Over 50s getting deeper in debt

[AtW]

Yup, I know two people who've taken out loans for £20k-plus and buggered off to Spain with no intention of being found....

Just how long can you live on £20k? I mean if it was at least 1 mil then I could have understood, but heck, these days you really need at least 2-3 mil for comfortable lifestyle.

[hyperD]

Have I understood this correctly?

HMG are spending 51 million to counsel those in debt, but counter that by spending another 36 million to encourage further borrowing by those on low incomes. That's 87 million to preserve the status quo.

I preferred the other status quo.

Indeed you are correct. Remember, in the liebour paradigm: no-one can be responsible for their own actions, inaction and failings - it becomes a state affair.

We laugh at the biblical concept of slavery, and yet by stealth, this is the direction we're heading in...

[gingerjedi]

I might be wrong but I was told by a friend who is quite high up in the credit industry that in Portugal the minimum payment is set at 15% to make people more responsible with their spending. This is bad news for the greedy and mostly american banks who have got the minimum payments down to 2%.

[Fleetwood]

..... with interest at nearly 2%, you'll take forever and a day to pay it off.
In Belgium, the minimum is 5% and I've opted for ten.
Edit : The minimum repayment is taken as a direct debit from current account.

[ASB]

Portugal the minimum payment is set at 15% to make people more responsible with their spending.

I believe it is generally 10% (mine was but my affairs were a bit different to the usual domestic customer).

[AtW]

My monthly credit card repayment level is 0%.

[wendigo100]

My monthly credit card repayment level is 0%.

Mine is paid off automatically every week.

[ASB]

My monthly credit card repayment level is 0%.

You really don't have a credit card (or never use it?). I just wonder how you'll fill your car up in a couple of years when garages will take neither cheques nor cash.

[Pondlife]

You really don't have a credit card (or never use it?). I just wonder how you'll fill your car up in a couple of years when garages will take neither cheques nor cash.

A debit card perchance.

[AtW]

I actually do have credit card - I use it at times when I really don't like the person/company I need to pay money to (like fines for alleged speeding) because I know that by accepting cc payment they will pay much more than if I used cash or my VISA debit card that I use instead of credit: I have no debts of any kind, morgage is the only possible one I could agree to in principle but current house prices are a joke so I am not buying house anytime soon.