Debt pronWatching TV the other day we caught one of these "Bank of Mummy or the Wife" type shows and we thought, "This is Debt Pron." I.e. peoples financial problems exploited for the voyeuristic pleasure of others. Then we thought, "We bet lots of people on B3ta have massive financial problems. Let's exploit them." So, confess them all. Dodgy credit cards, lending money to some bloke in the pub, visits from the bailiffs, using one card to pay off another. We want to wallow in your fiscal pain. So, what is your biggest money fuck up?
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rob, Thu 23 Nov 2006, 19:50)
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Agreeingwith the people before me.
We're not looking for smug twats to say how they've never had a moments debt thanks to the bank of mom & dad. I've been bloody fortunate to receive limited assistance from my parents.
Debt doesn't happen because you "overspend" on frills. It's not buying a new tv that does it, it's losing your job and realising that housing assistance never quite covers your rent, and that you have to choose between eating & washing your clothes.
My debt was self inflicted, but I'm living with it. I got into debt because of a choice I made to pursue a career. my objection is to those who I am in debt to being arrogant, condascending & ruthless in their endeavour to strip me of any chance of living a life where debt doesn't keep me awake at night.
If the banks, credit companies and loan arrangers were being regulated as they should be, then the stigma and fear associated with debt wouldn't drive people to suicide. When a bank or company can ring you 5 times a day to harass a underpaid, overworked person into paying "just a little bit more" than they can afford, then the system is not working.
My advice to those in debt
1 - Statement of Affairs - work out your incoming & outgoing
2 - Write to your creditors, detailing the issue and offering to make token payments until things improve. They won't always accept this, but you've made the effort and this will help in the future. (at least that's what I did)
3 - Do not pay anyone to manage your debt. The Consumer Credit Counselling Service do it for free, and know what they're doing.
4 - Realise that what the creditors tell you isn't always the truth. (Shock) They'll tell you they'll send the bailiffs around, that they'll take you to court and you'll be kicked out of your house. This is bullshit. They can't send the bailiffs around, and they probably won't take you to court as invariably the money you're going to end up paying them is LESS than what you offered initially. PLUS the debt often gets reduced and it costs them money to pursue the case.
Most of all, try not to panic. I've been in your situation and I'm surviving. Creditors rule by fear and they enjoy making your afraid.
(, Mon 27 Nov 2006, 12:19, Reply)
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