Oxymoron?

[Svalbaard]

WTF?
Twenty nine thousand quid on credit cards and personal loans? That’s f**king lunacy. I didn’t realise how big the problem really is as I thought most people were fairly sensible with money and there were just a few idiots around, but that’s an unfathomable amount of debt to build up if you’re not buying a house.

Hard to believe eh? I know someone who has just declared themselves bankrupt owing £70k.

They have been very stupid with money however so it's no surprise to me.

[sasguru]

Has there been a complete detachment from reality in the UK??

Yes. Next.

[ace00]

‘Approx 43,000.00 over 16 Credit / Store Cards and 1 Loan.’

‘ 42k accumalated over 18 years. No excuses,lived beyond my means’

‘ £17k .... thought overtime was guaranteed.... and then the bubble burst!’

‘Just shy of 151K of unsecured debt. All on credit cards, loans and overdrafts. Got nothing to show for it either!?’

‘just finished filling out the forms for the 6th march, my debt totals 30,000 and my hubbys is 45,000. Cant believe how it mounts up, it is our fault, reckless spending thinking things would be ok, then all of a sudden you cant meet the payments.’

F**king hell. All followed Gordon's fine example did they?

Has there been a complete detachment from reality in the UK?

Didn't people realise that the nature of any debt is that you have to pay it back with interest?

I'd like to know what the hell people were buying wth all this debt. Lots of bling-bling jewellery and designer clothing?

Well this is a big part of the crud we're in now. Apparently it's worse in the States. Remember that Simpsons were Bart gets a credit card in his dog's name (Santa's little helper ) ? That's basically how it is from what I hear.
TBH I think for UK residents the smartest way to make money is borrow loads, declare bankrupt, sign-on. I would do it but a) non-resident , b) it's against my personal moral compass.

[Platypus]

What's the moral problem with this?

The banks made lots of money from us over the years. A bankrupt is just getting a bit of payback.

[Bagpuss]

‘Approx 43,000.00 over 16 Credit / Store Cards and 1 Loan.’

‘ 42k accumalated over 18 years. No excuses,lived beyond my means’

‘ £17k .... thought overtime was guaranteed.... and then the bubble burst!’

‘Just shy of 151K of unsecured debt. All on credit cards, loans and overdrafts. Got nothing to show for it either!?’

‘just finished filling out the forms for the 6th march, my debt totals 30,000 and my hubbys is 45,000. Cant believe how it mounts up, it is our fault, reckless spending thinking things would be ok, then all of a sudden you cant meet the payments.’

F**king hell. All followed Gordon's fine example did they?

Has there been a complete detachment from reality in the UK?

Didn't people realise that the nature of any debt is that you have to pay it back with interest?

I'd like to know what the hell people were buying wth all this debt. Lots of bling-bling jewellery and designer clothing?

In the late 80s I went to the bank for a car loan. the best loan rate was about 15%, I only wanted £1500 and had to see the bank manager to get it.

contrast that with now...

Up until recently I've stoozed credit cards, and was able to borrow probably around 70k fairly easily self certing. Of course I paid it all back, it seems many don't or cannot.

[ace00]

What's the moral problem with this?

The banks made lots of money from us over the years. A bankrupt is just getting a bit of payback.

How much did they make from you?

My banking is free.

[TheBigD]

People do seem to have lost their minds when in comes to living in credit, but I think the lenders need to shoulder some of the blame. After all, if someone wanted to borrow money from me, I'd want to make damn sure they had the meas to pay it back.

[Cyberman]

http://news.bbc.co.uk/1/hi/business/7950390.stm

Affluent 'facing debt problems'

How can anyone in debt be classed as affluent?

If you are affluent, you can pay your debts, no?

Some of the most affluent people in this world live on debt. There is no contradiction here at all. They are affluent as long as they can service that debt. If Richard Branson had to repay all of his debts right now, I bet he would struggle too because he would have to realise his assets at very low current valuations.

[Svalbaard]

Well this is a big part of the crud we're in now. Apparently it's worse in the States. Remember that Simpsons were Bart gets a credit card in his dog's name (Santa's little helper ) ? That's basically how it is from what I hear.
TBH I think for UK residents the smartest way to make money is borrow loads, declare bankrupt, sign-on. I would do it but a) non-resident , b) it's against my personal moral compass.

Problem is though from what I've seen people now see declaring bankrupty through their own failure to manage their finances as an easy way out of the problem, thinking that it will all be off of their record after 7 years; - but fail to realise that it will actually stay with them for the rest of their lives.

Seem to be a lot of "bankruptcy advisers" doing nicely out of this trade as well.

[Platypus]

How much did they make from you?

More than £50k in the last 5 years - interest on credit cards (I'm a heavy borrower)