I'm tired of people on answers who "have no debt or credit cards" dissing those who have little choice in the matter. My debt is largely and usually unexpected. I don't fritter money on nice clothes or possessions. One year I had to find the money for a washing machine and dryer in the same year that I had problems with my car. I rely on my car to get me to work and my kids to school as there is no public transport near enough. I don't earn a lot of money and have never sponged off the state. Though I struggle to repay my debts at least I'm repaying them. I don't like borrowing money.
2007-01-18 23:41:07 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
To butty-real-tiuos - Unfortunately I don't have the luxury of having any salary left to save after being paid.
2007-01-19 00:00:02 · update #1
Since u dont like borrowing I wld advise saving everylittle penny u can. It tough and needs discipline. But try saving for something small, if u make it, it ll give u courage to save for even bigger things & learn to live a basic life......no unnecessary luxuries.
Good Luck.
2007-01-18 23:51:20 · answer #1 · answered by butty-real-tiuos 2 · 0⤊ 2⤋
In the 'old days' (before easy credit) my Granny used to 'save' money in an old tin 'for a rainy day'.
She was never in debt because she didn't understand Credit Cards (in fact I'm not even sure she had a Bank Account = in those days the Pension could be collected from the Post Office every week).
These days no-one saves for anything - cars, washing machines and the heating boiler have always broken down - but somehow it always comes as a shock ...
Fact is, you are paying 20% + interest on your Credit Cards.
The Credit Cards are MAKING you poor !
Don't keep wasting your money - cut the cards up & start saving instead.
2007-01-18 23:59:57 · answer #2 · answered by Steve B 7 · 1⤊ 1⤋
most of you arnt listening to what minky has said...... you are all telling her to save..... she has made it clear that after paying her bills she has no money to save
i would suggest paying off the bills with the highest interest rates first, ie store cards then credit cards then overdrafts
you would be suprised how many people have £1,000 in savings, earning them 5% and also have a credit card with £1,000 on it which they make the minimum payment to every month paying 16.9%.... when i ask them why they wont use their savings to pay off their credit card, they said they are getting a good rate of return on their savings..... until i explain to them they arnt earning 5% ... they are earning -11.9% because if you take the money in interest they are paying on their credit card it costs 3 times more than the saving interest they are receving
on your income point, visit: http://www.taxcredits.inlandrevenue.gov.uk/Qualify/DIQHousehold.aspx
to ensure you are receiving all of the credits due to you by the government, you arnt sponging - you pay tax and national insurance, why not get some of it back.
also speak to the citizens advice bureau... if your on a low wage and have kids / or if your a single parent.... if may be more beneficial for you to work less/more to receivie better benefits... plus free childcare, rent / help with mortgage etc...
2007-01-22 08:33:51 · answer #3 · answered by mseekers 1 · 0⤊ 0⤋
They do exactly what you are doing and you shouldn't let others make you feel bad....I was a single mother for 13 years, never took advantage of government handouts, used my credit cards to feed and clothe my son, and I don't regret it one bit....I just paid the minimum if that's all I could do and I still have to do that now at times, and those who can afford it, I am happy for them, but it is not my case nor is it of too many, so just do what you have to do, and don't worry about what others say...you know you are being honest with yourself and that is what counts.
2007-01-18 23:51:57 · answer #4 · answered by Anonymous · 0⤊ 1⤋
For those unexpected expenses a credit card does come in especially handy. Very especially when your car breaks down. Mine has saved my bacon on several occasions. Once in Utah when I lost my timing belt. Again on another occassion when I lost another timing belt. There were other times also, but those are the ones I especially remember.
2007-01-18 23:52:40 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Wow Minky when i read this it was as though it was me writing it,the worry made me ill so i went to CAB they were brill .now when i get a 2£ coin i save it it took some doing and last week i needed a new tyre costing £35 i had £28 saved so i managed that,but it is very hard and i know what you are going through.Something will turn up to help your struggle less hard and i wish you well take care chick xxx
2007-01-19 06:54:56 · answer #6 · answered by joannie 3 · 0⤊ 1⤋
what about looking for the things on websites where people interchange/swap things that they don't need for another that need with other people. A website that has that type of classifieds is craigslist.org... but if you go to google, you may be able to find more websites like this...
2007-01-18 23:47:48 · answer #7 · answered by notsure 2 · 0⤊ 1⤋
your situation is exactly why credit was invented, to buy things that you need and cant pay all at once for. unfortunately, most credit purchases are for things people can don't need, and most often don't want when the bill comes.
2007-01-19 00:01:58 · answer #8 · answered by Jen 5 · 0⤊ 1⤋
If I die tomorrow and still owe $35,000 in credit cards, $20,000 in car loans, $100,000 in mortgages.... then I win.
2007-01-19 00:36:27 · answer #9 · answered by abcdgoodall 4 · 1⤊ 1⤋
if there were more people as honest as you, this world would be a better place.
Try re-cycle Webb site you get thing for free that people do not want, is good there will one in your area.
2007-01-18 23:52:11 · answer #10 · answered by Anonymous · 1⤊ 1⤋