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cos of living crisis
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who like me on here last year but money a side for this winter didn't spend their money daft that the grovement gave out
Every penny I put aside
I dont as a rule get into debt and live with in my means
for most things I buy second hand and never live above my means
That key to some this cost of living crisis
been there in the past had debts but that is a mugs game
getting out of debt is for the most to work on
credit if half the reson why folk are having such a hard time of
If your in Debt some of it will be dead money
You want that money in your pocket not someone else
Been in debt as I say but life with out debt is stress free
only tuck me 20 years to get out of it never going back there again
living on hand me downs better than buying new and having debt around your ears |
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The only debt I have is what's currently on my credit card, which I clear every month.
We have had debt in the firm of a mortgage, car loans, credit cards etc. Sometimes it was unavoidable, sometimes it was the only way we could keep our heads above water |
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"The only debt I have is what's currently on my credit card, which I clear every month.
We have had debt in the firm of a mortgage, car loans, credit cards etc. Sometimes it was unavoidable, sometimes it was the only way we could keep our heads above water "
the key to it is to save instead of going in to debt |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
Well done getting out of debt. I’ve always lived on max 80% of what I have earned whether that was min wage as kid or huge salaries/bonuses later , so never needed to borrow, but have leveraged credit to my advantage , especially when rates are low.
Debt is often a good thing. The problem with debt is when it’s used unwisely. |
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Always sensible to avoid getting caught up in debt
Credit cards really ought to be called debt cards... But it's all part of the marketing cos they know people would think twice before putting things on a debt card
The way the fiat money system is designed makes it seemingly advantageous for people to be in debt...after all, money doesn't grow.. Only debt does.
The super rich mostly got where they are by leveraging this knowledge.
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"So whats your advice about mortgages and car loans? They are both good debts
going in to debt for silly things is unwise"
Disagree with car, unless you buy it through a company or it enables you earn much more it’s a deprecating asset and a likely a cost not an investment |
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"The only debt I have is what's currently on my credit card, which I clear every month.
We have had debt in the firm of a mortgage, car loans, credit cards etc. Sometimes it was unavoidable, sometimes it was the only way we could keep our heads above water the key to it is to save instead of going in to debt"
It is but life isn't always that straightforward |
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By (user no longer on site)
over a year ago
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"who like me on here last year but money a side for this winter didn't spend their money daft that the grovement gave out
Every penny I put aside
I dont as a rule get into debt and live with in my means
for most things I buy second hand and never live above my means
That key to some this cost of living crisis
been there in the past had debts but that is a mugs game
getting out of debt is for the most to work on
credit if half the reson why folk are having such a hard time of
If your in Debt some of it will be dead money
You want that money in your pocket not someone else
Been in debt as I say but life with out debt is stress free
only tuck me 20 years to get out of it never going back there again
living on hand me downs better than buying new and having debt around your ears"
Are you talking about the government energy vouchers? If so each voucher has to be used for gas or electric or both and they have an expiration date. So how is that daft spending? I also don't go above my means, I'm ok in limiting how much electric i use per day. Sitting in jumpers instead of putting the heating on. But sometimes for some people a credit card is for emergency use like paying for a grocery shop so that you've got something to eat.
Maybe I'm completely wrong, please say if i am, but I've taken your comment as fairly condescending one.
I questioned your question, I hope for a reply |
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"So whats your advice about mortgages and car loans? They are both good debts
going in to debt for silly things is unwise
Food, Gas, Electric, Council Tax are just some of the silly things then?"
No they are silly things but if you was to save you wouldnt not be paying intest and you have more in your pocket |
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"who like me on here last year but money a side for this winter didn't spend their money daft that the grovement gave out
Every penny I put aside
I dont as a rule get into debt and live with in my means
for most things I buy second hand and never live above my means
That key to some this cost of living crisis
been there in the past had debts but that is a mugs game
getting out of debt is for the most to work on
credit if half the reson why folk are having such a hard time of
If your in Debt some of it will be dead money
You want that money in your pocket not someone else
Been in debt as I say but life with out debt is stress free
only tuck me 20 years to get out of it never going back there again
living on hand me downs better than buying new and having debt around your ears
Are you talking about the government energy vouchers? If so each voucher has to be used for gas or electric or both and they have an expiration date. So how is that daft spending? I also don't go above my means, I'm ok in limiting how much electric i use per day. Sitting in jumpers instead of putting the heating on. But sometimes for some people a credit card is for emergency use like paying for a grocery shop so that you've got something to eat.
