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Originally Posted by kronas
having watched a program about credit card debts how can people rack up debts of £20,000 + they make it even worse consolidating the multiple debts in to one through the loan adverts you see on TV and then when they get sucked in to them they end up paying around 15% interest on the one huge loan its totally ridiculous how easy it is to get credit even if you declared bankrupt
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I assume then that you don't currently have a card then. I agree that its easy to get credit at a bad interest rate but generally thats all that's availible (I know that when I've tried to get a decent loan (i.e. 6/7 %) I get refused because I'm not married (yet) didn't own a house (which I do now) and had moved around a lot due to Uni and rental agreements being 6 months only.)
It's easy to say that you won't over spend etc. but until you have that card in you hands then you probably won't know exactly what its like to have the ability to have the new DVD/CD/game each week.
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Originally Posted by kronas
i assume in the near future i shall be obtaining one i would put safeguards in place such as an extremly low credit limit a controlled astute spending regime spending only what i can on essential items people want too much luxury these days and simply cannot afford to so get in to debt
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I agree that having a low credit limit is a good idea but I intend to have 2 cards once I've sorted ourselves out. one will have £100-200 limit and be for those nice little items that you want and the other will be £2000 or so for the white goods that we want as you get some major protection by using a CC that you don't get any other way. (Which is why I wasn't worried when powerhouse when into receivership about 2 weeks after I'd paid for, but not received, a new fridge.)
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Originally Posted by kronas
frankly they deserve to be debt ridden and have there houses taken away if they cannot control themselves
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I don't quite see where this comes from. Nobody deserves to be debt ridden and certainly taking someones house away from them
Will not solve the problem. (It will compound it though)
How about us graduates ? If the Labour party has it's way with tuition fee's it will leave a generartion with more debt when they leave university than they are likely to earn in there first year of work. I left with about 6K of debt and my other half was about the same. since then we've paid some of that off but gained some more. However, being in debt is
acceptable in todays society and it will remian that way until a large number of people come of worse and end up backrupt. and even then it will still be acceptable but more people will try to avoid it.
I can see just how enticing (if naff) those ad's are. I can also see where it will lead but if it comes down to being able to actually make the payments each month and defaulting on your CC payments what would you do ? That's why they are touting for business for all it is worth there are many people out there who see this as the easy way out/ thew only option and don't know what they are getting into.
Scarlett.
BTW, did you learn about budgeting and sensible control of you money in school ? I know I didn't.