Debt

[Korn]

[Robby]

I save up for most of what I want. I'll hit the overdraft for the last 500 quid or so if I want to, I'll have it paid back in a month at the most.

I would do finance if it was low rate and for summat decent.

[sv_cath]

I hate being in debt. I'd rather pay off my debts out of my savings than owe people money.
Except the mortgage of course, but that can't be helped!

[McJamweasel]

A lot of that is probably down to the increase in house prices meaning people are having bigger and bigger mortgages.
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BCF: Be yourself, just don't be an arse.

[carvell]

If I want anything, I save up for it.

S'the way I was taught by mummy and daddy and it seems to work well!
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Yamaha TDM 850

[karen_moomin]

[Smoto Bob]

[Ninja]

maxed a personal loan facility.
currently £500 away from maxing a platinum card.
prob couldn't borrow anything in a rush now if I wanted to.

erm . . . tits

'Free' money is probably the appeal to me. I mean, it's not real is it? (sarcasm here, be careful ) I'm in awe of the 'save before buying' attitude of sensible people.

I can't do it. I'll need to soon though . . . very soon . . .

[Bendy]

I used to be of the 'if I can't afford it, I won't buy it' school, but then I looked around and saw lots of people having more fun than I was.

'Afford' is the interesting bit though. I can afford my loan payments quite comfortably, so is borrowing such a bad thing? It would have taken me a long time to save up the money for my bike, at least a couple of years and probably more (given that I'd have to be paying for an alternate means of transport while I was saving, as well as my monthly rent, tax, all that stuff) - now since the banks are all falling over themselves to offer me a low interest loan with repayments I can afford... sod it, I'm going to take the loan and have the fun now.

I think the general sense of this generation is a big 'meh' to the future anyway. All we hear is how we should be saving now cos we won't have a pension by the time we're 70, yadda yadda - people are fed up with it, offer them cash to have fun now and they'll take it.

Obviously, some people take it to extremes. Technically I don't *need* a motorbike, but I wanted one and that's my decision. I'd quite like a fancy telly, a better computer, a nicer car but I don't want those enough to get into more debt to aquire them. Plenty people do.

[tatters]

l just don,t see the point of getting in debt, l have all ways saved for my bikes etc and don,t have a credit card or take out loans,

but just think what the economy would be like if people didn’t get in debt, business and banks need us to spend and pay interest so they can make a profit, and if getting loans (lending money) wasn’t possible most people wouldn’t buy luxury items because they would find it too difficult so save up the money.
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Past:NRG50,AF1125(x2),NSR125RR,ZZR250,CX500,VFR400,KR1S,ZZR600(x2),CB400N,YZF1000(x2),KH125,Z200,FX400R,CBR954RR(x2)GPZ500S,GT550,VFR750F(x2),RD350N,XR650R,CBR600F,CB250,KDX250,YZF750R,CRM250,400EXC,KLR650,TTR600RE,DR350S,R100GSPD,RGV250,VMAX1200,DL650,KZ750 Present:G650XC,C12,CRF450X,1190ADV

[Sparks!]

I'm a bit 50/50...

I worked like mad to afford my R6, was doing 60 hour weeks etc etc.. working weekends and even a few weeks of nights too I also sold off everything valuable that I didnt' want - thus I paid for the bike cash!

BUT

Last year I got a £1000 loan to buy some computer stuff.... now owe £700 and it's being paid off fully next month.

And the other bit is I tend to take advantage from where I work I buy electrical stuff (so far just my £340 camera) and buy it through my supplier then pay my work (minus VAT ) not only that, but I get free 90 day credit from it and it's no hassle.... but that's technically not borrowing money it's just a "buy now pay later" in a way and it won't continue I doubt when I leave.

Don't even have a credit card/overdraft or anything as when it comes down to it, I bet I'd be tempted to use it....

Instead I just work extra hours and sell lots of stuff when I want something....although running out of things to sell
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Current Toys: 06 Yamaha WR250F | Nissan 350Z GT | Tech 4 Homes

[McJamweasel]

[TheBoyChris]

I'm of the school "Everything in moderation"

I won't get a loan to go on holiday, however I did get a load to get a bike. At 4.2% I didn't do too badly either

I justify the bike as a "now" thing. I could have saved for a few years but I might not want the bike in a few years? Some people don't have the income to get them where they want to be fast enough.

I guess it comes down to patience. I've got patience but I also believe that if I want something bad enough then go for it via any means. You only live once after all.
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Last bike - 2004 CBR 125 - Gone but not forgotten
Scottish Piper on a Wednesday people, you know it makes sense.

[iCraig]

To be honest, I have done it myself you use this little credit card to buy stuff and you don't see the money, and before long you've maxed it out.

I honestly think its the credit companies to blame, they gave me a £4300 credit limit, and I'm only 20 earning £11k a year!

Its madness!

[KevTM]

i hate debt but i'm currently in it, student loan, student overdraft, student visa etc etc... they make it so easy to borrow it's unbelievable- plus when i want something i want it asap

Hopefully i'll be able to pay off all of my debt before the end of the year but to do that i'll need to get a career development loan for £2k

I've learned my lesson and from now on i'm just concentrating on paying off my debt and keeping my finances in the black! makes life easier and stress free!

[carvell]

Reduce the limit then @ Craig
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Yamaha TDM 850

[iCraig]

[Bendy]

It's easy to get carried away with loans, it's something you just have to learn to control.

I could go out right now and spend thousands on my credit card, but I've got enough brain to realise that it's not really my money and I would have to pay it back. Some of the types you see on Trisha et al don't seem to have quite grasped that concept.

And on the subject of credit cards... best thing ever. I know quite a few people who refuse to have one, but in my opinion they can be a lifesaver. Get one and demand that the limit's only 500 quid or something, but they are incredibly valuable when you find yourself in the middle of nowhere, needing to pay for a hotel, a recovery truck, a repair... It's happened to me more than once and I will never travel without a credit card.

[rsooty]

My excuse is the best :p I'm only 18 and got into debt to increase my credit rating so that i would have a better chance of getting a mortgage

Thats my excuse and i'm sticking to it.

[Shaun]

I don't want to talk about debt.

[McJamweasel]

[Frost]

Most debt includes morgages. with the average house price going up by £80 per day. if people keep buying houses debt is going to go through the roof.

[Nighteyes]

[iCraig]

[Korn]