Keith and Linda Posted November 21, 2013 Share Posted November 21, 2013 I have a past on here which I am not proud of. I feel I have had the 3rd ghost visit me, was it too late, I expect so. Best wishes mate! onwards and upwards, we cannot change the past but we can shape our future! Link to comment Share on other sites More sharing options...
Johndoe Posted November 21, 2013 Share Posted November 21, 2013 I have a past on here which I am not proud of. I feel I have had the 3rd ghost visit me, was it too late, I expect so. I hope not. Best of luck mate. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted November 21, 2013 Share Posted November 21, 2013 I remember our neighbours in the UK they had to have the best of everything, only a young couple with one little girl but they had around £50,000 debt on credit cards, I think he was an electrician and she worked at Asda but all their money went in to paying the credit cards, when she finished work to have her baby they ended up getting further in debt and they had to borrow money off one credit card to pay the other. I often wonder what happened to them. Link to comment Share on other sites More sharing options...
Keith and Linda Posted November 21, 2013 Share Posted November 21, 2013 I remember our neighbours in the UK they had to have the best of everything, only a young couple with one little girl but they had around £50,000 debt on credit cards, I think he was an electrician and she worked at Asda but all their money went in to paying the credit cards, when she finished work to have her baby they ended up getting further in debt and they had to borrow money off one credit card to pay the other. I often wonder what happened to them. I remember watching a tv programme in England a long while back when there was a bit of a slump on, it focused on two families, one had had their house repossessed, the other was struggling but doing every thing they could to keep their home, they had next to no furniture, no carpets, no car ate very basic food. The other family were re-housed by the council in a small 2 bed flat, and gee you could not get in the living room because of the size of the suite and other stuff, eating takeaways (a goligthly type of family) they went on about what they had lost and how hard done by and unlucky they were, well gee they never really had it in the 1st place and some times you do make your own luck. I know which family I felt for. Link to comment Share on other sites More sharing options...
simmo Posted November 21, 2013 Share Posted November 21, 2013 Our family car is on lease and the misses hits the credit card quite a bit but the thing is according to the bank, Me with lots of cash from jobs coming in then going straight out on materials and wages but never overdrawn and no credit card purchases or loans is bad? and my misses with less money going in but the credit card getting a good work out is apparently a well managed account! Wrong or right it seems that some well managed credit is a good thing (as far as banks are concerned) here's a good article on personal debt. http://www.zerohedge.com/news/2013-06-04/debt-nations It has just occurred to me that the graph shows australians have more personal debt than Brits have less and decreasing personal debt and aussies have more and increasing debt.. That can't be right.. Link to comment Share on other sites More sharing options...
Jacaranda Posted November 21, 2013 Share Posted November 21, 2013 I remember our neighbours in the UK they had to have the best of everything, only a young couple with one little girl but they had around £50,000 debt on credit cards, I think he was an electrician and she worked at Asda but all their money went in to paying the credit cards, when she finished work to have her baby they ended up getting further in debt and they had to borrow money off one credit card to pay the other. I often wonder what happened to them. Sounds like an awful lifestyle choice!I would absolutely loathe going to work to pay off debts!I know I would soon lose the motivation!My bank works for me,I don't work for my bank!:cute: Link to comment Share on other sites More sharing options...
jac2011 Posted November 21, 2013 Share Posted November 21, 2013 Whilst I do feel that debt and finance should be taught in schools I do feel seeing debt at an early age does give you the motivation to turn things round and think of ways out. I wish I had always been better with finances but I think spending the last 13 years constantly paying debts or monthly repayments (money that would fund a lavish lifestyle) has taught me to spend a few years getting out of debt and start living my life without the added stress and pressures. Whilst having money does turn some people into worse individuals I also believe debt can destroy people and their individuality. Its a horrible pressure to have and takes away the meaning of your every day life. Sleepless nights, worrying about how to pay your rent and buy food is a feeling that no one should have to go through. Its certainly made me stronger and more determined but I would never inflict that on my worst enemy and I would rather my children were taught the value of money and how to save than the other alternative I learnt off my mother. Link to comment Share on other sites More sharing options...
fifi69 Posted November 21, 2013 Share Posted November 21, 2013 Through my own experience having money is a good thing, well your wrong. It makes you selfish, self praiseing, you get lost in your own worth, screws your life up. If you have debt at least you work together as a family in some cases to ease it.I would rather be in debt than what i have now. Everones case will be different Kirk... We had a business go under in the UK...as a couple it made us stronger...we worked together. It was a choice...bankruptcy or another way....from sleepless nights and worrying...we worked together to sort it as best we could. Debt put on the mortgage...extended mortgage, rented house out and bye bye UK. It's very easy when you have money to think the bad times won't roll.. Link to comment Share on other sites More sharing options...
