Just wondered, with all the adverts on the telly for loans, it really seems like a very serious problem!
2007-01-14 12:10:27 · 18 answers · asked by Emma 4 in Business & Finance ➔ Credit
and at the rates you have to pay back just how desperate would you have to be to go for one of those, well up shite creek..
sometimes it pays to be a tightfisted miser who lives in a hovel with no prospect of ever having to be faced by lowering yourself to call picture loans
2007-01-14 12:24:45 · answer #1 · answered by Troubled Joe(the ghost of) 6 · 1⤊ 0⤋
Personally, I am budgeting to be debt free by September, which at this point seems like a very likely goal.
Unfortunately, too many Americans live for the moment without thinking about tomorrow. It is easy to spend tomorrow's cash today, but not many are great at paying yesterday's expenses today when the bills come in. Credit debt is insane, and it is a true travesty our Representative in Congress have not done enough to protect Americans from their own problems. But with the banking industry funding lobbyists and a business-friendly executive, it isn't going to happen.
And with the baby boomers getting older, it is going to get worse.
2007-01-14 15:19:26 · answer #2 · answered by Michael L 2 · 0⤊ 0⤋
Have been in debt in the past, and very, very broke, but I'm grateful those days are behind me. If it helps anyone, try a period of spending nothing: eat all the food in the store cupboard, stay in and watch TV or read, don't buy anything, don't use the phone, walk where possible. I know it sounds tough, and you can't do it for long, but for a couple of weeks it can really help balance the books.
2007-01-17 19:04:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Serious because it needs to be paid now? Or serious because the debt is large? 2/3 of Americans have large debt because of house, education or car loans. About1/5 have trouble paying, hence all the get out af debt commercials. The key to finanial safety is DON'T USE YOUR CREDIT CARDS*******! Use check cards instead. Credit companies profit from your debt so they want you in debt and will do anything legal to profit.
2007-01-14 12:50:27 · answer #4 · answered by bummer101467 <2HeartKnight> 4 · 0⤊ 0⤋
Yup. I've just maxed my credit card and also have a car loan. I have only 6 months to pay it off as I'm pregnant with my 2nd child and will be off work for a year. I can hardly expect my fiance to take over my debts! So 6 months of serious saving ahead for me!
2007-01-14 12:23:46 · answer #5 · answered by Lily 5 · 0⤊ 0⤋
People are known for living beyond their means because of the "buy now pay later" lifestyle that's become part of our culture. Oh, I am guilty of being in debt but working on a plan to increase income and reduce expenses to bail out of debt, save for emergencies, use only cash, and build a retirement account. So many people are lured by the huge homes, flashy cars, designer clothes, and modern technological advances that come with high price tags based on "no money down" and "only 36 (or 360) easy payments of $x." ... It's gotten out of control for many people who are being chased by collection agencies, home foreclosures, late fees, bad credit reports, etc. There is a way out of debt... planning. Author Mary Hunt makes a good proposal on living on 80% of your income in her "Debt Proof Living" books and on her website. If you cannot live on 80% of you income, that extra 20% (plus using tomorrow's income) isn't going to get you too much further in live. Check out her books and blog for just how widespread the debt problem is.
2007-01-14 12:19:17 · answer #6 · answered by Anonymous · 0⤊ 0⤋
In the UK the debt industry has never been so busy. In the last year over 30,000 delared Bankruptcy and over 20,000 went into IVAs.
The CCCS deals with tens of thousands of individuals with debt problems.
There is no figure on the amount of people in the UK with debt problems but for every man woman and child who is born, the average debt per person is £3,500.
I deal with over 1,500 individuals with an average debt of 35,000. I think that says it all...
2007-01-15 21:30:52 · answer #7 · answered by Insolvencynetwork.co.uk 1 · 0⤊ 0⤋
Unfortunately, with the dumbing down of our school system, more & more people are coming out of high school with no math abilities, or any clue of finances. There really are that many people in serious debt, and the problem is only going to get worse until someone solves the education problem.
2007-01-14 12:15:42 · answer #8 · answered by Kim K 2 · 1⤊ 1⤋
In the UK, for 2006, personal debt has exceeded £1 ¼ trillion. And in the USA, the average American carries more than $8,000 in credit card debt.
2007-01-14 12:15:53 · answer #9 · answered by wez 1 · 0⤊ 0⤋
It is believed that more than 50% of all americans all up their a.... in debt. See the link included
2007-01-14 12:16:09 · answer #10 · answered by Anonymous · 0⤊ 0⤋