Credit card debt.

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I don't but I've read the average is 16k of credit/ store card debt. It's the repossessions that are forcing house prices down.
 
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joe-90 said:
I've read the average is 16k of credit/ store card debt..
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ya because they like to think their better off than their Neighbours in their new car and cloths etc.
i got a pair of w*****s like that next door trouble is a mines paid for so i like to see them stuggle now
laughing-019.gif

anyone who buys things on a card and wants to pay double for it in interest is a w*****r.
 
trazor said:
blondini said:
joe-90 said:
Did you know the bank can make you sell your house to pay off an unsecured loan?
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No, because they can't.
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Err, yes they can, and have always been able to do so.
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correct me if i am wrong they cannot make you sell your house

but they can put a "charge against the house"
which means you cant sell till its cleared

i personaly think this practice is underhand if they want to secure a loan in this underhand method they should apply the lower interest rates that secured loans attract :rolleyes:

and before you ask i dont have any loans or credit cards and own my own house
 
Here's how it works...

You owe credit card company £5,000
You get behind or stop paying
They get stroppy and send letters, phone you

You ignore it (not good idea, better at this stage to inform them you are in trouble and offer £x a month)

They then have to take you to court.

You go to court.

Judge listens to you and to them and decides how much you can afford to pay them per month to start paying off the debt (no minimum as depends on your circumstances and can be £1 a week for 50 years). Called a County Court Judgement.

As long as you do what the judge has agreed then all is well.

If you do not follow through then the judge can give permisiion for bailiffs to go in or ask for your house to be sold.

I belive that only a judge can do either of these things. Credit card companies do not reposess houses - judges have to give these instructions.

Please do not take my word on any of the above - research it on the web if it is something that affects you.
 
nice to know im below average. :LOL:

total amount owed on credit cards.....nil! :LOL: Learnt my lesson a long time ago
 
Thermo said:
total amount owed on credit cards.....nil! :LOL: Learnt my lesson a long time ago
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same here big'T'.

i have never used a credit card.

everything i own is paid for except the mortgage. :( at least i haven't added to it though like a lot of folk.
 
me neither. makes life a little less tense at the moment!
 
Credit cards are te Devils work :evil: :evil:

As with others, learned my lesson with those pesky things in my mid twenties.......... now, if I can't afford it, I don't get it. If I want it, I save for it. Sucks sometimes, but that's life :)
 
I wish I could say that I don't understand how it happens, but unfortunately I do. It's so easy to use a credit card pretty much everywhere that there are expensive things available. Combine that with the fact that credit card companies love to just increase your limit all the time, and the fact that plastic cards don't feel like real money.

People like plasma screens, expensive holidays, fun nights out and other assorted toys/gadgets/nice-to-haves. Whilst there is a means to buy them, they will buy them whether they can afford them or not.

People are generally unwise yet they can do all sorts of things. Breed, vote, and they can even get a credit card.
 
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