Are you struggling with debt?
@soulsister_16 (738)
Switzerland
September 18, 2007 1:18pm CST
Why are record numbers seeking advice on the issue?
The number of people seeking advice on how to meet their debts has hit record levels, the Citizens Advice Bureau (CAB) has warned.
CAB said the figures illustrated how the consumer credit boom of the past decade - characterised by an easy availability of cheap credit and by people taking on more and more debt - had turned sour for many.
Bankruptcy-related enquiries rose 50% last year, while the number of people requiring help with their overdrafts rose 14%. Mortgage-related enquiries rose by 11%.
Have you had to seek advice over debt? Have you had problems with your mortgage? Why are so many in trouble? Is debt necessarily a bad thing?
1 person likes this
3 responses
@candiec2005 (828)
• United States
18 Sep 07
I'm not strugling with debt. I manage to make all of my payments on time, thank god. I also live by one rule: I don't live above my means. A lot of people who get into debt make this mistake.
1 person likes this
@soulsister_16 (738)
• Switzerland
18 Sep 07
I agree with you. Perhaps that is the golden rule to avoiding debts. It is easier to prevent debts, by being level-headed about purchases and spendings, than getting your way out of a web of debts. I have a tendency of saving up a certain amount of money only to splurge it on something really expensive, unplanned and on impulse. But I am doing something about it now. Don't wanna go into debt.
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@ninsensei (232)
•
18 Sep 07
I'm not really in debt yet. I have a year's worth of student loan to worry about but now that I'm back in education that should be 'frozen' again. I'm not overly worried about being in debt when I graduate because it's a cliched 'good' debt. Plenty of people have been through the same thing and managed to cope.
Naturally it's going to affect my life greatly once I have to start repaying, I won't really feel comfortable with taking a loan or mortgage if I'm already in debt, but I cxan comfort myself knowing that I'm not in debt for frivolous reasons and that hopefully I'll get through it.
@soulsister_16 (738)
• Switzerland
18 Sep 07
I agree with you. For instance, a student who attends university at 18 will have to repay his/her student loans well into his/her 30s. That doesn't feel good, I know, but at least it's some sort of a 'good' debt like you've said. Besides, the fact that you were able or will be able to get a degree and be qualified for a financially rewarding job means that although you have to repay such an enormous amount of money, you would have the means to pay for it.
Education will always be a good investment even if you have to apply for a student loan.
@shekharvats9 (160)
•
18 Sep 07
not exactly struggling with debt . but just have been managing to survive. i have been giving the maximum time to these paid sites still i am not getting the right amount which i should get after all these posts. i think i deserve much more than what i am getting. if any one can help me before i go in debt
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