Are you in debt?

[Skykid]

Ok, personally I'm in a mortgage debt as of July this year, but I consider that the only completely necessary debt someone could have.

But Jesus, speaking to some of the guys at work I found out loads of them have tons of debt on their shoulders and they have no mortgage!
A lot of it from bank loans they took out ""to have a good time" or for student loans etc. I actually feel for one guy, he's been in debt of about 10k for so long he's hoping that eventually it'll be written off - no wonder he's always asking people to buy him a beer.
After working with some of them for over five years it was a bit of a shock to find out how many of them were paying off loans and credit card interest into the thousands of £'s.

You guys aren't all running up credit cards to buy Cave kits are you?

[emphatic]

I have none.

[agustusx]

You guys aren't all running up credit cards to buy Cave kits are you?

nope but I'll be paying off college for another decade or two I could pay it off more aggressively however I just replaced my aging car so I have two large debts out there. I suppose its really not the worst debt even though the $$ is high, my credit is good so the car has 0% interest, and school loans have low interest rates as well.

In college I did rack up the CC debt and I learned from that. I had no financial support and the only way I could pay the bills was with credit. I had the choice of dropping out of college or being in debt when I got out. When I needed to pay $2k to get my wisdom teeth pulled I had to take out another line of credit for health expenses. I think I had 3 revolving credit lines as well as college loans and a car payment at one point while working at the poverty line. Those were tough times and I am glad they are in the past.

But you could buy me a beer on the first round if ya like, I'll hit you up next time

[CptRansom]

I think I had 3 revolving credit lines as well as college loans and a car payment at one point while working at the poverty line.

I'm in this exact same boat, only add child support and subtract working at the poverty line; then again, I'm a teacher, so it's still pretty damned close!

I'm about to move back in with my parents for half a year so that I can spend money normally spent on rent/utils/internet on knocking out all my credit card debt so I can afford to live on my own again. YAY THAT IS NOT DEGRADING OR EMBARRASSING AT ALL AT MY AGE.

By this time next year, I'm planning on never touching another fucking credit card ever again. Those things are the DEVIL!

[agustusx]

I'm about to move back in with my parents for half a year so that I can spend money normally spent on rent/utils/internet on knocking out all my credit card debt so I can afford to live on my own again. YAY THAT IS NOT DEGRADING OR EMBARRASSING AT ALL AT MY AGE.

Hey man at least you have folks you can live with. I'm sure they are good moral support

It sucks and is actually difficult to live without a CC though When my debt was at its worse I froze my credit lines to lower the interest rates and pay them off quicker. I still drove a bucket back then and it broke down on me right when I had just started my new job and I had no active CC. It was impossible to rent a car because of this. Rental agencies either want a CC or a $250 deposit which I didn't have. I had to miss out on 3 days of work when I was still in the probation period at a new job because I was unable to get a rental car. I'm so glad I didn't lose my job.

[Skykid]

By this time next year, I'm planning on never touching another fucking credit card ever again. Those things are the DEVIL!

Pretty much true yeah, especially when you consider that the only reason they exist is to get folk into spiralling debt by way of massive interest.
I have a credit card but try to never use it unless absolutely necessary, in which case I clear it before anything else on payday.
But yeah, cut that fucking thing in half.

When I was but a youth, Natwest shafted me. I was about 5pence overdrawn because an ATM allowed me to take out £10. I then moved in with my girlfriend for about 8 months and being youthful and careless, didn't even bother changing my address with my bank or bothering to check what I thought were bank statements.
In the end I owed them a non-negotiable £400+. When I got my new job here in Brighton, the first thing I did was pay the whole thing off and closed my overdraft forever.

My Dad told me when I was a kid, if you can't afford something, don't buy it, and I've stuck to that always.

nope but I'll be paying off college for another decade or two

Funny isn't it, college/university puts you in the exact situation you go there to get out of.

Degree's are becoming increasingly less important in the UK when it comes to job prospects. More and more graduates are finding themselves on the dole while the guys who skipped Uni have made it quite far by holding down jobs in workplaces. It's upside down.

