ScaredEitherWay Posted August 7, 2007 Share Posted August 7, 2007 The question is self-selecting though. Very few people are going to come on here and say, "Yeah, I'm chuckied up to the eyeballs!" No but they will read - and realise that there are people managing to live without the magic plastic and debts. There are people who stayed in and ate beans for 10 years (er, and still do here) Quote Link to comment Share on other sites More sharing options...
dubsie Posted August 7, 2007 Share Posted August 7, 2007 Well that's all ok if you can sell and downgrade, I still have 99,000 left and property is only worth 170,000. Downsize isn't really an option unless we all move into a one bedroom flat. debt is the only way with house prices the way they are. And anyone on here who thinks property is going to be slashed in the event of a slump needs there head checking. At the very most property will lose about 15% of it's value in the next 4 years and then will start to increase in value in about 6 years. Despite the price of propery and the level of repossesions there are still plenty of people willing to get on the ladder. Unless the demand for property falls a slump is very unlikely. Quote Link to comment Share on other sites More sharing options...
Goldfinger Posted August 7, 2007 Share Posted August 7, 2007 Despite the price of propery and the level of repossesions there are still plenty of people willing to get on the ladder. Cliff, it's a property cliff. Quote Link to comment Share on other sites More sharing options...
Solvent Celt Posted August 7, 2007 Share Posted August 7, 2007 Zero borrowings here. Debt is the enslavement of the free. Quote Link to comment Share on other sites More sharing options...
LargelyIgnorant Posted August 7, 2007 Share Posted August 7, 2007 (edited) If the energy is less they will be unable to repay their debts accumulated under oil. Ergo, a depression. Why would they care? If the peak is soon, the petrodollar is doomed anyway. It would be abandoned/hyperinflated, thus no debts. If the US suceeds in converting other people's oil into energy generating infrastructure, the Amero could be backed by kWh equivalents. edit: petrodollar replaced by the h2amero? Edited August 7, 2007 by LargelyIgnorant Quote Link to comment Share on other sites More sharing options...
jonpo Posted August 8, 2007 Share Posted August 8, 2007 nodebts only cash and a short share position. Quote Link to comment Share on other sites More sharing options...
sandster Posted August 8, 2007 Share Posted August 8, 2007 I am also zero debt, never owned a property though. Rent but am happy. Better half has her own place but wants us to buy a bigger place together next year when her tie in runs out. Seriously think we will be jumping on a sinking ship and am worried. Quote Link to comment Share on other sites More sharing options...
Xurbia Posted August 8, 2007 Share Posted August 8, 2007 (edited) No debt since 2005. Great feeling. When property has corrected I shall consider buying again with a small mortgage. I don't think there's any rush to buy right now! Edited August 8, 2007 by Xurbia Quote Link to comment Share on other sites More sharing options...
Soul Reaver Posted August 8, 2007 Share Posted August 8, 2007 (edited) The question is self-selecting though. Very few people are going to come on here and say, "Yeah, I'm chuckied up to the eyeballs!" Yes it is but I would believe it! The reason is that the people on here are or tend to be better informed on a variety of subjects and these types of people do tend to do better in life than your average sheeple who never reads a book for example. Mark. PS In answer to what I do to make 20k a month I run several internet based businesses I am a freelance telecomms consultant I spread bet certain markets Edited August 8, 2007 by Soul Reaver Quote Link to comment Share on other sites More sharing options...
Wait & See Posted August 8, 2007 Share Posted August 8, 2007 No debt, a 12 year old car & a few bob put away for after the crash. Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted August 8, 2007 Share Posted August 8, 2007 I have effectively zero borrowings. No mortgage being the major factor. I do have CCs but always pay them off in full - effectively I am borrowing but since I pay zero interest and always have the money to cover it, I don't include that as a debt. I have the remainder of a student loan but again it is more profitable to have that debt at low interest with the funds covering it earning higher interest. Quote Link to comment Share on other sites More sharing options...
mallory Posted August 8, 2007 Share Posted August 8, 2007 No Debt. No Credit Cards. Rent a 'tired' flat dirt cheap from a nice guy, his family have owned building since 19-hundred-and frozen-stiff [middle of town, building built 1750's.. i love it] Income exceeds Outgoings by £500 to £1000 a month i own a Swiss Army Knife, a beautiful Orange Mountain Bike, and utter and total peace of mind Quote Link to comment Share on other sites More sharing options...
poorman Posted August 8, 2007 Share Posted August 8, 2007 No debt, mortgage free, 18 year old car from brand new,thanks to littlewoods pools,and few jobs after main job. Two cards, switch and LLoy TBS with only 250 limit on it for on-line purchase. The problem is when I sleep I can't wake up Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted August 8, 2007 Share Posted August 8, 2007 NO DEBT STR JAN 07 SAVINGS (SEVEN EXCELLENT YEARS OF HPI!!!) I've been saying to higher earning friends for years It's not how much you earn every year it is how much you have kept at the end of every year. My high earning pal is building his own house drives big flash Merc. (me old cheap escort) he asked me if I could lend him money other day coz he's run out. What to do give him some of my carefuly accumulated savings so he can blow some more money (blown his and the banks) or tell him its tied up. (I think its the latter) Its not what you earn its what you keep. People treat money like sand on the beach they pick up great handfulls of it and watch it slip through thier fingers only to grab another great dollop. But eventually even the sand runs out. Quote Link to comment Share on other sites More sharing options...
