How Much In Debt Are You?

[Cheese]

I have no debt, no credit cards (more by accident than design) and no mortgage but that's soon all to change as I am going to Uni as a mature student. I expect to be heavily in debt by the time I finish my course But hopefully I can pay that off pretty quickly

Before now I've wasted a lot of money on frivilous purchases and pissed a lot of it against the wall but when it's spent it's spent. I never borrow money for something I want, I save up THEN buy it. Took me six months to save for my computer but now it's all mine

[Alex H]

I'm two weeks behind in rent, and thats only cause I got called away when my dad had a heart attack and couldn't be bothered thinking about it.

No credit cards - I'm under 25 so nobody wants to give me one!

Im in business (with another guy) and got a $60k personal loan to start it (banks were ok with that - weird). I've paid it off now, but the other guy took out a smaller loan than me and is now in more debt!

I'm good at budgeting, so I reckon I'll be ok!

[Barbarossa]

Originally posted by Alex H@2 December 2003 - 08:14

No credit cards - I'm under 25 so nobody wants to give me one!

Seriously!! If you were in the UK they'd be all falling over themselves to sucker you in!


The guy on the programme applied for card after card after card, and in the space of 24 hours managed to sign up to cards to a maximum borrowing amount of over £50K.

It's far too easy to get credit nowadays. That's part of the problem. Anyway, I'm glad the rest of the board seems to be as responsible as I'm trying to be..

@Rat Faced - I'm not sure if they included business loans, they never said. It was being portrayed as a trillion pound consumer debt mountain though.

I accept the point about there being a poverty trap but I do know that there are alot of people with good incomes and a comfortable living who are signing up for more and more debt to obtain a more designer and fashionable lifestyle, and these are the people who are going to be worst hit when the bubble bursts.

I just hope they don't drag the rest of us down with them..

[cowswithguns]

It is sadly the same in Australia in regards to the availability of credit cards to under 25's. My daughter, who has just turned 21, attends uni and has a small part time job but has had a credit card since she turned 18.

The banks are constantly offering to up the limit, even though her income is very little. She, luckily, is very sensible when using her card and manages to pay it off completely at the end of each month. Some of her friends are not and are getting further and further in debt.

We live in a 'buy now, pay later' society and I can see a great deal of hardship looming for some of these kids.

[Billy_Dean]

My daughter had a credit card in England when she was 18. Within a year she was in so much debt it was controlling her life. It cost me two grand to pay her interest alone. When she finally settled, she never got one again, that was 17 years ago.

[ang3968]

I have never owned a credit card....

never even applied for one....

we have a mortgage and I still owe a little bit on my car but thats about it...

and even tho medical is free in this country it doesn't always work out that way as we have just found out.... work insurance companies will try to use any excuse not to pay after a work accident

I also have 2 daughters that are getting rather good at spending, but if I don't have the money they don't get... and thats the way I want them to live.... save or go without... to a certain extent I guess.

[Alex H]

Well here in Australia everyone is gearing up for Christmas and there is a big stink up with credit availability. There are a lot of calls for banks and credit card comanies to be banned from making unsolicited offers to increase your credit limit (Yay! Less personal bankruptsies&#33

I ALWAYS get people coming up to me (even on the street&#33 trying to sell me on the idea ofa credit card. I find the best action (I now know exactly what they are going to ask) is to actually walk up to them before being accosted and ask the first question:

"So, credit cards huh? Do I need to be over 25?"

"Uh, not rea..."

"Do I need to have an exsisting account with a bank or other financial instiution?"

"Well, yes you..."

"Do I need to have already had a car loan/mobile contract/insurance and/or any other type of credit relationship with a bank or financial instution?"

"Well, you need a credit rating of..."

"Do I need a credit rating of C or better?"

"Well let me put it like this..."

"Do I have to earn a certain amount per year and if so, will my credit limit be affected if my income drops below that level?"

"You need to earn..."

"Is it true that you earn $250 for every credit application that you sign up and complete?"

"Well, um (nervous grin), ah, I do earn..."

"Sorry, that credit card doesn't meet MY criteria. Bye!"


Hehe, puts them off so much that they are rendered incapable of selling anything for a few hours! REJECTED! Try it for a laugh.

[Busyman]

I am about $250,000 in debt with one year left on my Lincoln LS and multiple years left on my house and timeshare.(some credit cards too)

[bujub22]

Originally posted by Busyman@3 December 2003 - 06:21
I am about $250,000 in debt with one year left on my Lincoln LS and multiple years left on my house and timeshare.(some credit cards too)

wow thats alot! im only about $1300.00 in the whole for credit cards for christmas

[j2k4]

I think Busyman is living a larger-scale life than the majority of us.