MC Prussian Posted 11 November 2006 Posted 11 November 2006 A total of 2 billion pounds of debts overall. That's what I've just seen and heard on a TV report on German telly chain ARD. How many credit cards to you own? They were talking to a couple with 50'000 pounds in debt, 6 credit cards. Another bloke was on 7 and with 20'000 pounds in troubles. Have you gone through bankruptcy already? Is it that extreme on the Isle?
Thracian Posted 11 November 2006 Posted 11 November 2006 Seeing as this Government make you work longer than any other Government in history before you actually take some of your own money home, that's hardly surprising.!
stez Posted 11 November 2006 Posted 11 November 2006 debt keeps the economy going! i'm just doing my bit. did the report include mortgages? don't more brits buy their own home the other europians? thus, maybe have more to borrow against. not saying it's right or wrong, just a thought
stez Posted 11 November 2006 Posted 11 November 2006 Seeing as this Government make you work longer than any other Government in history before you actually take some of your own money home, that's hardly surprising.! i agree with you and to have to pay any tax on already (heavily) taxed income is a scandal
MC Prussian Posted 11 November 2006 Author Posted 11 November 2006 Yup, mortgages were also included. They said that once Brits have their own home, they consider themselves "made" and consume on credit like crazy. Of course, debts are keeping the economy going, especially the banks themselves. They're making huge profits. Question is: When will the bubble burst? The interest rates are insane, I'd never like to go that far and use that many cards. One's enough for me and I've always been above the zero mark. Also introduced was a debt information hotline in Birmingham and a service that started out with 2 telephones has now turned into a huge bureau with 60 employees. I guess at some point it'll become a real major problem.
cisono Posted 11 November 2006 Posted 11 November 2006 A total of 2 billion pounds of debts overall. That's what I've just seen and heard on a TV report on German telly chain ARD. How many credit cards to you own? They were talking to a couple with 50'000 pounds in debt, 6 credit cards. Another bloke was on 7 and with 20'000 pounds in troubles. Have you gone through bankruptcy already? Is it that extreme on the Isle? Let me just point out that the number of cards you own does not tell you anything about the amount of debt. It is the WAY these cards are used that leads people into debt (along with their poor money management skills). For instance, no European (Continent-based) European I know would aim to manage their credit card debt by switching it to another card. They: 1) would avoid debt altogether 2) they would avoid credit cards (as they are costly) 3) if using a credit card, they'd pay the full balance each month Having said this, during my last holiday in Italy this summer, I have noticed credit being pushed onto people (even when not needed). This is the thing that seems to have ruined peoples' approach to money in the UK: borrowing when not strictly necessary. It is not cool. It is not cool to borrow money to go on holiday/lifes' luxuries. If you don't have enough money for it, you should reconsider your lifestyle.
lookwhaticando Posted 11 November 2006 Posted 11 November 2006 I'd pretend to be surprised, but I'm not. The UK have long been a high-borrowing nation. It's the way our economy was developed over the last 20-30 years. It's because our banking system is highly developed. It's also thanks to borrowing that our economy has been so steady over the last decade. Like it or not, the growth of borrowing has done a fair amount of good for the economy as a whole. We're fortunate that in the event of the housing bubble bursting, our financial markets and banking system won't melt down. If you don't like debt, it's easy enough to avoid, you don't have to sign up for tens of credit cards, nobody's forcing you.
lookwhaticando Posted 11 November 2006 Posted 11 November 2006 I'd like to point out I have two credit cards, and I use both regularly. I use them even when I know I have readily available cash in my debit account. In fact, I'd go as far to say I prefer using my credit cards at every possible opportunity.
cisono Posted 11 November 2006 Posted 11 November 2006 I'd like to point out I have two credit cards, and I use both regularly. I use them even when I know I have readily available cash in my debit account. In fact, I'd go as far to say I prefer using my credit cards at every possible opportunity. Same here but... I spend only within my means. That is the difference...
vanfox12 Posted 11 November 2006 Posted 11 November 2006 One of the main reasons for so much debt is that people are generally on low wages and use credit to keep themselves afloat and this can be a good thing if done sensibly but most spend beyond their means and are then unable to even make the minimum payments. We need to educate people on being sensible with their money but it isn't easy if wages in some jobs are poor and your getting taxed to the hilt. It also doesn't help that the government wants people to save more but taxes them if they save too much.
cisono Posted 11 November 2006 Posted 11 November 2006 One of the main reasons for so much debt is that people are generally on low wages and use credit to keep themselves afloat and this can be a good thing if done sensibly but most spend beyond their means and are then unable to even make the minimum payments. We need to educate people on being sensible with their money but it isn't easy if wages in some jobs are poor and your getting taxed to the hilt. It also doesn't help that the government wants people to save more but taxes them if they save too much. I'll give you that. Education in this area is very poor or non-existent.
