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Longdogs
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28-12-2016, 01:30 PM
11

Re: Personal Debt in the UK

It's always easy to preach about not getting into debt if you haven't experienced it. It isn't always down to greed or wanting everything instantly. Sometimes it's down to things beyond our control like redundancy for instance. When you have a wage coming in, you can afford to pay it back easily but once the wage stops you've had it and believe it or not, bank managers and credit card companies are not as approachable as they pretend to be. There are also lots of tricks the companies employ to make sure you are not actually paying back the loan.

It is ultimately the fault of the individual borrowing the money but believe me, unless you have been in that situation, you have NO idea how much stress it puts on a person.
Silbee
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Wales ... aka God's pocket.
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28-12-2016, 01:36 PM
12

Re: Personal Debt in the UK

When the interest rates go up (please God) the British Isles will be awash with houses for sale.

The two generations below us generally have no handle on money.

Any of them who bought a house and didn't work out a repayment of seven to nine percent (at least) will face financial slaughter, negative equity will be come a byword.

I go to Florida a fair bit and belong to a large forum with a really good general chat section.

The members put up kitchen and bathroom threads with pictures of progress. They seem to spend on average between 15-20 grand on a kitchen these day and the new big thing is having an Island so they usually have to extend to accommodate it.

If anyone asks for a recommendation for white appliances, they recommend high end at around £700 a pop. I read slack jawed with disbelief sometimes at the expenditure.

Too many people are living on the knife edge of extremely low base rates.

There are people there who clearly have money and can afford £16,000 extra for upper class seats for a family of four but the majority of people there a just trying to keep up, in my opinion, anyway.
Julie1962
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28-12-2016, 01:50 PM
13

Re: Personal Debt in the UK

Originally Posted by Longdogs ->
It's always easy to preach about not getting into debt if you haven't experienced it. It isn't always down to greed or wanting everything instantly. Sometimes it's down to things beyond our control like redundancy for instance. When you have a wage coming in, you can afford to pay it back easily but once the wage stops you've had it and believe it or not, bank managers and credit card companies are not as approachable as they pretend to be. There are also lots of tricks the companies employ to make sure you are not actually paying back the loan.

It is ultimately the fault of the individual borrowing the money but believe me, unless you have been in that situation, you have NO idea how much stress it puts on a person.
Yes I agree our first debt problem, until then we easily afford all repayments was when my husband had a stroke and was out of work for a year, took us three years after he returned to work to get them paid off then our endowment mortgage was going to fail so we had to borrow again. It was only a lucky inheritance broke the cycle. And I know how lucky that was believe me.

Broken nights worrying I know all about
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Longdogs
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28-12-2016, 01:52 PM
14

Re: Personal Debt in the UK

Originally Posted by julie1962 ->
yes i agree our first debt problem, until then we easily afford all repayments was when my husband had a stroke and was out of work for a year, took us three years after he returned to work to get them paid off then our endowment mortgage was going to fail so we had to borrow again. It was only a lucky inheritance broke the cycle. And i know how lucky that was believe me.

Broken nights worrying i know all about
tarantula
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30-12-2016, 03:38 PM
15

Re: Personal Debt in the UK

Originally Posted by Dobra ->
With a second peak of spending after Christmas, the cry still is, "Stick it on plastic" or "Buy now, pay later" ?

The UK is suffering a double whammy with the nation up to its armpits in alligators and families writhing in credit cards and mortgage debts.

That is the problem, but where is the solution to reduce permanently personal debt? The dear old CAB is helpful, bank managers are nowhere to be seen, so Joe and Jill Public muddle on. Any ideas that we as seniors can impart to reduce debt stranglehold and associated stress and strain?
People are idiots if they run into debt, unnecessarily, like spending more than they can afford on a mere festival like Christmas.
Julie1962
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30-12-2016, 05:33 PM
16

Re: Personal Debt in the UK

Not easy to see kids go without any time of the year, Christmas especially IMO
tarantula
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30-12-2016, 06:11 PM
17

Re: Personal Debt in the UK

Originally Posted by Julie1962 ->
Not easy to see kids go without any time of the year, Christmas especially IMO
Far better than running into debt. We didn't have a lot of money to throw around when our kids were small, and we never spent more than we could afford on their presents. We would much sooner they had done without than get into debt.
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Meg
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Worcestershire
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30-12-2016, 07:27 PM
18

Re: Personal Debt in the UK

When my son reached 18 and was about to go to University he was deluged with offers of credit cards why, he was a penniless student with a student loan unable to make any credit card payments .
His school had a 'banking facility' to encourage youngsters to save and he had a bank account from being small (joint names) . I can only assume the banks in question shared his information.

I was so angry, this behaviour from the banks is encouraging debt among young people.
Julie1962
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30-12-2016, 09:59 PM
19

Re: Personal Debt in the UK

Completely agree with you there Meg, the loan companies advertising on tv get my goat 300 odd percent interest !
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JBR
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Cheshire, UK
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30-12-2016, 10:14 PM
20

Re: Personal Debt in the UK

Originally Posted by Dobra ->
With a second peak of spending after Christmas, the cry still is, "Stick it on plastic" or "Buy now, pay later" ?

The UK is suffering a double whammy with the nation up to its armpits in alligators and families writhing in credit cards and mortgage debts.

That is the problem, but where is the solution to reduce permanently personal debt? The dear old CAB is helpful, bank managers are nowhere to be seen, so Joe and Jill Public muddle on. Any ideas that we as seniors can impart to reduce debt stranglehold and associated stress and strain?
We Yorkshire people know the answer (and I suspect that the Scots have some expertise there too).

In fact, I have occasionally considered running a short course for southerners and others in similarly less well-developed parts of the country.
 
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