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By (user no longer on site) OP
over a year ago
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I feel so sorry for families and people who have too much debt. Its a spiral of misery and I know there's no easy answer. Does having debt still hold a stigma as it did years ago? Is credit too easily given out? Are Payday loans now used as a matter of fact? Should lenders and borrowers be more resposible. I think debt management or finance should be taught in schools.
So do you think companies that have a high number of people who have defaulted on payments because of high interest rates be held responsible and fined?
Drs x |
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By (user no longer on site)
over a year ago
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"I feel so sorry for families and people who have too much debt. Its a spiral of misery and I know there's no easy answer. Does having debt still hold a stigma as it did years ago? Is credit too easily given out? Are Payday loans now used as a matter of fact? Should lenders and borrowers be more resposible. I think debt management or finance should be taught in schools.
So do you think companies that have a high number of people who have defaulted on payments because of high interest rates be held responsible and fined?
Drs x "
Yes finances should be taught in schools but banks are looking for a pay off now, not investing in the future.
However there is nothing to stop parents teaching their children! Shock!
Banks will never be fined for high interest rates causing problems as the interest rates are set by the bank of England which is governed by..........!
And yes/no regarding the stigma. As long as you do not want credit for 12 months then bankruptcy is no longer the shameful thing it was x
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Have nbeen in debt, have had family members declared bankrupt etc so I know what its like to be there but not all of the blame can lie at the lenders feet. People have to take responsibility for their actions and in a large number of cases the issue stems from people living outside of their means, not prepared to save for things and wanting what their mates have despite the fact they can't afford it.
I used to work in customer service for a payday loan company and some of the attitudes I used to deal with because we had the audacity to call in money they owed us was disgusting! If people don't understand the concept of a loan then they shouldn't get one!
For some the debt comes from a drastic change in circumstance (as with my family member) and those I feel sorry for. |
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"
However there is nothing to stop parents teaching their children! Shock!"
The trtoubke is the parents don't have the knowledge to teach! I once had to explain to a guy why her had to pay back more than hge borrowed as he thought we were breaking the law!! |
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By (user no longer on site) OP
over a year ago
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Personally I can remember spending many sleepless nights worrying over my debts. Too scared to mention it to anyone. It ruined my life. I struggled and managed to pay it all off and have been debt free for a long long time. My advice, when you see the word credit, change it to the word debt.
Drs x |
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By (user no longer on site)
over a year ago
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There are still loan sharks & I've witnessed some horror stories in respect of people who have borrowed from them. Plus they do it in a very clever way. Give someone £20 - tell them not to worry about paying it back . Then they ask to borrow more & it's an insurmountable task to pay it back.
Ending in tragic consequences sometimes.
And I think the powers that be should do more to help with Credit Unions etc to help people have an alternative to the doorstep lenders. |
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By *iewMan
over a year ago
Forum Mod Angus & Findhorn |
The people that I know who state their live with nothing to spare and exist day to day: don't.
They have zero budgetary planning.
They say one day they have no food, next 'off to a party' |
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By (user no longer on site)
over a year ago
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"Personally I can remember spending many sleepless nights worrying over my debts. Too scared to mention it to anyone. It ruined my life. I struggled and managed to pay it all off and have been debt free for a long long time. My advice, when you see the word credit, change it to the word debt.
Drs x"
With that advice, it's a shame ( almost criminal) that Gordon Brown couldn't have been more honest with the populace in 2008. Unless he really didn't know the effect of his own policies/regulatory rules.
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By *nnyMan
over a year ago
Glasgow |
"Personally I can remember spending many sleepless nights worrying over my debts. Too scared to mention it to anyone. It ruined my life. I struggled and managed to pay it all off and have been debt free for a long long time. My advice, when you see the word credit, change it to the word debt.
Drs x
With that advice, it's a shame ( almost criminal) that Gordon Brown couldn't have been more honest with the populace in 2008. Unless he really didn't know the effect of his own policies/regulatory rules.
"
OK. I'll bite. Which particular porkie did he tell about money? |
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By (user no longer on site)
over a year ago
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There's definitely less stigma now. When I was younger my neighbour went bankrupt and his name was in the local paper etc and everyone knew about how he couldn't afford to pay his debts blah blah blah.
I went thru a messy divorce and was left with a lot of debt. I ended up bankrupting myself, filed the paperwork myself etc and to my surprise the people I told weren't that bothered and said to me if it's a way to get myself back together again.
Times have changed on that front. I think it's because it's becoming more prevalent and with the advent of pay day loans it will become normal I think.
Just my personal opinion but pay day loans should be made illegal as it encourages more and more people into thinking there is a quick fix to getting out of debt but it just sucks them in deeper unfortunately. |
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