Resolved Question

A simple Q. Why be in debt ?

I am no financial wizard, but as my Dad said, bless him, do not lend or borrow money.

I do not owe anything, in money terms, to anyone, nor do I have anyone owing me.

I sleep peacefully.

So I cannot really understand why folks rack up £1000's of debt, then seek advice.

I am far from wealthy, so just spend what I have to the best advantage for the family.

I suppose that I could go out & charge up credit cards beyond my means, no problem, so why do some do this ?

Bob

Best Answer - Chosen by Asker

I could not agree more with you Bob. How wise our Fathers were. My dad told me that if you go on the market and want a cup of tea and you did not have (sixpence) old money you did not have a cup of tea. If you apply this to every thing you will never be in debt. God bless my Dad

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Other Answers (7)

• I agree with your dad. I never borrow money but there are circumstances when you may have to lend a hand. There are many reasons people are in debt, especially these days. Be happy that you have a dad to rely on. Some people aren't as lucky. Many people are losing jobs, houses and still have to feed their family. If t's a choice between letting a child starve or charging the food, I believe that all mothers would choose to charge.
• I'm with you Bob... I think people go into credit card debt because they want what they want. They feel that they are entitled to a better lifestyle, so they spend what they don't have.
  
  I live within my means too. I have some student loans, but only what is needed to cover what my grants don't in tuition (I never take out extra). I have no credit card debt and I never have. If I don't have the cash for it, then I don't get it.
• Unemployment,Ill health,Marriage breakdowns can lead to debt,and they can happen to the financial savvy !
  But there is a lot of folk who can't differate between a 'want' and a 'need'. And these are the ones that banks/loan sharks/credit providers love. Coupled with the bombardment of advertisers,who tell us our lives would be made better if only we buy their product.
  I think schools should include finances management lessons.
• i agree. saving up for things has gone out of fashion. the thing is, they see all these young celebrities who have everything and think "i want some of that!" they dont want to wait a week, they want in right now, doing without is an alien concept. me and my husband have never had a debt, we have always paid upfront. cut your coat to your cloth, as my mum used to say.
• The only debt I have is a mortgage, which most people have. But I don't have credit card/loan debts. I don't go out buy the "latest" thing.
• They accrue debt because they cannot differentiate between need and want.
• My single large debt is my mortgage. Almost everyone who wants their own house will need to borrow money to do so.