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Thread: How Much In Debt Are You?

  1. #1
    Barbarossa's Avatar mostly harmless
    Join Date
    Jun 2002
    Over here!
    I know this is more UK news than World news, but anyway, maybe it's of interest to everybody..

    Last night's Panorama programme on BBC1 was all about the levels of debt that we in the UK collectively have, it now mounts up to nearly a trillion pounds, that's over 15000 for every man, woman and child in the country. (I'm assuming this also includes mortgages&#33

    One of the guys they were interviewing actually came out and said the levels of consumer debt being accumulated was the reason why the economy has stayed out of recession for the past couple of years.

    I was quite surprised to hear this, as I have always done my best to stay out of debt and live within my means; currently all I owe is my mortgage (admittedly a little higher than I would have liked), but apart from that I'm clear, I own my car outright, and always make sure I pay my credit cards off completely every month.

    But does this mean I am a bad person because I don't borrow lots money to buy nice things I can't really afford?

  2. The Drawing Room   -   #2
    MagicNakor's Avatar On the Peripheral
    Join Date
    Nov 2002
    It means you're earning enough money to be able to live from.

    Other people aren't as fortunate.

    things are quiet until hitler decides he'd like to invade russia
    so, he does
    the russians are like "OMG WTF D00DZ, STOP TKING"
    and the germans are still like "omg ph34r n00bz"
    the russians fall back, all the way to moscow
    and then they all begin h4xing, which brings on the russian winter
    the germans are like "wtf, h4x"
    -- WW2 for the l33t

  3. The Drawing Room   -   #3
    j2k4's Avatar en(un)lightened
    Join Date
    Nov 2002
    Oh, please...
    My debt is substantial.

    Almost all medical.
    "Researchers have already cast much darkness on the subject, and if they continue their investigations, we shall soon know nothing at all about it."

    -Mark Twain

  4. The Drawing Room   -   #4
    Colin - You are not a bad person. You are an intelligent person.

  5. The Drawing Room   -   #5
    Rat Faced's Avatar Broken
    Join Date
    Aug 2002
    Its a vicious circle at one end of the spectrum.

    People borrow as they need the money, and then have to struggle to pay this debt off, often having to borrow more money to make ends meet.

    The poverty trap is still alive and well in the UK.

    Not all borrowing is because people want stuff now, and arent patient enough to wait.

    How much of this Trillion are business loans though?

    Business' borrow huge amounts.

    Like j2k4, my debt is also quite substantial....I wouldnt mind if I'd been the one that spent it all

    An It Harm None, Do What You Will

  6. The Drawing Room   -   #6
    RPerry's Avatar Synergy BT Rep: Bad Rep
    Join Date
    Dec 2002
    Lakeland, Florida
    even being out of work for 8 months only put me behind about $5,000. thats not bad considering I have seen worse from people who weren't unemployed

  7. The Drawing Room   -   #7
    Join Date
    Aug 2003
    Cairns, Queensland.
    Nothing, not since I was 23, many, many moons ago.

    If I can't afford it, I can't have it.

    Medical is free here, so that helps, I suppose.

  8. The Drawing Room   -   #8
    UKMan's Avatar Poster
    Join Date
    Nov 2002
    Ive had substantial loans in the past - 2 businesses that didnt quite work out - but by pulling in the old perverbial belt, ive managed to pay off allmost all now. Its all too easy i think to borrow money - should be more controll, more pressure on the banks to check up.

    The 80s were terrible - money was free for all to borrow - then the IT branch made lots of promises - that burst wide open.

    Looking forward to my meager pension and let those nurses take care of me


  9. The Drawing Room   -   #9
    clocker's Avatar Shovel Ready
    Join Date
    Mar 2003
    Basically none.
    I haven't used credit cards since the early eighties ( by choice) and have been fortunate health-wise.

    Although I am possessed of the normal consumerlust, my financial circumstances are such that I pay cash for my purchases.
    Things may take longer to get, but I have no nasty surprises at the end of the month.
    "I am the one who knocks."- Heisenberg

  10. The Drawing Room   -   #10
    bigboab's Avatar Poster BT Rep: +1
    Join Date
    Jul 2003
    Originally posted by clocker@1 December 2003 - 18:22
    Things may take longer to get, but I have no nasty surprises at the end of the month.
    Wait till somebody contacts you from Chicago at the end of January.
    The best way to keep a secret:- Tell everyone not to tell anyone.

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