Look, it's quite simple...
4 words:
"Live within your means."

Then you won't get into so much debt. Britain is heading for a financial crisis because Labour's economy is based entirely on consumer debt, and nothing is being ploughed back into the economy in the shape of investment.

When the bubble bursts, and it will given that interest rates, unemployment and inflation are all rising at the same time, and fast, all you lot who owe thousands are *really* going to be screwed.

The thing is, it's not hard to live a relatively debt-free life. Here's a few blindingly obvious guidelines for you all.

1. Do not spend more than you earn. Ever.
2. Never borrow more than you can afford to pay back, should it all go tits up.
3. If you want something expensive, *save up for it*
4. Get one credit card only. Pay it off in full every month. Only use it for the purchase protection benefits, and don't spend more on it each month than you can afford to clear.
5. Don't buy a new car. If you do you are an idiot. It loses more than half its value in 2 years. Let some other mug suffer that loss and buy a car at least 2 years old.
6. You do not need a huge flat screen TV. Your CRT recieves and displays television perfectly well. You do not need a PS3 or an XBOX 360. You don't need a new mobile phone. Technology never gets more expensive, and early adopters pay well over the odds compared with those who waited a year or two.
7. If you live in London, buy a motorbike or scooter and commute on it instead of using public transport. It will cost you less each year to own than one month's travel card. If you are close enough to work then walk or cycle. It will cost you almost nothing.
8. Put as much money as possible into paying off your debt each month.
9. For those with student loans, even if you could defer payments, don't. Start paying it off as soon as you get a job. It might be index linked and basically free credit, but the company fuck things up on a staggeringly regular basis and will royally shaft you for their mistakes. Avoid the hassle and sudden shock of having to pay them 2 year's payments on one day by not deferring.
10. Buy property. Get a mortgage and buy somewhere. And if you only need a 1 bedroom flat, only buy a 1 bedroom flat. If you rent you'll pay dead money and landlords steal from and con their tenants all the time. Get a mortgage and within a year your home will be worth more than you owe the bank.
(The Queen, Fri 24 Nov 2006, 14:30, Reply)