Re: Do you live with debt?
never had a credit card as only spend what i have
have a mortgage
but as i say to a guy at work who goes on and on about the perils of mortgages and how stupid people are with them......whereas mine will be clear by time I am 60 he will be paying rent till he dies.
Ok I may drop dead at 60 its not guaranteed to anyone but he is paying same on rent as I am mortgage and at end will have had effectively a 60 year mortgage if he lives to 80.
Giving up work for him will be hard. Will be easier for me - add to the fact that I am an idle bastard too
Re: Do you live with debt?
My car, owe a few grand on that. I'll never finance a car again, I love the car and I know its going to server me long after Ive finished paying for it but I just dont want to be tied to something like that again.
Re: Do you live with debt?
No debt, no mortgage and no pension. :-\
Re: Do you live with debt?
Quote:
Originally Posted by
Master
No debt, no mortgage and no pension. :-\
I have no debt, no mortgage, but kind of have an eye on what I need for retirement. No state is going to be bailing me out and I have been aware of that for a long time now.
I save a minimum of half my income and usually more and I put that towards various things. My job provides my accomodation and I will inherit a plot of land when I am old, so I don't care about the pitfalls of a mortgage really.
I live frugally with no children and only enough luxuries to fill the time that I have available. I spend on nothing frivolous. When I decided to re educate myself it was because I had saved the money, no silly loans for me. And a sensible education in the field that I work today.
If I plan a trip overseas it is because it is planned with money that is already earnt. More people should live in this manner as it is sensible.
Re: Do you live with debt?
Quote:
Originally Posted by
0james0
I see people's incomes daily and EVERYONE has at least one form of debt (not including mortgage).
Imagine if this country returned to the days of the late 80's where interest rates rose to 16%. All of those credit cards and loans and of course the mortgages would break everyone.
But it shouldn't be that way. People should live with mum until they've saved enough to move out. They should save and buy a second hand car first. They should skip university as it is a waste of time etc. If people were given a basic grounding in how to be careful with the one lifetime that they have, there would be far less need for debt, but it's against all the wishes of powerful financial corporations and government figures with vested interests.
If I knew now what I knew a decade or so ago, I would have lived a very different life financially.
Re: Do you live with debt?
Quote:
Originally Posted by
0james0
I see people's incomes daily and EVERYONE has at least one form of debt (not including mortgage).
Imagine if this country returned to the days of the late 80's where interest rates rose to 16%. All of those credit cards and loans and of course the mortgages would break everyone.
You dont get to see the ones who dont have debt.We slip under your radar. Aside from continual debt to the tax office but thats an inescapable fact unless your a cash only dude.
Re: Do you live with debt?
I don't view tax as debt, I view that as my valid contribution to society. It is what I hope will be given to building roads, schools and assisting the poor. To me that is not debt, but a contribution based upon what I am earning at any given time.
Re: Do you live with debt?
Quote:
Originally Posted by
0james0
I see people's incomes daily and EVERYONE has at least one form of debt (not including mortgage).
Imagine if this country returned to the days of the late 80's where interest rates rose to 16%. All of those credit cards and loans and of course the mortgages would break everyone.
Most of the credit cards etc are already on rates of way above 16%, it's just the balance transfer 0% deals and other discounts that are making them seem artificially low to some.
A one bedroom flat in my area is six times my annual income. I'll need to be promoted another two levels before I will be in a position to even get a mortgage on the most basic and downtrodden apartment in the area, and that's if I can scrape together nearly double my annual wages for a big fat deposit.
I think I'm renting for life.
Re: Do you live with debt?
Quote:
Originally Posted by
superheavyrhun
Quote:
Originally Posted by
0james0
I see people's incomes daily and EVERYONE has at least one form of debt (not including mortgage).
Imagine if this country returned to the days of the late 80's where interest rates rose to 16%. All of those credit cards and loans and of course the mortgages would break everyone.
Most of the credit cards etc are already on rates of way above 16%, it's just the balance transfer 0% deals and other discounts that are making them seem artificially low to some.
A one bedroom flat in my area is six times my annual income. I'll need to be promoted another two levels before I will be in a position to even get a mortgage on the most basic and downtrodden apartment in the area, and that's if I can scrape together nearly double my annual wages for a big fat deposit.
I think I'm renting for life.
The cost of buying or renting is something that really puts me off ever wanting to return back home on any permanent basis. I know for sure I would be in poverty and with debt had I never left the UK. It's a hard place to make ends meet.
My sister pays 700 pounds a month rent, it's no wonder they can never save anything. Mindblowing.
Re: Do you live with debt?
Excluding Mortgage
£3k on credit card and £2300 overdraft across 2 acc's that gets spanked every fookin month ;D
Re: Do you live with debt?
I was 20K+ in debt from age 19-26 years old and never even tried to pay it off but now im 29 and have started paying it off fast.
down to 7k in credit card debt and 3k in a car loan. Once its paid off I will never use a CC again maybe only for booking hotels and things like that. My rent is only $800 and that is a steal for the place I am living, it should really be 2k+/month.
I figure by the end of next year I will be completely debt free. hopefully
Re: Do you live with debt?
I currently have a mortgage that's remaining at about 75K.
Aside from that I have $2K on a new washer and dryer, I got 18 months same as cash so my money in savings makes me more in interest than I would if was to just pay it off right away. If the shit hits the fan, I can just pay it off from my reserves no problem.
I have a 401K plan that's been going consistent for 10 years now and I have a brokerage account that I'm building for a transition from working life to retirement.
