MP: Debt is slippery slope - and I should know

concerned wrote:

Indeed we have to take responsibility and keep a budget but this is a little simplistic.

We live in a consumer society i.e. we are encouraged to spend on consumer products. We are assaulted by t.v. commercials every few minutes encouraging us to spend. Insurance companies tell us we need insurance to cover the next disaster. We are encouraged to buy property we cannot really afford or rent property for even more money if we cannot get a mortgage. This because of the housing bubble caused by a lack of new housing for an increasing population. But it's good for the speculators.

We compete for less job vacancies thus driving down our wages and salaries as new technology, outsourcing of work aboard and immigrant workers puts people out of a job.

Credit cards have disguised poverty and kept the consumer society going.

Sadly, there are always those who simplistically attack their neighbour's supposed irresponsibility which is what those at the top want.

21 May 2011 8:12 PM

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Robster wrote:

Anyone who is beleagured with debt should destroy their credit cards, go to the Citizens Advice Bureau, explain their situation. They will then be put in touch with PayPlan who will organise payments to all Creditors absolutely free of charge.
Often people who owe 15/20,000 pounds end up with payments of around 100/200 pounds per month.(not gauranteed).
They won't be able to aquire any further credit until their debt is fully paid.

20 May 2011 7:03 PM

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Jimbo wrote:

Throw away the credit card , and use a debit card . If there's no money in the account , you can't spend it . I threw my credit card away years ago .

20 May 2011 2:52 PM

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Simon 2 wrote:

People should take responibilty for thier own actions.I have been in a situation like Tracey, where i was spending more than i was earning. I blamed credit card companys for giving me credit.I managed to get out of debt by destroying my cards and taking a bank loan out over a 10 year period. Yes credit card companys are still encouraging people to get in debt.... But as i said at the begining of this post. Take responsabilty for your own actions.

20 May 2011 1:53 PM

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Colin wrote:

My step-children haven't started families, because they can't afford to. I know many other people in the same situation.

Changes in circumstances is a big issue and causes debt problems - I lost my job and was out of work for two months. Going from £3k a month to nothing, with mortgage, bills, etc, it was inevitable that it would cause problems. It would be more helpful if lending companies and utilities could give people a payment holiday in these circumstances. I hadn't forseen it, so it was a big blow when it happened.

20 May 2011 1:50 PM

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Katie wrote:

Luke: The debt companies that charge ridiculous interest rates are partly to blame. Yes, people need to take responsibility. Financial responsibility should be taught in school, if people cannot afford Sky TV they should not have it. But those people are only a percentage of people in debt. Circumstances change. A couple both working may have a baby and some years later lose their jobs, lose their partner, get ill - all sorts of things can go wrong. Your comments are quite absurd, and completely lacking of any compassion or understanding of the society we live in.

20 May 2011 1:01 PM

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Simon wrote:

Luke's comment is typical from someone who has never had to deal with a change of circumstances. Most people have financial commitments which are taken out when they can afford them only to have them change through circumstance. As someone else just commented if you overstretch yourself and don't think of scenario's that can change your situation (Interest rate rises etc) then you have to take responsibility, however some people get into debt through no fault of their own. Luke has obviously been one of life's lucky people to have never had that happen to him... good for you but try to have a bit more intelligence and don't tar everyone with the same brush.

20 May 2011 12:54 PM

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To Luke... wrote:

That comment is slightly ridiulous. There are a lot of people in debt due to mismanagement of their finances, for which i have no sympathy. There are also a lot more people who live within their means, have children, a mortgage and are sensible with their money and then find themselves being made redundant. Don't be so naive.

20 May 2011 10:16 AM

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Luke wrote:

Its not the debt companies that are getting people into debt, its the people that are stupid enough not to budget properly and want what they cant afford! People should start taking account of their own finances before running and crying to someone else about it!

Similarly if they blame going into debt on having kids then dont have kids in the first place!!!

20 May 2011 9:32 AM

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