez
    • #5
    • 11th May 06, 11:06 PM
    • #5
    • 11th May 06, 11:06 PM
    Has anyone seen the latest TV advert for Virgin credit card? It totally promotes the 'I want it therefore I will have it' ethos...if everyone is telling us that we CAN have it, then why shouldn't we? Surely we 'deserve' to be able to 'say yes' all the time?

    Where are the adverts that tell us to save up for things?

    (PS...I cancelled and mutilated my Virgin credit card ages ago!)
  • all_hours
    • #6
    • 11th May 06, 11:07 PM
    • #6
    • 11th May 06, 11:07 PM
    I'm responsible, I overspent when my circumstances changed I would have managed if I hadn't had the debt to pay.
    • beanielou
    • By beanielou 11th May 06, 11:08 PM
    • 58,039 Posts
    • 238,920 Thanks
    beanielou
    • #7
    • 11th May 06, 11:08 PM
    • #7
    • 11th May 06, 11:08 PM
    And me as well, however I might like to try to blame others I know the ultimate resposibility belongs to me.
    We all make choices along the way-in my case not always the right ones.
    I thought i 'deserved' this n that as I am disabled and also now a single parent too.
    I know know i only 'deserve' what i can afford to pay for.

    Interesting thread-thanks catseyez.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 12 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
  • amosworks
    • #8
    • 11th May 06, 11:09 PM
    • #8
    • 11th May 06, 11:09 PM
    Essentially all those things you describe are made up of people, I doubt any of them individually are evil per se, but when groups of people come together it's possible to create things beyond evil and do things nobody would dream about doing alone. People create the misery of people. I do blame those companies for creating the illusion that debt is right and I blame myself for falling for it, I was young and stupid and offered easy credit. But still, none of the people in those companies are bad, so I don't really know WHO is to blame besides me.

    After all, every drop of water in a flood would claim it's not his fault.
  • Chortle
    • #9
    • 11th May 06, 11:14 PM
    • #9
    • 11th May 06, 11:14 PM
    Has anyone seen the latest TV advert for Virgin credit card? It totally promotes the 'I want it therefore I will have it' ethos...if everyone is telling us that we CAN have it, then why shouldn't we? Surely we 'deserve' to be able to 'say yes' all the time?

    Where are the adverts that tell us to save up for things?

    (PS...I cancelled and mutilated my Virgin credit card ages ago!)
    by Catseyez
    Oh god that advert makes me

    ''things get a lot more exciting when you stop saying no''.... yeah, and they get a damn site less exciting, and a lot harder, when you realise that you do have to pay it all back eventually!

    The thing is, that as consumers, we should be able to see through this. Everyone knows that marketeers are clever !!!!!!s, and can convince us we need anything if we are gullible enough to believe their blurb - its up to us whether we do fall for it or not.
    Highest Debt (Sept 04) -> 41,300
    Debt Free - August 2006!!


    • Catseyez
    • By Catseyez 11th May 06, 11:15 PM
    • 935 Posts
    • 716 Thanks
    Catseyez
    People create the misery of people. I do blame those companies for creating the illusion that debt is right and I blame myself for falling for it, I was young and stupid and offered easy credit. But still, none of the people in those companies are bad, so I don't really know WHO is to blame besides me.
    by amosworks
    Do those companies care if you enoy your exotic holiday or look good driving your convertible? Doubt it.

    Do they care about lining their own pockets? Almost certainly!

    Young people are far more susceptible to advertising...that's why the companies like us!
    • crawley_girl
    • By crawley_girl 11th May 06, 11:16 PM
    • 1,996 Posts
    • 3,151 Thanks
    crawley_girl
    I think that admitting that the debt is my responsibility, is definately attributed to my light bulb moment and this site.

    If you had of asked me this a year ago, I would have said 'the banks, credit cards, loans etc etc' in a very whingey, self-pitying style voice.

    Like the others, I signed the agreements and I spent the money. It is 110% my responsibility

    CG
    Ever wonder about those people who spend 2 apiece on those little bottles of Evian water? Try spelling Evian backward.
    • Catseyez
    • By Catseyez 11th May 06, 11:17 PM
    • 935 Posts
    • 716 Thanks
    Catseyez

    Wont find many rich people claiming it was the banks that made them rich
    by Al Mac
    True...but you'll find many banks claiming it was the people that made them rich!
  • amosworks
    As my Mum has always said, "take care of the pennies and the pounds will take care of themselves"
    by Catseyez
    Mine always said be a chef in the bedroom and a !!!! in the kitchen. Sound advice.
  • all_hours
    The banks don't always help the situation. At one point I contacted them before things got out of control, and explained what was going to happen but they wouldn't stall or reduce the DD payment for loans. They replied there was nothing they could do.

