is credit to easy to obtain?

I think alot of the debt is from "Jones - ing", you know, getting the latset of whatever, to keep up withthe joneses. I used to nitce that at work girls come in wanting a $10,000 ring for an engagement ring, like mums, but mum was given hers for their 25trh wedding anniversary, not straight up!. I think alot of people are "right now" people, instead of getting what they can afford, which may not be the biggest or flashest, they get the biggest and flashest... A great example of that, when I was doing my training, there was another trainee manager there who was going for a mortgage with her DF and they FUDGED big time about income, bonuses etc so they could get a mortgage in a flash house in a flash area, and she was happy to admit if one of them lost their job or got sick, they were stuck big time... no babies fo rthem for 10 years either. Why not start off in something smaller, then keeo trading up when you can afford it?   I'm not the best example, I'm happy to admit I'm a terrible spender, luckily, Rod reins me in.. He is, um, "careful"..

Or "no interest for 12 months" but then if you don't pay it off within the twelve months you get whacked at about 24%

Interesting thread again Annie

Watching the Muliaga family story on Sunday last night it was interesting to note that they had loans from 3 (i think) different loan "shark" companies and at some places were paying up to 30%!!!! interest!!! How are you supposed to get out of that kind of debt? Scary.

I am lucky to also have a ahem "careful" hubby that reins me in, especially now that we are paying off a mortgage! We have HPed once but it was on a 12month no interest plan and we KNEW that we would have it paid off before the 12 months were up (and did ). I think that this is the only kind of hP I would do.

edited to change LICKY to LUCKY heheheheeh

Edited by newmum

Neither of our parents have learnt yet how to deal with their money. DH's folks spend everything they have, and more, and my folks save so tightly that the kids only ever eat porridge for breakfast because it is apparently the cheapest of all the breakfast choices But then the "savings" all go onto home renovations etc.

So DH and I have had to learn how to manage our money very carefully because both our parents still have a lot of mortgage left to pay off and no savings to speak of, and if we fall flat on our faces there'll be no one to pick us up! It has been a gripe of mine for some time because I think parents should help out their kids and buy cool things for their grandkids... but in our case neither of those happen.

busymum wrote: So DH and I have had to learn how to manage our money very carefully because both our parents still have a lot of mortgage left to pay off and no savings to speak of, and if we fall flat on our faces there'll be no one to pick us up! It has been a gripe of mine for some time because I think parents should help out their kids and buy cool things for their grandkids... but in our case neither of those happen.

Except ew have never lernt to manager our money,but yeah neither of our parent's get cool stuff for the kid's very often.  My FIL is just a tight A@@ tho and my parents' do waht they can which is not alot so I totally agree parent's shoould be planning better to help their kid's out a little more.