Truthfully - How much debt do you have?

scott212 said:
This thread is shocking and precisely illustrates Brown's "borrow today, pay tomorrow" consumer consumption reliant economy.
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Agreed. But that's how our economy is underpinned.

scott212 said:
Also coincides with how lowering VAT has not only been a failure, in terms of helping the economy, but has encouraged people to spend and get into even more debt.
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No. The whole point was to encourage spending... it hasn't really. In fact, it's made people even more cautious and only buy things (e.g. food) that are VAT 0 anyway. This was exactly what Germany/IMF/Tories said would happen.

scott212 said:
Credit cards should be paid off in full at the end of the month. If you can't afford to do that then you shouldn't be buying stuff.
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Why? That's your opinion and it makes zilch financial sense. Besides, if everyone didn't do that, there would be no credit cards. (for reference, by credit card is paid back in full at the end of the month).
 
£850 Credit Card and thats about to be paid off with part of a huge payout I have coming at the end of the month.

Have another 2K Credit Card but have kept paying the amount owing off every month.
 
meghatronic said:
Why? That's your opinion and it makes zilch financial sense. Besides, if everyone didn't do that, there would be no credit cards. (for reference, by credit card is paid back in full at the end of the month).
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So are you saying it is not good advice to encourage people to pay off their credit card every month rather than get stung by ridiculously high APRs?
 
scott212 said:
So are you saying it is not good advice to encourage people to pay off their credit card every month rather than get stung by ridiculously high APRs?
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The whole point of the cc is that people can buy things they can't afford and pay it back over long term. Don't say that's wrong, as it isn't our business. It's like a general HP agreement. The high APRs aren't our business either, it's between the creditor and the consumer. The issues I have is our the banks haven't pursued debt repayment as vigourously as I would've, due to greed (more debt, longer debt, more interest).
 
i owe my dad £175...

have a £200 overdraught but im hardly ever in it, and it gets paid off whenever i get paid each month anyway.
 
£8459 - On Bank Loan
£150 - Cred card
No mortgage

That is all. Reading this thread I now relise I am not as bad off as I thought. I like this thread :D

My loan will be paid off in the next 1 and a half years. I might try get in a few extra payments and pay it off early. Depends how it all goes.
Paying Cred card off end of the month :)
 
but some people have 10k+ debt, i dont think i'd call that managable debt....i dont think i could sleep with that around my neck, i can understand mortgages, car payments that is what i would call managable debt....credit cards things like that to me is not managable debt its recklous debt :( , If you cant afford it why put it on a card that in the end you'll only pay x% more.
 
scott212 said:
Credit cards should be paid off in full at the end of the month. If you can't afford to do that then you shouldn't be buying stuff.
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I think you're assuming everyone just uses their credit cards to buy frivolously, when it's just not the case.
 
£76 Morgage (shared with girlfriend)
£5k car.
£1600 credit card (mostly racked up as a student 3 years ago lol)
5k student loan (I think).

I was hoping to be on a bit more pay by now, but I'm not. It's still manageable though.
 
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