debt, wtf is happening ?

[ste_bla]

I am the sort of person who saves up and pays for items if I have the money and dont really use credit. I have some CC cards as you get a certain % off transactions if you open an account. So I actually had a look at what I have and was amazed to find out I had 5 CC's and 2 credit accounts/Facilities!!

Total £5000 at the moment

Plus the bank (Natwest) kepp telling me (letters) I amalready accepted for a loan for upto £7500 with no questions asked and can just walk in and 15 mins later walk out with it!

Now I keep seeing the threads saying banks over charging, beat the banks, record debt etc. and am wondering wtf is going on with life today? Does everyone live on credit or something??

Also I had an idea, a I'm moving in a year and half abroad what would stop me from rinsing the accounts and not paying back? How long would it take for them the write it off? Could they come abroad and find me?

One other question is not using them some how damaging my credit rating should I close some?

 

[dirtydog]

Does everyone live on credit or something??

Not me, although a lot do seem to.

Also I had an idea, a I'm moving in a year and half abroad what would stop me from rinsing the accounts and not paying back?

A sense of what's right and wrong hopefully?

 

[oldbag]

I imagine many people do live on credit.

 

[Deleted member 58846]

everyone with a house or car mostly needs credit or some sort of finance because not many people can offord a 120 k house just out their back pocket.

 

[DB_SamX]

Well I am living on a student loan. I only use a CC when buying things that can only be bought in this way (not cheque, debit card, cash) or if its goods where i get cc protection. I also always pay off the full amount at the end of the month so I am not reliant on credit so to speak.

 

[ste_bla]

A sense of what's right and wrong hopefully?

I know . But then all these people who get debts paid off for them by the banks because they cant afford it really annoys me so i think what the hell why not everyone else is tbh.

everyone with a house or car mostly needs credit or some sort of finance because not many people can offord a 120 k house just out their back pocket.

Ah yeah I know you need to borrow for a mortgage..

 

[Kmodo]

I know . But then all these people who get debts paid off for them by the banks because they cant afford it really annoys me so i think what the hell why not everyone else is tbh.

I know buddy, I see those adverts on TV all the time It is the banks fault though i guess lending out huge amounts without doing any real research .

I know you are moving abroad but what if that does not work out and you want to move back? I am sure things would be a lil harder if you see what I am saying?

 

[Kesnel]

Does everyone live on credit or something??

Personally, no. I was always brought up to adopt the same approach as you - save up and buy things when you have the money. I have a credit card but it's really only for building up a credit rating, I pay off the balance in full every month.

I know there are many people out there who do practically live on credit. Every person of this nature that I've encountered has ended up, to put it delicately, in a less than favourable financial situation.

 

[darreny]

my g/f works in debt recovery and you would be at how many people are in debt.

the company takes in 2 million a month in debt repayments which theyre hoping to expand to 3 million.

 

[Jez]

I have always been completely against credit unless its credit you can take advantage off such as 0% deals.

Guess it stems from my father who has never bought anything on credit other maybe a property or two when he was a lot younger. Ive always been in the mindset that you never buy anything unless its with cleared funds. Sadly i am going to have to buy my first house on credit like the rest of us, but nothing else i ever buy will ever be borrowed from the bank - i can safely say that.

Take things like cars for example, i cannot for the life of understand why someone with £2000 would put that down as a deposit for a £10000 vehicle. Why not simply buy a £2000 vehicle outright and save the monthly repayments up for a better vehicle later on?

 

[Vonhelmet]

My only debts are my student loan and my mortgage.

I don't even own a credit card or (LOL!) a store card.

 

[kefkef]

CC's come in very handy i find, never got int oany real trouble with them so long as you are sensible. I have found it is usually people who just jump at the loans/cheques they are always offering that get in trouble. Had a guy i worked with got one of those pre-approved loans through for £15k, he was only on £12k a year at the time, signed on the line and got the money about 2 weeks later, he's till in debt now, it's just spiralled out of control for him.

Mind you it would be so easy.

I have 5 CC's with at least 15k limits on each one, biggest is 30k. i keep asking for them to be brought down to £5k but a few months after doing it they just wang it back up again.

 

[divine`]

You can't have what you can't afford. That's how I was brought up, only use a credit card for online purchase because it offers a bit of protection over that of a debit card should something untoward happen with the card details.

Only loan I plan on taking out ever is for a house (mortgage).

 

[Ironic Namesake]

I make full of use of all the 0% deals and balance transfers to savings accounts which makes it look like I have a lot of debt, keep getting letters offering me loans etc. I can pay it all back, but what is the point when I can earn interest instead of paying it

At the moment the total debt is around £15k ... quite a bit at my age but I can pay it back before the interest free period runs out so not worried

 

[Ex-RoNiN]

Also I had an idea, a I'm moving in a year and half abroad what would stop me from rinsing the accounts and not paying back? How long would it take for them the write it off? Could they come abroad and find me?

If you want to burn bridges, you can easily do this without fear of reprisal as long as the amount of money is not excessive, but I wouldn't come back if I did that and I was you.

 

[Jet]

Nothing wrong with credit. Do people not trust themselves? I happily buy things on credit knowing I can pay them off. Why wait for something when you can have it now?

Saving up and buying then is what children do. Sadly most of the people in this country act like children when it comes to money. No self-control.

 

[dirtydog]

Do people not trust themselves?

I don't trust myself.

Saving up and buying then is what children do.

Or people with self control...

Sadly most of the people in this country act like children when it comes to money. No self-control.

If you have self control then why do you buy things on credit rather than wait until you have the cash...

 

[crystaline]

I have always thought those people who declare everyone who is in debt to have gone on some sort of spending spree and living a flashy lifestyle rather narrow minded.

With student loans, people are now acclimatised to debt from an early age.

People who have families, with the rising costs of council tax and utilities, they are really being pinched financially. It is not so cut and dried as someone having their priorities wrong. If you can't afford food for your kids, and someone offers you a way out, chances are you would take it. And from there it becomes out of control.

Agreed, some people do tend to bury their heads in the sand, but there is clearly more than irresponsible spending and greed at work here.
There is something wrong with the economic system in the UK at ground level.

 

[alexakasloth]

Like some people here I've grown up learning to save up for things before buying. I would like to think that apart from a mortgage and possibly a car on credit I can pay for things before I get them. Loans don't sound like a nice thing to have....

 

[meghatronic]

Well, I've paid up all my cards by one, which I'm paying up this week in full. For me it was an ease of use thing at uni.... Now I regret it. I also regret the student loan and cry everytime I see the interest being added.