Dr The Singh Posted 11 November 2006 Posted 11 November 2006 IMO, this country is very expensive to live, we get taxed alot and work long hours. But property is the main issue, and for that i'm thinking of moving abraid where I can have a similar salry and live for cheap, not to add the politics and shite UK has ]
lcfcalan Posted 12 November 2006 Posted 12 November 2006 Extreme views on credit card debt are always sought out by the media to make 'a good story' always have been and always will be individuals that make a bit a bit of tit of them self by shopping like crazy. But ! What about the student loan situation ? I dont really know too much about it, (Or anything else for that matter) It seems to me that this scheme has been going a few years now, it must add millions overall to the outstanding loan amount, and actually be the slowest and least profitable to be paid back ? And in fact , be the least tangible of gain for what the money was lent/borrowed for in the first place !
Stuliasz Posted 12 November 2006 Posted 12 November 2006 Just got my student loan which is approaching 15k. Staying away from credit cards for as long as possible.
lookwhaticando Posted 12 November 2006 Posted 12 November 2006 IMO, this country is very expensive to live, we get taxed alot and work long hours. But property is the main issue, and for that i'm thinking of moving abraid where I can have a similar salry and live for cheap, not to add the politics and shite UK has ] Move to Canada. Lower living costs, similar salaries and a great standard of living overall. Also, there's no chance of any politics here - politicians are decidedly indecisive at the best of times.
Nationwider Posted 12 November 2006 Posted 12 November 2006 I would recommend that anyone getting student loan start to repay it the minute you leave uni. Just repay the ****er. Your twenties aren't meant for enjoying yourself. Welcome to the crushing inevitability of real life. The clock's ticking until your death, so don't spend a minute more of your insignificant existence in debt than you absolutely have to.
Dr The Singh Posted 12 November 2006 Posted 12 November 2006 Move to Canada. Lower living costs, similar salaries and a great standard of living overall. Also, there's no chance of any politics here - politicians are decidedly indecisive at the best of times. Canada, is one of my options, Vancouver is supposedly very nice!! I'm hoping to go next year and check it out, but I have no family there, so moving will be abit more complicated
MC Prussian Posted 12 November 2006 Author Posted 12 November 2006 Canada, is one of my options, Vancouver is supposedly very nice!! I'm hoping to go next year and check it out, but I have no family there, so moving will be abit more complicated Just do it. You won't be disappointed. Although the costs of living have tremendously increased (and will continue to do so until the Winter Olympics 2010 are over), there are still some pretty cheap, but good places to live in. And the city and its people are just marvellous.
cisono Posted 12 November 2006 Posted 12 November 2006 Move to Canada. Lower living costs, similar salaries and a great standard of living overall. Also, there's no chance of any politics here - politicians are decidedly indecisive at the best of times. Hmm don't think you'd like me to live in Canada anyway Plus, it may be a bit cold by my standards...
Thracian Posted 12 November 2006 Posted 12 November 2006 Hmm don't think you'd like me to live in Canada anyway Plus, it may be a bit cold by my standards... A close and lovely friend went to work as a physio in Calgary, British Columbia and said it was an amazing place for someone like her who loved mountain sports, anything to do with the outback and 100mph good living.
cisono Posted 12 November 2006 Posted 12 November 2006 A close and lovely friend went to work as a physio in Calgary, British Columbia and said it was an amazing place for someone like her who loved mountain sports, anything to do with the outback and 100mph good living. Hmm indeed. Something to be said for that. Are you trying to get rid of me, Thrac?
MC Prussian Posted 12 November 2006 Author Posted 12 November 2006 Hmm indeed. Something to be said for that. Are you trying to get rid of me, Thrac? Nah, we all just want the best for you.
vanfox12 Posted 14 November 2006 Posted 14 November 2006 I would recommend that anyone getting student loan start to repay it the minute you leave uni. Just repay the ****er. Your twenties aren't meant for enjoying yourself. Welcome to the crushing inevitability of real life. The clock's ticking until your death, so don't spend a minute more of your insignificant existence in debt than you absolutely have to. I wish i'd listened to that advice sooner myself but hey if i'm going to have to work till i'm 70 so be it but then again i might get lucky and win the lottery or i work really hard and retire at 65 and then drop dead the minute i finish my last day at work.
lookwhaticando Posted 24 November 2006 Posted 24 November 2006 The Conservatives are trying to make people aware of it. .
Daggers Posted 24 November 2006 Posted 24 November 2006 The Conservatives are trying to make people aware of it. So they've now gone from being Government to opposition to lobby group. Pathetic. To paraphrase the terraces "Shit party no policies. Shit party no policies"
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