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Dobra
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27-12-2016, 08:51 PM
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Personal Debt in the UK

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?
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27-12-2016, 09:08 PM
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Re: Personal Debt in the UK

People have to learn for themselves although I'd say with wages as they are andaccomodation as it is we won't see people out of debt for a long time.
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27-12-2016, 10:04 PM
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Re: Personal Debt in the UK

People can try and live within their means, whose fault is it if they go into debt, the retailer for selling them the latest gadget, fashion accessory or new sofa, or the credit card company's for lending them the money so that they can fill their desires, or is it the people who want it NOW regardless of the cost? Live within your means! If you can't afford it or afford to pay back your loan don't buy it.
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28-12-2016, 09:52 AM
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Re: Personal Debt in the UK

Originally Posted by Rehab44 ->
People can try and live within their means, whose fault is it if they go into debt, the retailer for selling them the latest gadget, fashion accessory or new sofa, or the credit card company's for lending them the money so that they can fill their desires, or is it the people who want it NOW regardless of the cost? Live within your means! If you can't afford it or afford to pay back your loan don't buy it.
Excellent advice. I won't have a credit card even though my bank keeps trying to pursuade me otherwise. I do have a debit card but still prefer to use old fashioned stuff called 'Cash'.

Some people I know will spend most of next year paying - with interest - for what they have just spent on Christmas. I could not live like that.
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28-12-2016, 10:38 AM
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Re: Personal Debt in the UK

Originally Posted by Dobra ->
That is the problem, but where is the solution to reduce permanently personal debt?
It's pretty simple.

Just don't live/spend beyond your means.

People are in so much debt because they are ignorant of financial matters and because they have too many "wants" which are beyond their means. Smart phones, monthly tariffs, Sky subscriptions, Netflix, etc etc.

Idiots one and all.
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28-12-2016, 10:47 AM
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Re: Personal Debt in the UK

My Grampy had the right idea//

Before making a purchase he'd have this to ponder


Now Bob, be honest.

" Do you really NEED this item, or just WANT it?"


RESULT eh.

He was saying in a modern way what Charles Dickens had written years before through mr Micawber



"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
Charles Dickens, David Copperfield
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28-12-2016, 10:59 AM
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Re: Personal Debt in the UK

When I see programmes on TV , people with large credit card debts they talk as if it's not their fault !

I had a friend who owed 16000 in credit card debt and she had nothing to show for it , lived in a rented house with 2 daughters who also had huge debts . One daughter went bankrupt so didn't pay a penny back and continued to have exotic holidays .

I've never owed a penny , I pay for what I have and if I don't have the money I don't buy it and I save for a rainy day as I know I'll need to buy or replace something in the future .
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28-12-2016, 11:25 AM
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Re: Personal Debt in the UK

Same here Susan.
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28-12-2016, 11:33 AM
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Re: Personal Debt in the UK

Trouble is I see people putting their rent on credit, their fuel costs, food. It's not always things they can live without. I'm not saying all of course some people do put luxuries on credit but there are a lot who even before they have paid for their necessities have had to get out the credit card or taken a payday loan.
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28-12-2016, 01:02 PM
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Re: Personal Debt in the UK

I was brought up with the attitude of, if you can't afford it then you don't buy it.
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