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Thread: consumer credit

  1. #31
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    http://www.bbc.co.uk/news/education-41322198

    The Young Women's Trust says a quarter of young people in England and Wales have to borrow to make ends meet and are facing a "debt epidemic".
    Ministers say their reforms are improving young people's incomes.
    But the charity's survey of more than 4,000 18- to 30-year-olds suggests almost a quarter are in debt all the time and almost half have to borrow to make their cash last to the end of the month.
    It indicates young women are worst affected, with:
    23% of young men constantly in debt, compared with 25% of young women
    45% of young men running out of cash each month, compared with 51% of young women
    Using overdrafts to make ends meet was a fact of life for one in five of those surveyed, similar numbers borrowed from family, while almost as many ran up their credit cards.
    One in 10 had used a payday loan company, rising to one in four among young parents.
    Just over one in 10 said they skipped meals when they ran out of cash, though about 14% said they could work extra hours if they were short.
    Where was the kaboom? There was supposed to be an earth shattering kaboom!

  2. #32
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    http://www.bbc.co.uk/news/business-41655915
    Used to see this a lot when I did debt work. People prioritise what we call "non-priority creditors) paying them, and missing rent, c tax, utilities or other essential payments.

    If interest rates do rise (my gut is carney won't next month, & the CBI really don't want him too) that could have some quite big implications...
    Where was the kaboom? There was supposed to be an earth shattering kaboom!

  3. #33
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    I think there's a really big 'sub prime' scare coming around soon and my worry is it will start in the USA with a weak and clueless President who will bend to the banks. Then the rest of us are absolutely fucked as the system folds in on itself.
    Nothing to see here...... can't offend sensitive souls.

  4. #34
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    Quote Originally Posted by lemonjelly View Post
    http://www.bbc.co.uk/news/business-41655915
    Used to see this a lot when I did debt work. People prioritise what we call "non-priority creditors) paying them, and missing rent, c tax, utilities or other essential payments.

    If interest rates do rise (my gut is carney won't next month, & the CBI really don't want him too) that could have some quite big implications...
    Raising interest rate would be a ludicrous decision anytime in the foreseeable future. When the reason for inflation has nothing to do with people having surplus cash then why does anyone think that increasing interest rates will slow inflation. If anything, all it will do is accelerate it.

  5. #35
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    It will simply please payday loan companies

    The grey savers demanding a raise have been shown in the referendum as selfish cunts and so should be ignored while they get their state pension rise anyway.
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  6. #36
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    I have no sympathy for savers that moan about interest rate, but are prepared to leave it in a building society account.

  7. #37
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    Interesting theory floated by a mate of mine last night.
    We are well aware that in 18 months time, when brexit happens, there is likely to be another downturn.
    Rates are currently at .025%.
    Raising rates in the near future allows us some wiggle room in 18 months to do something that creates a stimulus.
    Where was the kaboom? There was supposed to be an earth shattering kaboom!

  8. #38
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    I've only ever used a credit card for work purposes when I was claiming expenses back.

    I'd never use a credit card for day-to-day purchases or life. If you can't afford it then live within your means. SIM only phone deals, drop the sky, use public transport, don't go out drinking so much, shop at Aldi / Lidl, don't have that Starbucks / Gregg's / maccies etc. I know it's not always the case but I do think lots of people spend money on stuff they don't need.

    But I do agree that credit is too easy to obtain, especially store cards - they're never worth it

  9. #39
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    And how do you buy stuff online without using a card of some description?
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  10. #40
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    Debit card.

  11. #41
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    Same difference then really if you can afford the stuff you are buying.

    I've used a credit card online for years and have it setup to pay off the full balance every month.

    It's still safer than a debit card because if someone gets hold of your details then it doesn't come straight out of your bank account instantaneously.
    Oh my god! Whitney's dead? How's Michael Jackson taking it?

  12. #42
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    Credit Cards are satan.

    Debit cards aren't
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    Just make it fast loud and rude

  13. #43
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    Credit cards do give Section 75 protection (any payment over 100) - debit cards don't

    Useful on larger purchases as long as you have the money to pay off the spend - not a sensible way to borrow money though

  14. #44
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    I rarely use my debit card. Use credit card for almost everything and pay off balance each month

  15. #45
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    Quote Originally Posted by Trips View Post
    I rarely use my debit card. Use credit card for almost everything and pay off balance each month
    Best way to use them - have only paid any interest in 1 month & only because I cocked up the payment date

  16. #46
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    Quote Originally Posted by Trips View Post
    I rarely use my debit card. Use credit card for almost everything and pay off balance each month
    Spot on. Use them correctly and they are better and safer.
    Oh my god! Whitney's dead? How's Michael Jackson taking it?

  17. #47
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    They are licence to getting in deep financial shit and I hate them. Put it this way - I will NEVER have one again as long as there is a hole in my arse.
    Don't wear no leather to fit in
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    Just make it fast loud and rude

  18. #48
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    That's like saying that cars are responsible for too many deaths and therefore you wouldn't drive one. The key is how responsibly you use them.

    What I will say is credit card companies dish them out too easily to people who have bad history with debt. Plus they charge too high interest rates.
    Oh my god! Whitney's dead? How's Michael Jackson taking it?

  19. #49
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    They're fine if used correctly.

  20. #50
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    Realistically the rot set in once they started using computers & algorithms to make the decisions rather than people who had had a number of years experience

    Lower the pass score & you grant more cards out - sales staff happy, debt control staff (& customers who have to pay back money they shouldn't have been lent) less so

    Bloody glad that I annoyed them sufficiently to be paid off at that point

  21. #51
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    As has been said, credit cards are fine if used intelligently - I know when my statements are generated so sometimes I buy something just after the billing date so I get extra time to pay without incurring interest - but the key is whether and how one knows what is intelligent usage: a hundred quid here or there is a hundred quid, but if it gets used more often and it seems as if the money isn't going out of your account, then it becomes an issue all too quickly; I know of people who you would expect to be financially savvy loaded with credit card debt and paying the minimum, not searching out a 0% or lifetime-low-balance offer, and consequently moaning about their parlous finances.

    As for algorithms generating limit increases: erk. If I pooled all my cards together I'd easily have 50k and I've never asked for my limit to be raised. Again, it's about mindset and maturity, not just thinking 'Oh, the bank has given me more money to spend! Therefore I must be a good financial risk...Spend, spend spend!'

  22. #52
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    20 years ago I used credit cards very badly and got myself into a world of shit. Swore I’d never touch one again. When we bought the house the bank gave me one automatically and now I wouldn’t be without it. I use it all the time for online stuff which gets paid off monthly and sometimes I’ll use it for bigger purchases that will take a couple of months to pay off. I’ve incurred a bit of interest on the bigger purchases but not enough to be bothered about. Use them sensibly and they’re great, use them badly and they’re big trouble.

  23. #53
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    I'm far too scared to use a credit card!

  24. #54
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    Where was the kaboom? There was supposed to be an earth shattering kaboom!

  25. #55
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    Quote Originally Posted by Paddingtonwolf View Post
    I had terrible credit card issues. It took me fooking years to clear them. Never had one since. And I still get offers.

    Nice bonus that those credit cards had to pay me a shed load of PPI back in the end
    Similar. Ex wife maxed a joint card using it as a cash point for the first 4 weeks of a split up. Took 4k and I had to pay it back. Li have a credit card somewhere but its for emergencies only.
    Remember, remember we are shit in November .

  26. #56
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    Quote Originally Posted by Stan Hullis View Post
    They're fine if used correctly.
    So are guns ?
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