    I subsequently found out I could have requested all accounts and loans go to their collections department. Eventually the accounts did end up there and they were basically doing what I'd previously requested but it looked worse on me because it wasn't voluntary.:confused:
  • milliejon
    It is entirely my fault but situations can make temptation harder to resist!

    And why oh why do I still get post from credit card and loan companies telling me that I've been pre-selected for a card or loan? Pre-selected by which method - pin the in the phone book?
    DMP mutual support number 174
    Total debt now (April 10) 0! - total paid off 30,221 or 100%
    I'm now debt free after 6 years!!
    Non smoker since June 2006
  • bobbiebob
    I personally blame moden sociatity.

    Yes the banks are also to blame, as banking is one of the most lucrative industries in the world, just look at the third world countries and how they cannot escape thier debt ridden chains and lift the povity. The worlds banking institutions milk these nations for cash when we should be uniting as a global population, its appauling..! Absolutley shocking.

    But back to the main problem I have 60k of debt currently and as I said I blame sociaity and our modern culture. It has become socially acceptable to live on credit, buy now pay later, you must have this now..! To add to this banks make credit far far to easily obtainable to almost anybody, knowing forwell some people cannot afford to pay it back, they dont care, they are insured.

    And to top it all off, the TV, glossy magazines & Papers are filled with so called celebraties living the life of luxury spending 3,000 on a handbag and other nonsense, that adds pressure to people who feel they want those things and they want them now.

    I really dont think there are many people who actually save up for things, we as a nation tend to just buy now pay later. or on the never never.

    Another issue has been the likes of the fast pace of technology, everybody wants the latest gadets and gismos, all of a sudden we all need 50" Plasma screens and Sky+.

    Rant over, but whos to blame, of course its me i spent the cash, but the banks made it too easy to get the money and "peer" modern lifestyle pressure closed the sale.

    I would love to know just what the current state of affairs is in terms of the UK population and how in debt we are as a nation due to our media induced habits..!

    (Appologies for poor spelling of sociaity..)
  • bobbiebob
    Just to add,

    Why in the UK must we all strive to own our own homes.

    Throughout the rest of mainland Europe people tend to rent. Why is it we as a nation feel we must own our castles.

    Look at the cost of housing these days its absolutley rediculos. No wonder kids stop at home longer its almost impossible to get anything affordable unless its in a slum area.

    If I sold my house tommorow (which I bought 4 years ago) and spent the money on a round the world Cruise and a Porsche, I could not afford to repurchase it due to the asking price..

    Wheres the sence in that...
  • dudleyboy
    Coo it's getting late but i thought i'd chip in with a few pennies' worth before bed...

    Who's to blame? Well, i think it's safe to say that the majority of the blame goes to the individual. None of my debt was fuelled by frivolous expenditure on consumables... just your usual debts for a hard working 20-something on an average income, like extortionate car insurance (every !!!!!!!' year without exception despite no claims!) and student loans. It's not helped much either now by bloated house prices for first time buyers (i'm STILL renting at 28) and rising utility bills... but anyway... even tho it wasn't due to p*ssing money up the wall, it was my choice to go to university and it was my choice to buy and run a car (even tho i needed it). The money was by no means squandered but it was still my decision to part with cash that wasn't mine.

    As for blaming society... i feel that's a bit of a cop out. Society is simply a collective of individuals, each with it's own free will and freedom of choice. If someone decides to follow the majority(?) then that's THEIR decision... as is the decision to get into debt.

    Temptation is all around us - i'd LOVE loads of the new stuff i see on TV and on the people i pass in the street - but ultimately it's my decision as to whether i buy into that lifestyle now (paying later) or waiting til i can afford it. And i think i'll wait.

    That said, it's far too easy nowadays to get into, and out of, debt. With our 1bn consumer deficit and over-inflated house prices, this country is almost ready to implode on itself what with all it's borrowed wealth. Those who deny it are the ones with the most to lose if it does (e.g. the govt and banks)... but ultimately we'll be the ones feeling the greatest pinch of all.

    Thank God our pensions are all sorted then, huh?! Ummm....

    Time for some more whiskey before bed methinks...
  • mm2000
    I blame the government who are continually finding new ways to take more and more of my hard earned cash making it increasingly harder to repay my debts.
    • mandi
    • By mandi 12th May 06, 2:43 AM
    • 10,767 Posts
    • 23,194 Thanks
    mandi
    What a brilliant thread, Thank you.

    However, my debit isnt caused by , credit card overspending, or store cards,overdrafts, and a mortgage..Simple fact is that I cant, afford to live on the income I have.

    Too many outgoings, and very little income.

    I recieve IS, and yes I hate it.. Im a trained nurse, and and also a trained Estate Agent, have ran my own business,

    I have 2 children to look after, and, no family to help. one of them gets sick, and if I am working...:confused: then who looks after them

    Debit isnt always about overspending.. wish it was...........
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