Maybe I'm completely wrong, please say if i am, but I've taken your comment as fairly condescending one.
I questioned your question, I hope for a reply"
Im glad you question me now just think about this one if someone is in 30k of debt that could be as much as 12k of interest. Dead money if folk got into the habbit of saving things would be cheaper and have more to spend Debt is killing us all we got get out og the habbit of it. Or we all going to end up poor house |
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By *929Man
over a year ago
bedlington |
My dad hated debt and drummed it into me thst if I can’t buy it twice I can’t afford it (notable exception being house) only debt I had was my mortgage on the flip side I never really had nowt nice no nice car flash holidays ect that doesent bother me but I know a lot of people it would |
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Some people deliberately put themselves in debt by spending above their means. Clothes,cars,furniture etc that they can't afford to pay straight out. If they can service the debt it's all well and good although as the op says saving for something is going to mean you don't pay interest on a loan or credit. Problems arise if a change in circumstances means you can no longer afford repayments.
However for quite a few people the only way they can afford some essentials is by borrowing. If you buy from catalogues (are they still a thing?)or on store or credit cards you'll be paying interest. We've done it when the kids needed a new winter coat or some shoes and we had no spare money. A couple of times we had periods of unemployment and after we'd sold the car to keep paying the mortgage we had to use credit cards for other essentials just to keep a roof over our heads.
What I'm saying is that not everyone is in debt just because they don't understand that saving for stuff is a cheaper option |
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By *rHotNottsMan
over a year ago
Dubai & Nottingham |
"Some people deliberately put themselves in debt by spending above their means. Clothes,cars,furniture etc that they can't afford to pay straight out. If they can service the debt it's all well and good although as the op says saving for something is going to mean you don't pay interest on a loan or credit. Problems arise if a change in circumstances means you can no longer afford repayments.
However for quite a few people the only way they can afford some essentials is by borrowing. If you buy from catalogues (are they still a thing?)or on store or credit cards you'll be paying interest. We've done it when the kids needed a new winter coat or some shoes and we had no spare money. A couple of times we had periods of unemployment and after we'd sold the car to keep paying the mortgage we had to use credit cards for other essentials just to keep a roof over our heads.
What I'm saying is that not everyone is in debt just because they don't understand that saving for stuff is a cheaper option "
I needs to start very young. Right from getting their first pocket money my kids were taught to spend only 80% save 10% and give away 10%.
By the time they were 18 they had build lifelong habits. They see money as a tool to do good things with and that includes generosity and planning for the future |
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By (user no longer on site)
over a year ago
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"who like me on here last year but money a side for this winter didn't spend their money daft that the grovement gave out
Every penny I put aside
I dont as a rule get into debt and live with in my means
for most things I buy second hand and never live above my means
That key to some this cost of living crisis
been there in the past had debts but that is a mugs game
getting out of debt is for the most to work on
credit if half the reson why folk are having such a hard time of
If your in Debt some of it will be dead money
You want that money in your pocket not someone else
Been in debt as I say but life with out debt is stress free
only tuck me 20 years to get out of it never going back there again
living on hand me downs better than buying new and having debt around your ears
Are you talking about the government energy vouchers? If so each voucher has to be used for gas or electric or both and they have an expiration date. So how is that daft spending? I also don't go above my means, I'm ok in limiting how much electric i use per day. Sitting in jumpers instead of putting the heating on. But sometimes for some people a credit card is for emergency use like paying for a grocery shop so that you've got something to eat.
Maybe I'm completely wrong, please say if i am, but I've taken your comment as fairly condescending one.