Paul1Perth Posted November 22, 2013 Share Posted November 22, 2013 We are the exact opposite of you not used in UK but we do here, though we were not keen at first, but it was part of the deal with a line of credit mortgage, I did see the benefit of this method but the wife was really scared, but after 3 years see could see the great benefit of such a mortgage and the house was paid off in just over 5 years. Though we have no need to do so now we still use the credit card the same, we carry very little cash in our pockets ($10 would be a lot) even a pint of milk is on the credit card.I thoroughly recommend this type of mortgage, it really can knock down the interest you pay over the term, especially if you are paid weekly/fortnightly, but you have to be really budget aware and change your spending habits to get the full benefit. Agree that type of mortgage can be good for people who can manage their money well and avoid temptation. We have friends who got one of those mortgages and have got themselves in serious problems over the years. They still have a big house but have been bailed out a couple of times by their parents. The wife, in particular, thought it was fine to nip off the France for a couple of months and bang it on the mortgage. We have another type of mortgage which works the same but doesn't let you blow it out. It's a simple offset mortgage with limits on how much you can go overdrawn. We are pretty strict with our money and have always been in credit and reduced the mortgage a bit quicker. We didn't have credit cards before we came here and it gives you a lot better concept of where you are financially when you have to deal in cash. Most people less than maybe 30 years old would never have experienced this though and have grown up with paying for stuff on credit cards. It would be a great learning experience if people were made to live without them for a few years when they started work, teach them how to manage money and live within their means. Link to comment Share on other sites More sharing options...
simmo Posted November 22, 2013 Share Posted November 22, 2013 I think the moral of this thread is that... If managed correctly debt can be good. Link to comment Share on other sites More sharing options...
Paul1Perth Posted November 22, 2013 Share Posted November 22, 2013 I hate debt, yet it follows us around. I wish I could save but it just doesn't seem to happen. Yes I think I am in the generation of wanting material goods and having things NOW not when I've saved up - you only have to take one look at my ever growing credit card statement to work that one out. If we'd stayed in the UK I would be debt free now, as it is we've brought the same habits to Australia and it's snowballed thanks to a new house, new car and the OH being out of work for 8 months. It's so difficult to get out of the cycle once you get into it. If I could speak to my 18 year old self (on my birthday) my one bit of advice is DO NOT GET THAT CREDIT CARD. But I do think financial responsibility should be taught by parents.... mine live of many credit cards and loans, transferring one balance to another - I thought that was just what people did. Their motto in life? 'You only live once' my grandmas motto? 'Spend a bit and save a bit' - should have spent less time rolling my eyes at granny and more time listening! Your parents weren't a very good example Nic. You're still young enough to get it under control though. You have to have a certain amount of debt to get onto the property ladder and it's something you have to live with. don't ever get into the habit of looking at your house as an investment though and thinking "look how much we've made" when the price goes up. I'm pretty good with money but have to reign in the missus sometimes. I think one person in a relationship has to be strong sometimes and just say "No we can't afford it". There is pressure of course, but if the one with the financial nouse just gives in it can only lead to problems. Link to comment Share on other sites More sharing options...
Paul1Perth Posted November 22, 2013 Share Posted November 22, 2013 I remember our neighbours in the UK they had to have the best of everything, only a young couple with one little girl but they had around £50,000 debt on credit cards, I think he was an electrician and she worked at Asda but all their money went in to paying the credit cards, when she finished work to have her baby they ended up getting further in debt and they had to borrow money off one credit card to pay the other. I often wonder what happened to them. I was back in the UK on holiday in about 2007 and read an article in the Sunday Times written by one of their lady columnists. Can't remember who it was but she was quite famous and had a businessman husband who was doing pretty well. The gist of the article was she had been invited to the Oscars and just had to get a new dress but was trying to work out which card to use and which one they had just used to pay the debt from one of the numerous other cards they had that month. Of course she never considered not going, or getting a cheaper dress, had to be a designer one. It really surprised me as they were supposed to be a well respected and "rich" couple who from the outside appeared to be doing really well for themselves. They lived in London (of course) and it was just so far removed from what most people in the North of England would even consider doing, at the time. I worked in London in the 80's and it was the first time I'd seen people pay for just about everything, including drinks in the pub, on a credit card. At the time I didn't have a card and the guys I worked with there couldn't understand how I got by. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted November 22, 2013 Share Posted November 22, 2013 My son of 21 went to a new sports bar last night & his mates said they would pay by card, not him though,he insisted to be dropped at the bank first so he could get cash so he new what he was spending. Very proud dad at that point. They do listen to advice but not cool to show it. Link to comment Share on other sites More sharing options...
BritChickx Posted November 22, 2013 Share Posted November 22, 2013 never had a credit card and never will....Saying that I couldn't even get an overdraft let alone credit card, just crazy it is, i've always worked and paid bills etc but not good enough? Then there's people on benefits who i know have got loans/credit cards/overdrafts. Still it's probably done me a favour, ive always said just save for what you want and I have so far. Link to comment Share on other sites More sharing options...