poorman Posted August 8, 2007 Share Posted August 8, 2007 My high earning pal is building his own house drives big flash Merc. (me old cheap escort) he asked me if I could lend him money other day coz he's run out. I have a very Dear Friend who 15 years ago asked me if I wanted to join his money making scheme, buying twenty three lock up garages behind his shop,I said no thanks it's our child hood friendship and don't want to go sour,well he bought the lot and convented them into studio flats. Down the road is a local DHSS and all his tenants are migrates. He's not married no Dependants all he does is enjoys himself Quote Link to comment Share on other sites More sharing options...
Ignorant Steve Posted August 8, 2007 Share Posted August 8, 2007 Not debt free - mortgage. We do however have enough cash saved to pay it off if necessary. I prefer the flexibility of paying debt down as and when it suits. Currently owe approx £6000 on credit card. Went shopping for furniture last week. It'll be paid off in full when the bill arrives. I think you can be too cautious about debt. Some debt is good IMO. Quote Link to comment Share on other sites More sharing options...
Always21 Posted August 8, 2007 Share Posted August 8, 2007 We are a family of four, wife stays home with the kids and we have zero debt. Only use credit cards to earn points / cashback. I have never paid a single penny of interest on a credit card. Sold our house in the US last year at 125% profit, although that didn't convert to much in GBP when moving back here so buying a family house in the South East at current prices is out of the question. Would love to have our own place again but currently enjoying renting (taking a break from gardening, maintenance and repair costs) and earning three figures a month interest on our savings. Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted August 8, 2007 Share Posted August 8, 2007 I have a very Dear Friend who 15 years ago asked me if I wanted to join his money making scheme,buying twenty three lock up garages behind his shop,I said no thanks it's our child hood friendship and don't want to go sour,well he bought the lot and convented them into studio flats. Down the road is a local DHSS and all his tenants are migrates. He's not married no Dependants all he does is enjoys himself 15 YEARS AGO (1992 AT THE BOTTOM OF THE MARKET i WOULD HAVE LENT YOUR MATE THE MONEY MYSELF BUT TODAY AT THE TOP OF THE MARKET??? ) my mate is married with two children (The state people get them selves in to) Even though I have been bleating on at him for two years he just doesn't understand what the MARKET means. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 8, 2007 Share Posted August 8, 2007 I've been saying to higher earning friends for years It's not how much you earn every year it is how much you have kept at the end of every year. How true is that? Quote Link to comment Share on other sites More sharing options...
davidg Posted August 8, 2007 Share Posted August 8, 2007 We do have a mortgage and cash to pay it off but we don't because its rented out and if we did we'd pay tax on the income from the property if we paid it off (hence it is advantagous from a tax point of view to keep the mortgage). shouldn't you be selling up? Given the great HPC and all that. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted August 8, 2007 Share Posted August 8, 2007 Not debt free - mortgage.We do however have enough cash saved to pay it off if necessary. I prefer the flexibility of paying debt down as and when it suits. Currently owe approx £6000 on credit card. Went shopping for furniture last week. It'll be paid off in full when the bill arrives. I think you can be too cautious about debt. Some debt is good IMO. Unless you got a really good fixed rate back when they were low and your earnings from savings/investments exceed the amount of interest you are paying on the mortgage, you'd be much better to pay it off. Debt is never good to have (unless you're performing complicated tax avoidance manoeuvres of course) - the ability to get credit is very useful however. That's why it's useful to have used credit responsibly and built up a good credit rating, should you ever need it. That doesn't equate staying in debt when you don't have to. Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted August 8, 2007 Share Posted August 8, 2007 I don't think we are performing complicated tax avoidance methods. If you're minimising your tax outgoings (which everyone should be) then you're avoiding tax. Which is of course totally legal. In this case, debt can be very useful depending on circumstances. It's just about the only case I can think that a debt is 'worth' having. Under normal circumstances it makes no sense to pay someone else interest on a sum if you have enough money in the bank to pay it off. Quote Link to comment Share on other sites More sharing options...
tackle2004 Posted August 8, 2007 Share Posted August 8, 2007 Sold to Rent completed last week, money in high interest and am now renting a house of a landlord instead of renting from the bank and owe zip to no one. Might piss off to the sunshine for five years and see what things are like when I come back. Quote Link to comment Share on other sites More sharing options...
Boughtin95 Posted August 8, 2007 Share Posted August 8, 2007 No debt at all. CC used for online purchases, paid off in full each month. No mortgage, house owned outright. £100k+ in savings, adding around £2k per month. Must come from not having much as a kid. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 8, 2007 Share Posted August 8, 2007 No debt at all.CC used for online purchases, paid off in full each month. No mortgage, house owned outright. £100k+ in savings, adding around £2k per month. Must come from not having much as a kid. A lot to be said in that. Quote Link to comment Share on other sites More sharing options...
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