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How much debt you in ?



Doonhamer7

Well-known member
Jun 17, 2016
1,453
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

Not an NSC licker...
Jul 11, 2003
2,276
Horsham
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

Well-known member
Jul 8, 2003
2,512
Crawley








Insel affe

HellBilly
Feb 23, 2009
24,330
Brighton factually.....
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

“Vorsprung durch Technik”
NSC Patron
Oct 20, 2022
6,909
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

Dangerous Idiot
Jun 21, 2012
20,656
Born In Shoreham
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

Habitual User
Oct 18, 2006
25,495
Worthing
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

Mon nez est retiré.
May 7, 2017
4,188
Eastbourne
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...
 






Colonel Mustard

Well-known member
Jun 18, 2023
2,240
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

Brain dead MUG SHEEP
Jul 5, 2003
62,400
Location Location
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.
 






FamilyGuy

Well-known member
Jul 8, 2003
2,512
Crawley
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-known member
Jan 23, 2013
964
Hampshire
Screenshot_20231125_155953_edit_1338079749952687.jpg


Well placed ad from a perceived bargain brand?
 








Moshe Gariani

Well-known member
Mar 10, 2005
12,192
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..!! :ROFLMAO:
 


lasvegan

Well-known member
Jan 30, 2009
2,199
Sin City
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
 


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