[rancor]

I went from having $12,000 in credit card debt last year to having more than $10,000 in savings now.. It's a really good feeling.

[CptRansom]

Funny isn't it, college/university puts you in the exact situation you go there to get out of.

Yeah, part of me wants to go for at least a Master's or even a Doctorate down the line, but the cost of schooling versus the pay raise just doesn't seem worth it unless I could find a community college to teach at--but I don't think I'm smart enough, honestly.

[Slump]

Funny isn't it, college/university puts you in the exact situation you go there to get out of.

Degree's are becoming increasingly less important in the UK when it comes to job prospects. More and more graduates are finding themselves on the dole while the guys who skipped Uni have made it quite far by holding down jobs in workplaces. It's upside down.

Yeah, this is relatively true in rural America as far as I've experienced as well. Although, if you're wanting to go into business admin. or some tech fields in a way the B.S./B.A. is the new high school diploma and you better be on your way towards a masters if you want a good paying job in the field. Ultimately in a lot of cases 5 years of work experience trumps an entry level college grad but you're better off getting an entry level job with a decent company while going to school and then moving on up after completion. That way you have the experience, a good relationship with the company, and then the degree. Rather difficult to pull off though.

More on topic, I'm still in university right now and have very little debt since my parents are very gracious and well off however, I am not looking forward to those college loans when they're no longer deferred! I've been paying off the interest on them so that I won't have to worry about that after I graduate but still, those suckas add up!

[Khan]

*********Warning long post ahead**********

No, personally speaking the only time ive been really bad with money is well call me what you want but nothing hurts me more now just thinking about it than the time I worked for an agency doing a warehouse job, it was a temp contract id been there around 2 months in the 2nd week before my contract was gonna end I did 19 hours overtime the following week when i was owed the money I checked and they hadnt payed me, so i went back to ask for my money and they said they had an error on their system and they will sort it....I went back another 2 times the final time I found out from one of the guys that apparently the colleague who did the PAY sorting had probably pocketed some money before making a run for it herself namely mine and some others.

Back in those days i really was an idiot because i just didnt care....I should have gone back and demanded my money or kicked up a bigger fuss because i was shy and too quiet I didnt care and was far too trusting man it was £5.50 p/h back in 2002 and it was alot of money imo to me but it was like I truly didnt give a shit about anything but getting home and playing some games

It happened again the same year too, I got shafted for 1 shift work at another place but that was through the agency....I wish I cared more about money back then because I'm not going to lie i did work hard for it but I just didnt have the back bone to stand up for myself as much or to demand things I was always so quiet and reserved and to be honest I still am to a certain extent I was that shy I couldnt make eye contact!

Other times I got shafted was through the halifax bank when I overspent on my card by something £2 over my overdraft limit they charged me £29 and it happened 5 times .....it hurt giving my money to the sons of bitches but I had little choice I did however set up my online banking so i can keep track better and touch wood since then ive been good.

As for debts ive been good, since I'm asian our parents keep us close to them till we can save up enough for a wedding/house. Its one of those asian things and I'll do the same for my kids when it happens and let them stay with me until they can afford their own place. I wont disclose how much I've saved but I'm doing ok I still got a long way to go but im getting there, all I do is pay my folks like £150-£200 for the month and then stick in a lump sum into my saving and try to live off like £200 for the month which really is ALOT harder than it sounds

I'm fairly fortunate that my parents have always guided me on dosh affairs my friends not so much ill tell you about 2 of them, one has a £40,000 debt (s) the other has £12,000 (p) both are white and when were at the pub they seem like regular people until they get drunk they spend money like it doesnt matter even ignoring advice from me, the one who owes £40,000 quit his job because he was sick of it....I mean I dont understand how you can pay off a debt without working? im guessing when the shit hits the fan maybe he is gonna swallow his pride and ask his parents to pay it off which wouldnt surprise me as the last I heard his mom was paying some of it off....the other guy (p) I felt so bad for him 2 years ago I coughed up £300 for him so he could go on holiday and save the rest for himself....I dont know why but i really felt bad I kinda regret it now because i heard he spent the lot instead of saving £200 as per the advice I gave him he blew the whole £300.....I was tempted to ask for the money back but i didnt because at one time I saw him like my brother I still do, I told him things I hadnt told anyone else, dont get me wrong hes one of my closest friends but man he is terrible with cash.

