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More Anecdotes About Debt.

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I was at a stag weekend at the, er, weekend and got introduced to lovely bunch of typical late 20s young men about town also on the same stag do.

Aside from the usual discussions of a particular type of asset class (hint: only ladies tend to have this asset class, although gentlemen often wish to 'hold' such items), the price of beer and some rather far-out stories involving stuff not suitable for a family forum such as HPC, the discussion got on to debt.

Being rather rubbered by this stage, I can't quite recall the full details, but it seemed that many had debt. For example:

* One guy had something like 60k :blink: of debt and was going to do an IVA (Individual Voluntary Arrangement) to get rid of it.

* On hearing the news that a single person won the Euro lottery another said that "that would clear my debt". I think he would have had some left over after this. <_<

* Even one of the guys I knew surprised me by saying that he just racked up his credit cards to the max and then got a new one when it was full.

None of them seemed particularly worried about it. Of course I was on a stag do, but it just seemed that it was regarded as the normal thing to do.

When did the nation's attitude to debt change like this?

Also, people can currently do things like IVAs and bankruptcy, but what happens when the stools really hit the fan and the numbers of people in these situations get really huge? Will IVAs no longer be an option? Could we see a time where there is so much bad debt that people are not ALLOWED to get it written off and have to endure a lifetime of it?

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They have tightened the laws in favour of the banks in the US now, effective from November I think (after extensive "lobbying" by the banks).

From then on it won't be easy to go bankrupt there, most lawyers are going to quit handling them.

We usually follow the US between 5-7 years. Seeing as our credit market has a lot of US players, how long before they bribe our politicians too and get our laws changed?

It's only a matter of time.... Get rid of your consumer-china-gadget-buying crap debts now, whilst you still can!


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How about the bring back the old debt prisons or whatever they were from the 19th century!?

Just to add to this in more detail I was talking to my friends about debt, as only over the last few years have I matured is the only word I can give it to realise the value of money and debt etc.

My friend works in a bank on around I dunno 30k, got a 140k 2 bed flat, deposit cobbled together with father summer 2004 purchased. Has 3k racked up on one card and only pays the minimum off each month, said CC's are the most expensive way of borrowing, with the replywell its not that much as you dont notice it go out of your bank. Got a few other cards etc too and is more than happy for it ti sit there and get chraged and pay the minimum amount

Wants to stop working in london as too stressful, no way going to get the same wage etc but doesnt mind that. Not really sure they have thought about rates, taxes costs increasing and lower house prices etc. One of my mates actually rents a room there so that halves the mortgage but if he was to move out ? Think maybe only a personal financial crisis will wake many people like this up to problmes etc.

I think credit cards, direct debits, switch cards all Im not sure of the word ,desensitise or break the real attachment people have with the value of money which is a leading factor for peoples lazy attitude to money as its easier to just let things go on plastic, go out of your account automatically. Im not one to blame banks for this, though they do make it easy, at the end of the day it comes down to personal responsibility.

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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