I questioned your question, I hope for a reply
Im glad you question me now just think about this one if someone is in 30k of debt that could be as much as 12k of interest. Dead money if folk got into the habbit of saving things would be cheaper and have more to spend Debt is killing us all we got get out og the habbit of it. Or we all going to end up poor house"
I'm sorry but you didn't answer my question. You said at the start of the thread "who like me on here last year but money a side for this winter didn't spend their money daft that the grovement gave out" and i asked did you mean the energy vouchers? |
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I only consider debt a bad thing when you can’t afford it.
I have a mortgage and a credit card.
Mortgage has always been quite low because we live in a cheap area and put a big deposit down.
Credit card I owe about £800, it’s 0% and I pay £100 a month, some months it goes up, most moths it goes down. I’ve got the money in the bank to pay it off, but why use my money when I can use theirs? |
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"I only consider debt a bad thing when you can’t afford it.
I have a mortgage and a credit card.
Mortgage has always been quite low because we live in a cheap area and put a big deposit down.
Credit card I owe about £800, it’s 0% and I pay £100 a month, some months it goes up, most moths it goes down. I’ve got the money in the bank to pay it off, but why use my money when I can use theirs?"
You need to consider the impact on your credit rating of keeping a long term balance on your card. If the balance on your card is a high percentage of your card limit then it could well have a negative impact on your rating. Ratings agencies often view long term credit card debt as a bad sign even if regular payments are being made. |
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It's rarely so cut and dry as the 'spend sensibly, you'll be fine' idea.
I have no debt, nor credit cards. (My credit score is pretty crap as a result, which I don't think is entirely fair, but hey ho.) I don't spend above my means, to me having no money means not doing/getting whatever. I don't drive, don't smoke, don't drink, don't party. I'm careful with money, and I'm usually still struggling. Every day life is expensive, increasingly so, and it makes saving any money very difficult.
OP sounds kinda condescending, in my opinion.
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By (user no longer on site)
over a year ago
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"Some people deliberately put themselves in debt by spending above their means. Clothes,cars,furniture etc that they can't afford to pay straight out. If they can service the debt it's all well and good although as the op says saving for something is going to mean you don't pay interest on a loan or credit. Problems arise if a change in circumstances means you can no longer afford repayments.
However for quite a few people the only way they can afford some essentials is by borrowing. If you buy from catalogues (are they still a thing?)or on store or credit cards you'll be paying interest. We've done it when the kids needed a new winter coat or some shoes and we had no spare money. A couple of times we had periods of unemployment and after we'd sold the car to keep paying the mortgage we had to use credit cards for other essentials just to keep a roof over our heads.
What I'm saying is that not everyone is in debt just because they don't understand that saving for stuff is a cheaper option "
 I know people using credit cards to pay their bills. Not for holidays or cars. Just to be able to heat and eat. The alternative is the streets.
The last thing on their mind is saving. |
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"Some people deliberately put themselves in debt by spending above their means. Clothes,cars,furniture etc that they can't afford to pay straight out. If they can service the debt it's all well and good although as the op says saving for something is going to mean you don't pay interest on a loan or credit. Problems arise if a change in circumstances means you can no longer afford repayments.
However for quite a few people the only way they can afford some essentials is by borrowing. If you buy from catalogues (are they still a thing?)or on store or credit cards you'll be paying interest. We've done it when the kids needed a new winter coat or some shoes and we had no spare money. A couple of times we had periods of unemployment and after we'd sold the car to keep paying the mortgage we had to use credit cards for other essentials just to keep a roof over our heads.
What I'm saying is that not everyone is in debt just because they don't understand that saving for stuff is a cheaper option
I know people using credit cards to pay their bills. Not for holidays or cars. Just to be able to heat and eat. The alternative is the streets.
The last thing on their mind is saving."
I think it's hard to understand unless you've experienced it. Very few have unlimited savings which will protect them against prolonged periods of such things as increasing interest rates, inflation, a change in employment, illness etc. The impact of which can be devastating. If it was as as simple as be sensible how nice life would be |
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You have to have spare money to be able to save.
I budget very well, I’m super frugal and I don’t live beyond my means. I’m a sole parent of 2. I wish I could save but it’s pretty impossible at the moment. Just basic food and heating has gone up so much. |
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