*Note to self stop being so trusting

[rancor]

As for debts ive been good, since I'm asian our parents keep us close to them till we can save up enough for a wedding/house. Its one of those asian things

Yes - I have seen this in action for several years now. I love my Japanese wife.. haha.. I'm not bad with money, but she's better.

[GaijinPunch]

Yes - I have seen this in action for several years now. I love my Japanese wife.. haha.. I'm not bad with money, but she's better.

See, I never get the stereotypical anything in life. Had a gay roommate once that was not neat or fashionable, and while I did get a girlfriend through knowing him, he did not have an endless array of hot hags.

Thought about letting the wife deal w/ the finances, then realized how quickly we'd be on the streets. Just b/c you're good at saving doesn't mean you have a good business head.

[CIT]

bank loans they took out ""to have a good time"

Yeah, I don't undestand why people do that, it's just plain stupid. Being in debt is one of the things that absolutely must be avoided at all cost. So to answer your question: No, I'm not in debt and never have been. While I was a student I was very poor, but it was OK because I just didn't spend anything.

This "buy now pay later" culture is exactly what caused the last financial crisis. And the way it is being solved is through the same means that caused it: supplying more cheap money. It will work out this time, but there will come a point where the financial system can no longer be saved because the compound debt of western societies will be too overwhelming. Happy times!

[Icarus]

I'm getting divorced. It won't put me in debt, but it'll cost a shitload. :/

[sven666]

I'm getting divorced. It won't put me in debt, but it'll cost a shitload. :/

sorry to hear that buddy

and on topic, i have a mortgage aswell, no debt-debt tho.
my goal is to pay off the mortgage before i turn 30, its only about $100000.

[jonny5]

no debt...but thats mostly because nobody will give me credit

probably for the best though....i dont really like the idea of having access to funds i dont have....with my spending habits, that could get ugly very fast

[Skykid]

I'm getting divorced. It won't put me in debt, but it'll cost a shitload. :/

Jesus, sorry to hear that man - I didn't even know you were married!

Being in debt is one of the things that absolutely must be avoided at all cost.
This "buy now pay later" culture is exactly what caused the last financial crisis.

Completely agree with all this, I just don't understand how anyone would allow themselves to get to this:

one has a £40,000 debt (s) the other has £12,000 (p) both are white and when were at the pub they seem like regular people until they get drunk they spend money like it doesnt matter even ignoring advice from me, the one who owes £40,000 quit his job because he was sick of it...

£40k?! That guy has serious balls quitting his job, either that or nothing between his ears. Being in that kind of debt is to have shackles on your ankles for the rest of your life, you don't really have freedom anymore to live a normal life. Debt free people can quit a job because they're sick of it, and take a holiday or whatever - but if you owe 40k that's some interest you won't escape for a long time.

Just b/c you're good at saving doesn't mean you have a good business head.

I lucked out, my girl is good at both. In fact, she puts me to shame when it comes to saving *looks at pile of AMI boxes*

[ROBOTRON]

Like most Detroiters, I too am unemployed but have managed to stay afloat for the moment. By trade I am a Heavy equipment operator, I run bulldozers, front-end loaders, cranes (up to D-10) but there is no work, says my union...but I know its because I'm disabled. I lost my left leg below the knee (Hence, ROBOTRON....I'm part robot) I can still do the job but they claim the companies insurance carrier won't allow it. I've done a few ditches with a rented backhoe a couple times but nothing with any frequency.

Anyone need an HEO? HIRE ME PLEASE!!!

[Skykid]

and on topic, i have a mortgage aswell, no debt-debt tho.
my goal is to pay off the mortgage before i turn 30, its only about $100000.

Sven, I have a burning desire to know your occupation. For a young guy you're doing well.

I'd love to pay off my mortgage by the time I'm 30, unfortunately that would be next year and there's about £112,000 outstanding. I'll sell that shit long before it's paid off though.

[chempop]

I don't use credit cards so when I'm in a financial bind I need to ask for help from family. I hate doing that but my career choice is admirable but at times financially inconsistant.

My rent more than doubled recently when I moved into my first true solo pad. It's going to be a rocky transition but not dealing with housemates any more is a dream come true- I think I've had about 20 different people live with me over the course of a decade!

Always been tempted on getting a credit card but my tastes are too expensive and on the rare chance that I'm in a relationship I'm always too generous and mindless when it comes to cashflow.

[E. Randy Dupre]

I took out the student loan because I figured getting the degree would mean landing a job that had enough of a salary to be able to pay it off fairly quickly, or at least relatively painlessly.

I finished the degree six and a half years ago. I only just hit the earnings threshold for repayments two months back.

So, yeah. That plan worked brilliantly At this rate, I won't have paid it off before I retire.

[emphatic]

I'm getting divorced. It won't put me in debt, but it'll cost a shitload. :/

So sorry to hear that.

[StoofooEsq]

I'm going to college this January, so yes, I will be in debt.

[brentsg]

No debt here other than a mortgage and my GaijinPunch card.

Was closing in on having that paid off.. but now I'm in the middle of a ~$25K landscaping project so I'm rolling that in with a low interest refinance.

Still though, way more assets and equity than debt. Could technically pay off the mortgage today if I pulled some cash out of investments, but it's better this way.

[Skykid]

No debt here other than a mortgage and my GaijinPunch card.

Ah yes, I forgot about that one.

[MX7]

When I think about it, I have a lot of debt over my head. Student loan for undergrad and postgrad courses, and my ever dependable overdraft. But this really doesn't worry me. Student loans in the UK are paid back, interest free, very slowly, and according to your wage. (Inflation is factored in, however). Earn less than £16k PA? Then you don't pay anything.

*Actually, just looked that up and now you have to pay interest on student loans from 2010 onwards! Christ on a bike. So glad I didn't mess around when it came to going to Uni and doing my PGCE D:

Sometimes I think I'm shit with money, but I've never had a credit card, never taken out any non student loans etc. I don't understand the mentality of some people. I know someone who claims you need at least £200 in your back pocket for a night out. This actually boggles my mind. I've just got my first well paid job and I'm pretty terrified that I'm going to end up a spendthrift

[Icarus]

I'm getting divorced. It won't put me in debt, but it'll cost a shitload. :/

Jesus, sorry to hear that man - I didn't even know you were married!

I got married a week after IC '09, which was the best week of my life (aside from my trip to Kyoto in '04).
But then shit happened.
I'm a firm believer in balance in life - good things must be countered by bad things, and recently I had a string of good fortune. Her infidelity happened shortly after, and apparently it wasn't the first time. :/
I have a clear conscience.

Thanks for the kind words, guys.

On topic: aside from a credit card that I pay regularly, I have no outstanding debts. I try to ensure I only buy what I need, and sell what I don't. In the middle of a clearance at the moment, actually.

[brentsg]

Sometimes I think I'm shit with money, but I've never had a credit card, never taken out any non student loans etc.

Well it's pretty difficult to purchase family vehicles and such, and houses without a loan. Cars have gotten pretty expensive. Credit cards are pretty handy too, just pay them off monthly.

At least in the states, when it's time to purchase a home or something.. it's good to have some record to show you're responsible.

[Vexorg]

The only significant debt I have right now is a car payment, which I am expecting to have paid off sometime next year if all goes well. I don't have any credit cards, and I have been carefult to avoid any other debts. Most of my recent work experience has been in contracting which tends not to be particularly stable, so I frequently end up having to live off my savings. This means I need to be very careful to keep myself out of debt.

[Octopod]

I am building up my debt now with student loans. Besides that I have no real debt in my 34 years of life. I owe $250 on my credit card and my car is paid off. Of course I rent instead of own my place.