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How much debt do you have?

Discussion in 'TalkCeltic Pub' started by Peej, Dec 21, 2016.

Discuss How much debt do you have? in the TalkCeltic Pub area at TalkCeltic.net.

  1. Blochairnbhoy

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    Aye we get them in all the time. Even though they have sent it in phone them claim you didn’t get their letters they will take £20 a month off you no bother
     
    Fully87 likes this.
  2. Scotia Gold Member Gold Member

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    so , your 55 at least then .
     
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  3. leeso-ardoyne Lord of the Chickpeas

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    My da did same with me, always drilled it into me never to get into debt and it's stood me well however I did get a loan or two out and stopped paying the repayments when things got tight during the recession. Now I only pay them a wee 50 here and there whenever I feel like it. I have the money to wipe it all out but choose to just give them it whenever I feel like it.
     
  4. Onefootwonder

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    Banks are the most responsible of the lenders too.

    There was a bit on the news this week about the amount of buy now pay later finance deals popping up all over the place. Klarna has 7 million UK customers with the industry growing at 39% per year.

    The survey was of the opinion that young people were sleepwalking into debt. The ease of finance has turned large purchases and luxury goods into simply impulse buys.

    The worst lenders are the car finance companies. Even with suspect credit histories and modest earnings you can get approved for a serious amount of debt. It's irresponsible.

    I feel sorry for the folk that can't make ends meet and get pulled into debt, but loads of people their problems are self induced through lack of self control.

    There needs to be tighter controls to take the decision out of people's hands. Affordability checks need to be tougher.
     
    Whoflungdung and Artorias like this.
  5. Artorias

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    I read someone's suggestion before(probably on here) and thought it was a great idea. It was basically that financial teaching should happen in school. Even just basics of budgeting for the month and not making unnecessary impulse buys and not living beyond your means. Basics to a lot but so many people I meet are riddled in debt and have been taken advantage of by easy access and shady loan companies.
     
  6. Onefootwonder

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    People are conditioned to not see monthly installments as debt. If they can make the monthly payment then they can afford it. A lot of people don't see the issue of living down to the last penny through choice until it's too late.

    Almost 50% of adults in Scotland have less than £100 savings. They don't have a spare £100, but they have every gizmo, gadget, designer gear, holidays and a nice car. It's all financed.


    Education does need to happen. I do think that the desire to have everything and debt plays a big part in increasing in mental health issues.
     
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  7. Artorias

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    It is quite frightening seeing those numbers but it does seem rife. So many people in my work are like that, people who look like they are loaded but are desperate for pay day weeks before it's due. I am lucky that I had it drummed into me from day one by my mum to not take on credit cards and debt. I also have zero sense of style and spend peanuts on clothes and rarely ha.
     
  8. HectorTheTaxman Formerly The Spider Gold Member

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    £0 at the moment. Paid off my student loan a year or 2 ago which was only 2 years worth anyway so nothing substantial although I am planning to buy my first house within the next 12 months so it will be £100k+ if/when that happens.
     
    charlietully and Artorias like this.
  9. Mr Shelby I am the son and heir Gold Member

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    About £3.5-4k at the moment split across a credit card, paypal and some store cards.

    All pretty manageable really and should be clear if it weren't for me being lazy with the larger payments.
     
  10. carraigbhoy Gold Member Gold Member

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    Yep, that was nearly five years ago now:)
     
  11. Mr Cleansheets

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    I owe quite a lot but my net worth is a shitload more than that, so no worries.

    At the risk of sounding like a mumpty old tosspot, the best thing I ever did was give up the *. They're so farking expensive these days - I realised I was spending more on * than rent!

    Pack those in (if you're on them) and debt free you'll be ASA-farking-P
     
  12. Pearse67*

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    think they prefer to be called escorts mate.
    Is that why your called mr cleansheets now?
     
    Pablo87 likes this.
  13. Seán Mac D Gold Member Gold Member

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    2 years ago I was more than 200 points below the national average in credit score.

    Today I checked it and now 4 points above average :62:

    Theoretically about 6 months away from being fully debt-free. Transferred all my debt onto a card that's giving me 6 months of 0% interest, so trying to work to that timeline.
     
    JamesM09, Scotia, dalbeth3 and 14 others like this.
  14. dalbeth3

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    i have no debt, after this Covid * allows me to travel , i am going to run up over 150k , i am an auld *, credit cards and bank overdraughts nothing is held against them
     
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  15. smokie899 Gold Member Gold Member

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    Credit scores are nothing, they mean nothing and will help you get nothing. They have been dreamed up by credit rating companies to try and get us to part with our cash. You can’t even use them as an indication of your chances of getting credit.

    The most important thing for a good credit rating is to be on the electoral register, having a good history of paying bills, debts. A long financial connection ie having a credit card, bank account utilities bills for as long as possible, Preferably years, owning your own home, no defaults or CCJs, poor financial connections ie no point you busting your balls trying to improve your credit worthiness if your partner or flat/house mate is running up debts, how much spare cash you have left after paying bills loans etc and not having to many hard searches on your credit file.

    I’m a good example as I have nearly all of the above with a credit score of 900 odds and hmm forgot the other one but I’m in the very good credit score area for both eqifax and Experian yet All my soft searches are offering me * all on loans and only a 90% chance of a balance or money transfer.

    Yes the credit boys have tightened their belts with so much uncertainty over covid, but if you don’t fit a certain lenders criteria then tough *, what’s the criteria then, well even Martin Lewis doesn’t know that as they are so secretive about it. Do soft searches through the likes of MSE credit club to see what you are being offered, but remember it may say you’ve a 95% chance of 12 months 0 spending and when you apply it turns out they may only offer you 6 months or credit card at 19%apr but you end up being offered the same card with 35%apr and if you knock them back then your left with a hard search on your file.

    Join the free credit agencies or sign up to the paid ones that are free for x amount of time (don’t forget to cancel) and see what is effecting your credit worthiness.

    But remember a credit score of 999 means * all, everything else mentioned above does.

    ps well done @Seán Mac D on getting the debt sorted.
     
    Seán Mac D likes this.
  16. dbhoy72

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    Just finished DMP last month and outwith my mortgage I'm debt free.

    Wife does have credit card balance, but * her that's under her name...............
     
  17. Seán Mac D Gold Member Gold Member

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    Officially debt-free for the first time in 14 years.

    I don't owe a thin dime to anyone....and it feels magic :67:

    Opened a Lifetime ISA now to start saving up for a deposit, at which point I'll no longer be able to claim freedom from debt
     
  18. We named the dog Indiana Gold Member Gold Member

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    Mortgage, car and credit card has about 600 quid on it but could pay that off no bother. I've always kept my debt to a minimum.
     
    Seán Mac D likes this.
  19. Peej Gold Member Gold Member

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    Got rid of all my debt bar student loan and a car.

    Took low interest loan for a car late last year, feels a much better option than PCP or the rates on HP.

    Was a happy feeling getting rid of the small stuff and now it really is just the car and student loan.
    Student loan doesn't feel bad, but I'm gonna look to get that paid off quicker as well. Rather see all my wage come my way - well as much of it as possible.

    Sent from my MAR-LX1A using Tapatalk
     
    Seán Mac D and charlietully like this.