Are you in major debt? Do you know people who are?

[Freaksta]

Fortunate position to have a car purchased for me(without anyone getting into debt), and I still stay at home but only started work this year(22 ATM)! Have a CC but that's only used for online purchases and is cleared before month end! Although I come from a good background most of my interest in my own finances is a self interest! I really enjoy saving money!

 

[Sly21C]

I must say it's refreshing to have read all the posts, it's refreshing because you guys are frugal and are financially smart . Keep it up and may your "money handling skills" inspire others to have a healthy relationship with their money.

I hate the feeling of being in debt, so I try avoid it as much as I can. I paid off my brand new but cheap car within 2 years. Having excess money in my bank accounts gives me a sense of security and makes me sleep better at night. I don't have much though but I'm delighted that I'm debt free, for now. Sometime later this year or next year I will buy my first property. I will therefore be in debt, not looking forward to it at all. But since property appreciates in value it will be worth it in the long term.

 

[Celine]

What does OCD have to do with debt ?

trust me blu, when you look at interest charged on a bond or any other such things i.e. a vehicle purchased on finance, i can just cringe. i have to take a bond in order to pay my house but other than that i will never, ever finance a vehicle or have a clothing account etc. i can't bare the thought of paying someone interest, not even a cent.

 

[ichigo]

Obviously this is a very sensitive question and I'm taking a chance posing it as I might not even get one reply.

The question is are you in a lot of debt? If so, how did you get yourself into your current situation? Do you perhaps know someone close to you that is in a lot of debt and is finding it hard to cope?

I'm not in debt. That's only because I am single, I have no kids, I rent a very cheap flat and drive a dirt cheap car. I know a few people who are in debt. I try advice to be frugal with their hard earned money but their responses range from life being too short and must be enjoyed to mind my own business. I know a guy who resigned from one company to another, cashed out his pension from his old company and bought a new car with it.

I ask because I read articles almost on a weekly basis about consumers who are in debt, consumers who take up unsecured credit loans to pay for day to day expenses, even food. This is a worrying trend and has most sectors of society biting their nails.

Have no debt at all so no credit cards or anything.

When I want something I save for it

 

[Carol35]

trust me blu, when you look at interest charged on a bond or any other such things i.e. a vehicle purchased on finance, i can just cringe. i have to take a bond in order to pay my house but other than that i will never, ever finance a vehicle or have a clothing account etc. i can't bare the thought of paying someone interest, not even a cent.

Lol, our monthly repayments on our personal loans almost matches our bond...almost half the monthly repayments is made up of interest, fees and insurance. Makes me want to

 

[cerebus]

We have almost zero debt anywhere; only a Woolies card that is going this month. But we also don't own a house. It's getting time to start planning seriously in that direction though.

 

[Jehosefat]

trust me blu, when you look at interest charged on a bond or any other such things i.e. a vehicle purchased on finance, i can just cringe. i have to take a bond in order to pay my house but other than that i will never, ever finance a vehicle or have a clothing account etc. i can't bare the thought of paying someone interest, not even a cent.

But I'd imagine that you are more than happy to earn interest?

 

[hellfire]

There's a lot of debt weirdness here.
There isn't a problem with utilizing credit responsibly.
For example, a house or car with repayments that you can easily afford.
Or an Edgars card that has a 6 month interest free facility.
Or a cell phone contract (yes, this is debt. You're only paying for today's usage later).

 

[Mystic Twilight]

But I'd imagine that you are more than happy to earn interest?

At under the inflation rate? Not very useful.

Sup Jeh.

 

[xrapidx]

Think my ratio of debt to asset is 1:2

 

[Brawler]

Pretty much got zero debt besides for car HP which is normal and isn't a big percentage of my salary. I am buying a place next year but a house bond is also a "normal" kind of debt imo.

 

[wikk3d88]

Some CC debt but otherwise clear

 

[F1 Fan]

No debt, no accounts, 2 x two year old vehicles paid for, 2 x houses paid for, aged 43 and semi retired, wife working 3 days a week part time.

