Originally posted by d000hg
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Reply to: Students Credit Card
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Students Credit Card"
Collapse
-
Originally posted by clearedforlanding View Post
Leave a comment:
-
Originally posted by ladymuck View PostI tend to see debt as credit that you can't manage.
There is nothing wrong with taking credit, or being in debt, if you can afford the repayments.Last edited by clearedforlanding; 12 October 2021, 21:02.
Leave a comment:
-
Originally posted by d000hg View PostIf you want to rent that's fine. I never said you shouldn't, but in the UK most aspire to own their own home. That's the reality.
I don't think anyone is, they're not the same thing.
Leave a comment:
-
I tend to see debt as credit that you can't manage.
There is nothing wrong with taking credit, or being in debt, if you can afford the repayments.
Leave a comment:
-
Originally posted by clearedforlanding View Post
Renting your whole life seems to work for the Germans.
Debt is debt. Let's stop calling it credit.
Leave a comment:
-
Originally posted by d000hg View PostNope. You have to prove you can handle being in debt.
Unless you want to rent all your life you will need a mortgage which is a massive debt.
Property ownership is a liability when it is ones primary residence. A mortgage sacrifices flexibility and mobility which are two of the value propositions that a contractor still holds has control of.
The UK has a disfunctional system that relies on a mortgage system. A mortgage system that extends term because capital gain is greater than income growth. Term is needed to increase final value
of sale.
Debt is debt. Let's stop calling it credit.
I use debt as a tool, one that becomes more powerful as interest rates increase. I buy debt cheap, spend it on assets and when it is time to settle said debt, either buy more or settle it.
But who the **** am I to talk about this. I started running cable and now own a company that dominates it's sector.
The most astute example in this thread comes from NLUK (which is often the case) who rolled 0% credit cards to buy his first apartment.
In the current climate, if I was not a drunken rambling millionaire, I would rent, if a contractor.
If I had a crystal ball that said I would stay put for a finite period of time by which my interest was paid down, a mortgage might make sense.
The steaming tulipty reality is the main reason that a mortgage is such a life goal is that the tenancy laws in the UK are so tulip, that a mortgage is the better of 2 evils.
If tenancy laws were reformed to offer a tenant dignity and stability, this construct of upward wealth creation would be a non issue.
A system where one must use debt to create a foundation for the bottom of there psychological pyramid of needs is defunct and an insult to our children.
Go and get a credit card so over time you will not have to bend over to a property owner as you have shown you can tolerate debt is a boring, dangerous distopia.
Leave a comment:
-
Originally posted by clearedforlanding View PostThink about this: One has to prove their credit worthiness by showing they are in debt.
Unless you want to rent all your life you will need a mortgage which is a massive debt.
Leave a comment:
-
Replace the word 'credit' with 'debt' on this entire thread an see it for what it is. Credit history - debt history,
They are weapons of financial destruction.
Teach your kids about Vanguard ETFs, ISA wrappers, compound interest & about the Government adding 25p for every £1 they put in a pension.
Credit cards are useful for four things:*- Travel Bookings
- Hire cars
- Section 75 protection (just pay 1p on any purchase over £100)
- Racking out lines of cocaine.
Think about this: One has to prove their credit worthiness by showing they are in debt.
*Why you really need them (and many of them) is to play the credit card shuffle on French Motorways.
Leave a comment:
-
Originally posted by jayn200 View Post
As long as you don't increase it it's fine. You'd be surprised how quick credit gets built even with just 1 card, just that credit card alone with that small balance for 1 year + registration on electoral roll will probably be enough to secure fairly competitive credit if needed.
Leave a comment:
-
Originally posted by jayn200 View Post
As long as you don't increase it it's fine. You'd be surprised how quick credit gets built even with just 1 card, just that credit card alone with that small balance for 1 year + registration on electoral roll will probably be enough to secure fairly competitive credit if needed.
Leave a comment:
-
Originally posted by BigDataPro View PostUpdate:
Thank you for every one who have taken time to provide all constructive comments and opinions.
The idea of getting a CC is to prove that they are good with finances (albeit we pay for them). Reason to prove is to build a history, a credit history. If any one has never taken a loan and/or CC, it doesn't mean their credit history is going to be outstanding, rather it will be poor because they don't have history.
vetran provided a very good link from Experian that explains it all.
Applied to TSB for an account, got it created. Looks like, we will have to wait for 3 months for a CC. That's fine.
Only action pending is to ensure that all payments/transactions are going through TSB, so that there are transactions and they would provide her with a CC.
Additional benefit of having such an account is that these days kids are so reliant on Apps for every financial transaction. I don't use any App for my financial transaction. I don't trust Apps especially for financial transactions. Besides I am the one who is going put money into her account, that gives me confidence that liabilities can always be limited.
By the way, the max limit on student's CC is £500, which is very good.
Leave a comment:
-
Update:
Thank you for every one who have taken time to provide all constructive comments and opinions.
The idea of getting a CC is to prove that they are good with finances (albeit we pay for them). Reason to prove is to build a history, a credit history. If any one has never taken a loan and/or CC, it doesn't mean their credit history is going to be outstanding, rather it will be poor because they don't have history.
vetran provided a very good link from Experian that explains it all.
Applied to TSB for an account, got it created. Looks like, we will have to wait for 3 months for a CC. That's fine.
Only action pending is to ensure that all payments/transactions are going through TSB, so that there are transactions and they would provide her with a CC.
Additional benefit of having such an account is that these days kids are so reliant on Apps for every financial transaction. I don't use any App for my financial transaction. I don't trust Apps especially for financial transactions. Besides I am the one who is going put money into her account, that gives me confidence that liabilities can always be limited.
By the way, the max limit on student's CC is £500, which is very good.Last edited by BigDataPro; 7 October 2021, 17:16.
Leave a comment:
-
Originally posted by SueEllen View Post
You presume all young people are crap with money.
.
Always exceptions and arguments to every sweeping statement but saying the young struggle with debt and are high risk of non payment and the like holds a lot of water.
You obviously did very well but when their are statistics like the below then you were in the top set
But the charity's survey of more than 4,000 18- to 30-year-olds suggests almost a quarter are in debt all the time and almost half have to borrow to make their cash last to the end of the month.
It indicates young women are worst affected, with:- 23% of young men constantly in debt, compared with 25% of young women
- 45% of young men running out of cash each month, compared with 51% of young women
Last edited by northernladuk; 7 October 2021, 15:15.
Leave a comment:
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: