Our nation debt for each citizen is nothing to usa, which is $776,000 each. Amounting to a total debt of 127 TRILLION currently & quickly climbing.
I live in Surrey. My main criteria was a garage. That upped my price. So 2 bed ground floor flat with garage in quiet cul de sac was best we could do. Only 2 of us and 2 ne'erdowell felines. I could sell up and buy a 4bed detached in Nottingham. Its a joke.
We live in a society these days where it actually makes sense not to physically own things. you can’t reposes things that are owned by a finance company afterall. And many objects are considered a depreciating asset, so you can understand why people wouldn’t want to own it.
Not sure if it’s been already said, but when credit cards are reduced and you have a balance or use it, your credit score is massively effected, when you have a large limit and small balances you show as managing you total available credit well. When they reduce your limit you can overnight go to over committed on credit and see your score drop and even struggle to get low rates. I was hit by barclaycard but thankfully all they did was lose a customer of 20 years with the bull poo reasons for dropping the limit. Mine dropped by 15k.
I have studied a load of crap about finance and financial history and obviously read a stack of books on the subject. I have to say that I despair of the way most people manage (or mismanage) their finances and I have given up trying to explain to people, I now just use the information for myself. The following book or DVDs can be had on eBay for a couple of quid and he explains many of the financial world's workings is fairly simple terms. I especially like the tale of John Law; a convicted Scots murderer who at one time owned a quarter of what became the USA and is also credited with more or less causing the French revolution - you just don't get people like that now a days.
Same here! last week received a letter from Barstardcard that my limit was reduced from 12000 to 1100 ! Included a form to fill if I wanted to have the limit reviewed. I did send back the form with 2 last payslips. If they will review it and raise it I will immediately pay it off and close it! If not I will keep paying the minimum as it is interest free at the moment until 2022.
A third of all money EVER printed by the US bank was printed last year. That Country is going to hit rock bottom so hard at some point.
I agree but so will all the other fiat regimes. Central banks can save the capital markets or the purchasing power of the currencies but they can't save both.
Sadly no one ever learns about compound interest. It's not difficult, but it does explain why the majority borrow loads and never pay it off.
We have zero debt. The only debt I ever had was a mortgage but since that is paid we own everything we have. I I tend for it to stay that way.
I remortgaged my house about 6mths before the 08 crash, I got a lifetime tracker at 0.19% above the base rate, it also came with a draw down facility at the same rate based on a % equity in the property. In the last 6-7yrs they kept trying to reduce it every year, saying as you’ve not used your limit we would like to reduce it, from 50k to 10k, every year I refused and a clause in the mortgage meant they couldn’t insist, not only that but I would ask them to recalculate and due to increased equity and reduced mortgage they had to increase it A couple years ago, me and my now mrs decided to move and that was finally their get out as despite the tracker being transferable the drawdown wasn’t, in the end the tracker mortgage was so small and the restrictions it caused on the amount I could borrow on the remortgage meant I ditched it altogether. As for credit cards, I use them regularly, 1 for general online shopping which is paid off in full every month, purely for the added security of credit card purchases, the other I used to buy my bike because where else can you get a 0% loan for 26mths It’s a great way to borrow but you have to be strict with yourself, if you can’t then NEVER do it because the costs will spiral. Incidentally when I bought the bike they immediately increased the limit, this extra I will never use but come the time I decide to upgrade the bike, I’ll do similar again and they will transfer the lint to a new card deal and this time I’ll have more to spend at 0%
I’ve spent the last 6 months sorting my finances out and only have my mortgage and V4 PCP aside from normal bills. The V4 is done next July and I’ll probably buy it out if it’s worthwhile and then that’s done. I’ve just stretched myself to move into a much bigger house. Money is cheap at the minute and I view a mortgage as good debt to be honest. Other than that I’m done with finance, I’ve never got myself into problems or struggled but never quite felt comfortable with £50k of vehicle debt and luckily I’m in a position I don’t need to.
I use a credit card for work (expenses) which gets paid back to me within 10 days so it’s paid off. I need a high limit because if I work abroad for 1 month or so my expense bill could be quite high. However, my other card I asked for it to be reduced from something daft like £18K down to around£7k, I hardly used this card and was worried should it ever get stolen I could end up owing £18K
