Decaff wrote:Anyone struggling with debt should take a look at http://www.daveramsey.com there are a lot of good ideas to be found and you don't need to spend money to get books etc, its all out there on utube.
I hate debt, I have zero. No credit cards, no store cards, no loans. If I want it, I save for it. I have my budgets and I stick to them. It gives huge peace of mind and I never fear a knock at the door. Mr D on the other hand is drowning in debt. I've given up trying to help sort it out, didn't help that he ran up another debt on a credit card I had no idea he had. He wants everything NOW and doesn't save for it. He's stressed to the Max and sleeps badly.
I watched the video "What if you didn't have car payments?" on this website and it completely changed my attitude towards cars and debt. Until recently I have always leased cars. Now I drive an old but reliable car that I can either maintain and repair myself or at least very cheaply. I've been saving the amount that I used to spend on my lease car every month, which means that I now have plenty put aside for any repairs required and within a couple of years I will have enough put by to buy something a bit nicer if I want.
That is fantastic!! I'm so pleased to hear someone else has benefitted from that site. Go you
Behind every great man is an even greater woman. She carried you, raised you and made you who you are.
In my opinion, debt isnt necessarily a bad thing if managed correctly and responsibly. Borrowing money to add value to your house or other possessions can be very cost effective, especially as there are some reasonable interest rates around at the minute. However borrowing to buy things you do not need on a whim should be avoided and buying new cars is a very quick way to lose money hand over fist.
Dangerman isn't alone with the rental returns, one of the people I know remortgaged when he separated from his partner to give her her share, literally weeks later house prices took a nose dive and he was left owing 75k on a house that would sell then for about 15k its been rented out since and just covers his payments. Shit happens sometimes and you just have to bite the bullet and make the best of things.
If guns are outlawed then only the outlaws will have guns....
That is fantastic!! I'm so pleased to hear someone else has benefitted from that site. Go you
Thanks, it is a good site with some very wise advice
Indeed it is, I have no debt and I do have a large emergency fund hidden away along with a couple of fixed ISA accounts, I'm trying desperately to save save save and save. I want to buy a house but I want a huge deposit for lower payments so I can overpay and get it paid off quicker. Patience... Plus I refuse to pay the ridiculous prices out there!! That bubble must burst at some point!
Behind every great man is an even greater woman. She carried you, raised you and made you who you are.
I think I agree on the whole that a well-managed mortgage with low interest rates (which now look more likely than ever to stay low for a while yet) is an acceptable form of debt. None of us can know the future, it would make it so much easier to plan if we could, but if there is at least a half decent chance of major economic meltdown within the lifetime of my mortgage causing 'all change', then I might be better preparing for that in other ways rather than putting all my surplus cash into mortgage overpayments! Thanks for all the comments on the original post and the other food for thought
The last taboo is the myth of civilisation. It is built upon the stories we have constructed about our genius, our indestructibility, our manifest destiny as a chosen species. - The Dark Mountain Project Manifesto http://dark-mountain.net/about/manifesto/
