Debt Bubble

[Andy]

In the western world, it seems we are all in serious debt. Everybody is borrowing on credit cards and extracting equity from their property. We don't invest this money but spend it on consumable items such as cars, cds and drink.

The governments are also borrowing heavily. Will this money ever be paid back, will we be able to borrow more and more forever or will the bubble burst?

[SensoVision]

I'm avoiding debts by all means, at least those which I couldn't pay in one year or less, and was alway a bit shocked on how people so easily use credit cards which give them high interest loans(hope I've used correct term, I mean that someone who borrow money will need to pay much more in future)

[12noon]

I do have credit cards and use them, but i'm not that much in debt with them. My biggest debt is my mortgage. The good thing about my mortgage though is that the price of houses has sky rocketed over the last few years and if i sold my house i'd make more than it cost me.
 

Did anyone read about that man who killed his self because he had managed to get about 19 credit cards and loans and just to pay the minimum on them per month was more money than his wage.

I think you should be limited to a maximum of 3 credit cards and the credit you can have should be checked to make sure you are able to pay it back. I also don't like the way that credit card firms up your limit every year.

I've got one credit card that started off 3 years ago with a limit of £1000 and now if i max it out i could spend £4700 with it. That's way too much money for me to try and pay back and can you imagine how much i would pay back if i was just paying the minimum each month !

I'd just like to point out that i'm not in debt. Only my mortgage and a tiny little bit owed on credit cards for somethings i've bought over the internet the over the last month.

[Hope]

I have one loan for my truck and 3 credit cards. I have had to call the credit card companies to request they stop increasing the credit limit. I have a total of $3K credit available on all my cards. I don't want more. I know that I could pay that amount off if I maxed out the cards. I feel safe with that amount. I have one that is only $500. This one is for my online purchases. The other two are for emergencies. That is all I need.


My exhusband put us in debt with credit cards. It was over $20K. He had to file bankruptcy becaues he couldn't afford to pay it off. I couldn't believe he did that. Unfortunately there are way too many people taking this option. Then they wonder why interest rates are so high.

[susieq]

I have no loans (now) and only one mastercard......I learnt a lot earlier on the piece.....
I had a husband who didn't believe in cards, only to pay in cash....
Since divorce a while ago, afforded myself the only card I've ever had

[Promopens]

yeah trillions of debt and thousands of debt consolidation companies for help

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