How much debt you in ?

[Doonhamer7]

Bought up with Scottish presbyterian culture - save hard, save early and if you can’t afford it don’t buy i. So apart from 1st ever car / student debt, I’ve only borrowed twice (0% tv and 0% sofa). Wife thinks I was stingy but now we’re able to retire earlier than planned (looking at going at 58) so it was worth it.

We do have Amex BA Platinum card and nearly everything goes on it and it’s paid off every month - free flights and the amazing free companion ticket.

at work we’ve had a series of financial mgt briefings from an external organisation - this week was on good debt (mortgage) vs bad debt (credit cards, short term loans). they now say that a lot of companies do a credit check on applications before interview (using Experian etc), it used to be only on those in Finance / Legal sectors but is now spreading into many other sectors. If you have a poor score you may get cut out of selection. I suppose it’s no different to the social media check that is done

 

[Papak]

The amex one does (think it’s £250 a year or something like that but very easily worth it for the Avios/companion voucher - it’s the ‘Premium Plus‘ card - the basic card is free but the bonuses are less), not the Hilton card though

The standard BA Amex is fee free and you earn Avios and can qualify for the companion ticket - I have qualified the past 2 years now (£12K spend per year) but I'm too tight to go anywhere

Debt wise - nothing but I am very careful and fully research purchases and often don't actually bother to commit to the spend after all.

Covid times have been kind to me - a few promotions at work plus not spending on commuting and holidays etc. have boosted my net worth to the point where I was able to buy my dream car last year in cash (not new but a (hopefully) appreciating classic.

Mortgage is huge but the equity in my properties is several multiples more so overall I'm in a good place - sorry about that @Kosh

 

[FamilyGuy]

What he said.

What he said too.

 

[Questions]

What he said too.

What he said too

 

[Questions]

I started out with nothing, but I still got most of it left…..
I love that saying. It applies to me really.

 

[Insel affe]

I started out with nothing, but I still got most of it left…..
I love that saying. It applies to me really.

I like what my gran used to say…

there’s no pockets in shrouds, good job really because I’ve got nothing to put in them anyway.

pretty much like me, I don’t owe owt, I earn it, spend it, can’t really save it, not rich, not poor, just happy tootling along.

 

[Zeberdi]

God this thread is chock full of considerably richer than yowww ‘executive’ suite dicks…

In my experience people struggling along and carrying a bit of interest related debt tend to be FAR more likeable… not sure why that is… ? maybe its about living in the real world, not one inhabited by thoroughly unlikable rich people with sodding property portfolios.

… politics of envy?

 

[Justice]

Bought up with Scottish presbyterian culture - save hard, save early and if you can’t afford it don’t buy i. So apart from 1st ever car / student debt, I’ve only borrowed twice (0% tv and 0% sofa). Wife thinks I was stingy but now we’re able to retire earlier than planned (looking at going at 58) so it was worth it.

We do have Amex BA Platinum card and nearly everything goes on it and it’s paid off every month - free flights and the amazing free companion ticket.

at work we’ve had a series of financial mgt briefings from an external organisation - this week was on good debt (mortgage) vs bad debt (credit cards, short term loans). they now say that a lot of companies do a credit check on applications before interview (using Experian etc), it used to be only on those in Finance / Legal sectors but is now spreading into many other sectors. If you have a poor score you may get cut out of selection. I suppose it’s no different to the social media check that is done

I am so glad I’m self employed. Employers really do think they are playing god these days from the snippets I read occasionally.

 

[Questions]

God this thread is chock full of considerably richer than yowww ‘executive’ suite dicks…

In my experience people struggling along and carrying a bit of interest related debt tend to be FAR more likeable… not sure why that is… ? maybe its about living in the real world, not one inhabited by thoroughly unlikable rich people with sodding property portfolios.

I firmly believe, when the end comes and it’ll be soon… it’s the ones who ‘had’ debt who’ll be laughing loudest whilst the rich people futilely stuff cash into luggage cases whilst genuinely expecting it to be of of any use whatsoever

I’m both rich and poor.

 

[Knocky's Nose]

God this thread is chock full of considerably richer than yowww ‘executive’ suite dicks…

In my experience people struggling along and carrying a bit of interest related debt tend to be FAR more likeable… not sure why that is… ? maybe its about living in the real world, not one inhabited by thoroughly unlikable rich people with sodding property portfolios.

I firmly believe, when the end comes and it’ll be soon… it’s the ones who ‘had’ debt who’ll be laughing loudest whilst the rich people futilely stuff cash into luggage cases whilst genuinely expecting it to be of of any use whatsoever

They won't let the debt go, they'll just restructure it.