Eleven years back was up to my eyeballs in debt. Sold everything, house, cars, furniture etc.. Paid off 80% of our debt and literally walked away with only the shirts on our back. Bought a dilapidated 1300 Toyota, from a family member, as our only means of transport (was driving a ML & SLK before that) and rented a place until all debt was paid off. Sat down as a family decided how we needed to get our lives back on track and made it a team effort to get our lives back on track.

Worked wicked hours for a very long time, did plenty of extras over weekends when friends were playing golf etc.. and made lots of other sacrifices, so much so that I sometimes hated myself for not having a life but the decision was to focus on the future and not the 'now'.

Managed to accumulate a small fortune over time, as there was no longer any real expenses and debt to cover. Made the savings work harder than I did and now its hard to believe where we were when we look back.

I see what we went through every single day everywhere around me. People will live off bread and water, just as long as that BMW is in the driveway. Sometimes a person needs to go through this to learn the true value of money, unfortunately very few will.

You sir, are someone to aspire to. This is typically what one has to go through to become financially secure. It comes with sacrifice. Focus on the things you need first, and what you want later.

I have a home loan, but other than that I have no debt. CC is fully paid up, and have store accounts with no balance. 22years of age, married. The wife and I live by a strict budget though.

 

[Adenoid Hynkel]

Money is debt. No debt, no money.

 

[F1 Fan]

Money is debt. No debt, no money.

Dafuq:wtf:

 

[Leo876]

I find threads of this nature really insightful and somewhat motivational. I''m still fairly young and find the responses very helpful. I was wondering if any of you could perhaps provide me with some advise on my own thread. Houses...where does one begin?

Thanks

 

[HavocXphere]

I find threads of this nature really insightful and somewhat motivational. I''m still fairly young and find the responsive very helpful. I was wondering if any of you could perhaps provide me with some advise on my own thread. Houses...where does one begin?

Thanks

That tactic will not get you far on this forum...

People will answer your thread...just chill the f out & wait a bit.

 

[SauRoNZA]

Lol, our monthly repayments on our personal loans almost matches our bond...almost half the monthly repayments is made up of interest, fees and insurance. Makes me want to

Why not go to your bank and have your personal loans absorbed into your home loan or make some other consolidation plan? The interest must be sky high on your personal loans and credit cards, so get rid of them all and consolidate it into one debt.


What scares me more are the people reaching retirement age who don't have a property bought and paid for and virtually no pension because they cashed it out years ago on some or other stupid venture. Now their plan is to burden their children, who inevitably will end up in the same place at retirement age.

Fix the problem while you are young people, so you don't suffer when you are older.

 

[Jehosefat]

At under the inflation rate? Not very useful.

Sup Jeh.

Miss the context more please :wtf:

Long time Just can't seem to get away from you

 

[Carol35]

Why not go to your bank and have your personal loans absorbed into your home loan or make some other consolidation plan? The interest must be sky high on your personal loans and credit cards, so get rid of them all and consolidate it into one debt.


What scares me more are the people reaching retirement age who don't have a property bought and paid for and virtually no pension because they cashed it out years ago on some or other stupid venture. Now their plan is to burden their children, who inevitably will end up in the same place at retirement age.

Fix the problem while you are young people, so you don't suffer when you are older.

I don't know if I want to add to my bond, the repayments are really affordable and if we can make it through the next 3 years, we will be smiling big time when our loans are paid..if we survive this relatively unscathed, the money we are used to paying on loans will then go into our bond as extra payments. I'm not very clued up on any other kind of consolidation plan we can make at the moment to make things easier or what options we have available to us and don't think anyone will touch us at the moment as we are overindebt. Anyhow, I guess we are not starving, have lights/water and food(and Internet haha) and for the rest, we pick out of a hat who will be the lucky recipient of our hard earned money each month!