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    mmm i have a large stack of cards! dirty capitalist samby
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    (Original post by donuticus)
    Why is it people are now incapable of living within their financial means ? Every time I turn the telly on some fatuous idiot is on telly saying how its the banks and credit card companies fault that they can no longer pay back all their commitments.You earn £12,000 a year and you have debts approaching £45,000. Im not talking about student loans and mortgages, Im talking about unsecured borrowings.

    I do like laughing at the people on Spendaholics though !!!!!

    Are people really this naive and stupid or is just that the TV likes sob stories ?
    Well the companies are to blame with reckless marketing.. "want money for a new car, a big holiday, a new bathroom, we can give you money NOW to spend on anything you want" then in the small print it will say that the money is secured against your house so if you default your homless.

    It does amaze me though how many people there are who have NO money managment skills whatsoever. as soon as they get paid they spend it. These people will be stuck in jobs they hate for the rest of thier life trying to get thier heads above water battling with thier desire to buy more stuff they really dont need.
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    (Original post by _jackofdiamonds)
    Then you wouldn't need a credit card...
    Unfortunately I can't seem to find the slot on my computer where the money goes in to buy stuff off the internet.
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    (Original post by T0ny)
    Well the companies are to blame with reckless marketing.. "want money for a new car, a big holiday, a new bathroom, we can give you money NOW to spend on anything you want" then in the small print it will say that the money is secured against your house so if you default your homless.

    It does amaze me though how many people there are who have NO money managment skills whatsoever. as soon as they get paid they spend it. These people will be stuck in jobs they hate for the rest of thier life trying to get thier heads above water battling with thier desire to buy more stuff they really dont need.

    Rubbish. They don't make you takeout the loan, and if people are stupid enough to sign things without reading the small print then I have no sympathy for them.
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    (Original post by donuticus)
    Rubbish. They don't make you takeout the loan, and if people are stupid enough to sign things without reading the small print then I have no sympathy for them.
    What they are at fault for is for attracting you with a decent rate or whatever (credit cards for example) and then raising it very quickly after.
    Another thing they are at fault for is charges for going over your limits (say £30 for going over, £15 for sending a letter for going over, then another £15 for attempting to get the ammount you went over from your account, and when you cant, charges another £50 etc).

    And to be honest all that stuff I said above in the small print is very hard to understand for most people, or is hidden under a lot of legal lanquage anyway.
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    I do have a credit card, but I only use it for large purchases or buying stuff online, when I would need 'extra protection' as such- ie in case of any problems. But Im paying it back though, so its not like Im spending beyond my means.

    Someone that my boyfriend works with has just had to declare himself bankrupt, and he's only 25. Scary stuff
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    (Original post by more adventurous)
    Lol... you think everyone who has a credit card doesn't have the money to pay it off?!

    Let's look at some of the reasons people use credit cards...

    -Purchase protection
    -To build credit history so you can take out loans and mortgages later in life
    -If your electricity bill is due on the 5th of the month and you get paid on the 10th
    -If your bank only gives you a Solo debit card, and you want to be able to buy things at places that don't accept Solo
    -To get rewards, such as miles and cashback. My parents pay for my tuition (20,000 dollars a year) on their credit card, and they get double miles for it - so they get 40,000 miles, enough for a return flight.

    Credit cards are only bad if you don't have an iota of self control. If you do have an iota of self control, there are only benefits.
    Exactly. Also, credit cards are much more widely accepted abroad and it's more secure to buy stuff like travellers cheques with them as you're covered if they get stolen.

    People do use credit cards irresponsibly, and I don't have one because I don't have a job so there's no point me borrowing when I don't have an income at the end of the month to pay it off with. My bank account gives me a Maestro card which is accepted pretty much everywhere in the UK, so I haven't had any problems with that. I will, however, be getting one when I go on elective for the extra security. And building a credit history is not a bad idea
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    Also, it's very easy for us as young, single people with (for the most part) no dependents to sit here and look down on those who borrow money that they don't have.

    Imagine that you had a family with young children. Around this time of year, your kids would need new school uniforms, PE kits and shoes. Then you've got to think about Christmas just around the corner. And then what if your car breaks?

    There are many reasons that people get into debt, and it's not always as simple as they can't stop buying clothes and designer handbags.

    I'm not saying it's right to borrow money that you probably can't pay back, but I can easily understand why people do it.
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    (Original post by wesetters)
    Then just get a deferred debit card...
    Why, when you can get a credit card and reap the benefits of having one? :confused:
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    Champagne taste - lager income. Always a problem.
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    (Original post by wesetters)
    Then just get a deferred debit card...
    How does that help you build your credit rating?
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    (Original post by donuticus)
    Why is it people are now incapable of living within their financial means ? Every time I turn the telly on some fatuous idiot is on telly saying how its the banks and credit card companies fault that they can no longer pay back all their commitments.You earn £12,000 a year and you have debts approaching £45,000. Im not talking about student loans and mortgages, Im talking about unsecured borrowings.

    I do like laughing at the people on Spendaholics though !!!!!

    Are people really this naive and stupid or is just that the TV likes sob stories ?
    Um, people have never lived within their means. However the sheer quantity of credit available these days to the common man is what is unprecedented.
 
 
 
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