The 1% will remain the 1%. Always have, always will...

 

[lasvegan]

Absolutely zero (due to Biden not giving huge tax breaks to the rich)

Are you living off government subsidies then?

 

[Colonel Mustard]

God this thread is chock full of considerably richer than yowww ‘executive’ suite dicks…

In my experience people struggling along and carrying a bit of interest related debt tend to be FAR more likeable… not sure why that is… ? maybe its about living in the real world, not one inhabited by thoroughly unlikable rich people with sodding property portfolios.

I firmly believe, when the end comes and it’ll be soon… it’s the ones who ‘had’ debt who’ll be laughing loudest whilst the rich people futilely stuff cash into luggage cases whilst genuinely expecting it to be of of any use whatsoever

Thanks @Kosh, that gave me a good laugh. I suppose we’d struggle to find common ground on what 'likeable' means. But you’ve reminded me that I once felt like you do. For a long time I was poor. I didn’t even earn the national average salary until I was 40. Then things turned up. I hope you find a similar path, even if it’s at the expense of being likeable.

 

[Easy 10]

My credit card balance just went to £300+ because the doris wanted a half-decent hotel in Nottingham for a couple of nights this weekend. I'd have gone Travelodge, but she wasn't having it. On the upside, our 3 year interest-free sofa-suit HP ended a couple of months ago, so I thought why not.

The flipside is that while I'm at the game, she'll be doing some retail therapy so I'll end up paying one way or the other.

 

[HastingsSeagull]

Nothing, with mortgage paid off, but feck all savings these days sadly. Always something that eats them when they start to build.

 

[FamilyGuy]

God this thread is chock full of considerably richer than yowww ‘executive’ suite dicks…

In my experience people struggling along and carrying a bit of interest related debt tend to be FAR more likeable… not sure why that is… ? maybe its about living in the real world, not one inhabited by thoroughly unlikable rich people with sodding property portfolios.

I firmly believe, when the end comes and it’ll be soon… it’s the ones who ‘had’ debt who’ll be laughing loudest whilst the rich people futilely stuff cash into luggage cases whilst genuinely expecting it to be of of any use whatsoever

You’re right. As the eldest of six kids to hard working underpaid parents im sure I was was much more likeable when they (and then I) were in debt.
Unfortunately both my parents worked hard and so did I to get out of debt, which apparently made us less likeable. Luckily I avoided having a property portfolio but am still able to live in the real world, or who knows how unlikeable I would become.
Now I just waste my money by helping to make sure that my two hard working daughters and four grandchildren stay out of debt as much as possible, and so stay unlikeable too.

 

[ElectricNaz]

Well placed ad from a perceived bargain brand?

 

[Albion my Albion]

Are you living off government subsidies then?

I wouldn't call it "living off" because I would survive without them but I do get some government subsidies.

 

[lasvegan]

I wouldn't call it "living off" because I would survive without them but I do get some government subsidies.

Fair enough.

 

[Moshe Gariani]

You’re right. As the eldest of six kids to hard working underpaid parents im sure I was was much more likeable when they (and then I) were in debt.
Unfortunately both my parents worked hard and so did I to get out of debt, which apparently made us less likeable. Luckily I avoided having a property portfolio but am still able to live in the real world, or who knows how unlikeable I would become.
Now I just waste my money by helping to make sure that my two hard working daughters and four grandchildren stay out of debt as much as possible, and so stay unlikeable too.

You're doing a great job..!!

 

[lasvegan]

A lot depends on what stage of life you’re currently at. When I was 20 and newly married we had no debt, but also didn’t have a pot to piss in. Roll on 17 years and we have 2 kids, had borrowed money for a house down payment and were quite heavily in credit card debt. Eating rice and beans. Work opportunity arises in Las Vegas, so we rent out our house in Southern California and borrow more money for a down payment for another house in Las Vegas. Work starts to go well so we sell house in So Cal and buy 2 more rentals in LV to avoid capital gains tax. Early 2000’s is a big boom in the LV construction industry and we do really well. Late 2000’s the big recession hits, but we manage to hang on, a lot of my friends didn’t. Now we have property that is debt free and an okay savings account. I count myself lucky, it could have just as easily gone all tits up.

So if there is any advice for the youngsters out there, don’t despair because better times are around the corner. Credit cards are good as long as you pay them off each month, take advantage of the benefits. Mortgages are good, as long as you are also paying down the principal. It’s okay to take risks, learn from your failures. Don’t vote Labor. Don’t get divorced.

God bless the USA.

UTA