Counting Stars Posted November 22, 2013 Share Posted November 22, 2013 We've got credit cards. At the moment we have two. One with an 8,000 limit and one with a 4,500 limit and we have nothing on either. We have put things on them but pay them straight off to boost our credit rating. We aren't daft now although when we first got married we spent more than we should we are more sensible now and want to save for the future x Link to comment Share on other sites More sharing options...
Johndoe Posted November 22, 2013 Share Posted November 22, 2013 Never had a credit card in my 2nd life.........................with a first wife that left me with the tab, I learned my lesson. The upside is the kids learned one as well, and won't have anything to do with her. Link to comment Share on other sites More sharing options...
Guest hoffer Posted November 22, 2013 Share Posted November 22, 2013 i used to love a credit card/overdraft/ finance etc etc and used to live the dream but never really pay for it. Then i lost my job about 8 years ago and it all went a little horribly wrong. 8 years later everything we buy we pay cash for except the house. Its nice getting paid and not being overdrawn immediately. I generally take out cash rather than using cards as its a bit more real when your handing over crisp notes than a little bit of plastic Link to comment Share on other sites More sharing options...
Bobj Posted November 22, 2013 Share Posted November 22, 2013 Never had a credit card, either. I just sit on a bench outside BIG W every Tuesday and this gorgeous old bird gives me play money...:laugh: Ever noticed that credit cards take longer to process than actual money at the supermarket checkouts??:yes: Odd spot; Knew a millionaire in NSW about the time that credit cards came into being. He had one from each of the 'big 4' banks, but at that time he could not get any service because the businesses were not geared up and he had to borrow $500 to get work done. Cheers, Bobj. Link to comment Share on other sites More sharing options...
nicolac34 Posted November 22, 2013 Share Posted November 22, 2013 Credit cards are pretty evil things in the hands of the irresponsible (me aged 18-21). I was in the bank on my 18th birthday applying for one, got it a few days later and it was the start of a downward spiral - £500 limit that I went out and spent fairly quickly, and you know what? When you hit your limit they just write to you & increase it! At university it got no better, 3 student accounts all with huge £1,000 over draft limits and I think at one point I counted 5 credit cards all with upto £5,000 limit on them. I also (as you do with no money) bought a new corsa on finance to ride around in. I lived the life of luxury and thought it really didn't matter because I'd pay it off when I was working. It did get to the point where I did have 3 jobs at Uni, the debt needed servicing somehow & I never missed a payment. Three years at university and I left with £40,000 worth of debt. 8 years (and a lot of hard work) later I've paid every penny back. There were times where I felt it was impossible, wanted to declare bankruptcy, but my husband stood by and made me realise I had to pay it all back. And I did, even my student loan went a couple of months ago. Now we've got to get back on our feet in Australia and do the same thing, we hate relying on credit, sends shivers through me after what I went through in England paying all that back. But when one of you doesn't work for 8 months it really hits you. 8 months unemployed and will be 8 months to get back to zero. Can't wait. Link to comment Share on other sites More sharing options...
flag of convenience Posted November 22, 2013 Share Posted November 22, 2013 That's my thought as well. The public of the UK and most other developed countries are growing more stupid as time goes on and spending on things that exceed their income. I have a mate who is a social worker and some of the problem homes that cant feed kids etc still have cars and satellite TV etc... They are not exactly encouraged not to spend. Actually rather vice versa. Link to comment Share on other sites More sharing options...
whichway1 Posted November 23, 2013 Share Posted November 23, 2013 Apart from mortgage I have never been in debt apart from very small credit card amounts which mere always paid at the end of the month and I think I just got the cards to buy stuff before there was visa debit. At the mo I have debt which is a car, we owe 4600 on it and I hate the debt. It wasn't a life or death issue getting the car but it has made life a lot easier and I don't regret it. That's it though once its paid. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted November 23, 2013 Share Posted November 23, 2013 I have three credit cards. Two are zero balance and one is in $300 credit after inaccidently overpaid. There mainly kept for emergencies and have been useful for that. When we have had a couple of family tragerdies and I have had to find cash suddenly. One is kept for the dog in case of a emergency. He is insured, but you have to pay up front. One was taken out for perks it offers for frequent flyers with emirates and the other offered by my bank. Link to comment Share on other sites More sharing options...
fourcorners Posted November 23, 2013 Share Posted November 23, 2013 We're on track to pay off our GBP150k mortgage off by the time I turn 30 next year. I am really proud of being able to achieve that but it's been damn hard work. We rarely indulge ourselves, and the mortgage is the only debt we have. I think the key thing is that we get far more satisfaction from paying down our debt than from buying the latest gadget or a new car. Yes material things are great, but the buzz they give only lasts a short time before you need another indulgence. Whereas paying down debt gives you long lasting benefits. Not so much fun, but then once we've paid off our house we can have much more fun! Link to comment Share on other sites More sharing options...
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