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Additional Details
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fergalicious | Is it acceptable to be in debt if you are responsible about it? |
Like thousands of other students across the UK, I have an interest free overdraft (which I seem to be in all the time) and I also have 2 credit cards.
My credit rating seems to be good, and I have become a credit card tart - i.e. taking out a new card when the introductory promotion period ends & taking advantage of 0% balance transfer offers.
I always make my payments on time, and with 0% rates, the money I pay goes towards paying the debt I owe, and not the interest.
I am just interested in public opinion to see whether they still see this to be bad (it is still debt after all) or whether it is more acceptable in that it is managed efficiently, and I am not being hit with high interest rates/late payment fees etc. |
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Camilla the First
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Sweetheart, your are doing very well and continue like this and you will not have the problems I have with Capital One - I have just posted a question about them to Answers!
Well done you, remember most people in this country are all in debt as they have mortgages and that is a huge amount compared to what you owe. There is no shame in it at all.
I owe so much now I can't even become a credit card tart!!
XX |
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zeggy
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No I don't think it's bad at all. Sometimes the only way to live for some people is in debt. Transferring the balance is a really good way of making sure that you can actually pay off the debt rather than just the interest. As long as people only get into debt that they can afford to pay off there isn't really a problem. It gets a problem when people are struggling to make their minimum payment and have to take more debt on just to pay the ones they've already got. |
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RM
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If your debt is due to living expenses, then you could be in trouble when you finish college and lose your interest free overdraft. You will also run out of promotional credit cards fairly quickly, what will you do when that happens?
Aim to be free of debt by the time you leave college, and never run up credit card debt, even at 0% interest- the debt will spiral very quickly once the interest kicks in.
Think ahead to getting a property deposit together, buying a car, holidays etc - budgeting is a skill, and like any skill, must be practised to be perfected, so start now!
Good luck! |
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adanc3rsmom
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It is difficult to have anything in this modern world and not be in debt. Afterall, to own a home... most of us have to have a mortgage. A mortgage = debt... but it is also our home, our life's investment, and it will often help us succeed financially in the long run.
Most of us need a car to work. You have to pay for a car... and usually it is financed. Financing a car means more debt...
So, yes, I do believe it is acceptable to be in debt as long as you are responsible and pay your debt. It is the way our world goes round... |
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ssmesq
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There is good debt and bad debt. Good debt is debt that goes towards improving your life - education, home loan, that sort of thing. Bad debt is debt that goes towards having fun, having more than the next guy, etc. Many people treat a credit card as if it were extra income - that's where others get judgmental. |
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SPIFIMAN1
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To answer your question and not lecture you. Yes it is OK to be in debt as long as you are responsible and it sounds like you are doing a good job of it.
Stay on top of the 0% interest thing and you will be fine.
You are well on the way to establishing great credit. Keep up the good work. |
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andy t
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welcome to the world!
keep 1 step ahead with the 0% deals and things will be rosy just don't get carried away with it
Take care
Andy |
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Mommy of 2
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You are heading down a bad path. Dont be fooled although your introductory rate may be 0% if will eventually expire and then you will be hit with the interest for your balance.
Unless you're paying back the entire balance each month...YOU ARE STILL IN DEBT. |
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Chef dad
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It seems you are doing an excellent job of managing your finances. Keep it up. |
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Chris B
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Remember that you only have an interest free overdraft as you are a student. Start getting into the habit of staying in credit to prepare yourself when the interest free period ends otherwise you will end up in a situation which is very difficult to get out of. But, you do seem quite responsible with the debt you do have unlike many students so I'm sure you'll do fine. |
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R Stoofaloh
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Don't think it matters what others think so long as you are comfortable to be in that situation. Its your business at the end of the day... |
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Princess LovAngel
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in my opinion the best thing to do is to have no debt it just seems better that way to me |
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Dr. Deth
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If you're just making minimum payments and not reducing the debt, you're killing yourself. If you keep opening and closing accounts -this will hurt your credit rating because the credit bureaus only see that you are opening lots of accounts and you haven't held onto one card for any length of time. You're not helping yourself. Stop spending and pay off the debt. period. |
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mister.alan
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try and keep out of it the interest is better in your pocket |
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Josh
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it sounds like you are managing your debt very well, good job |
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Serge M
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Absolutely, it is acceptable to have debts. It is how you manage debts that is important. Credit, lending and borrowing is what makes the capitalist economy function so well. A great deal of business is done on trust. Individuals and businesses are able to accomplish wonderful things by means of debt, things that could not be accomplished without credit and borrowing.
Think how many people could not own their own home without the ability to borrow and repay mortgages. Look at the financial statements of any successful business and you will find that it has debts. Moreover, the people and businesses that lend the money also prosper by putting their money to work to earn interest. Credit and everything that is associated with it makes the economy liquid and prosperous.
That does not mean all debt is good. A lot of people borrow money to spend on things they consume, then find it difficult to repay the debt. Undisciplined people with credit cards get into financial difficulties because credit card issuers have made it so easy to get the cards, and they charge huge amounts of interest and penalties. They take advantage of the weaknesses of many people who start to think a credit card is free money that is always available. Only too late they realize that they have borrowed such large amounts of money that they cannot repay the debt for the rest of their lives.
Credit cards are a great convenience. If you use them correctly, you can borrow money for short periods interest free. To get this benefit, however, you also have to repay the borrowed money on time. The idea is to limit your credit card purchases to money that yo have in the bank available to pay for them, then pay the full balance and you get another month of free borrowing. |
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LEC
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Sounds like you are having fun right now. There are few people in this world who live debt free. Those who do not are so poor they can build not debt or so rich they can have no debt. The rest of us play scary games like you have started and some of us get bit in the butt and end up in big trouble. You can have fun with your credit cards as long as you keep the total number of cards you have at no more than two and as long as you could pay off the full amount owed in less than two months. You need to start saving money and try buying things when you can pay cash. We now live in a world where a good credit rating in necessary and the easiest way to do that is with a credit card. But those buggers are tricky and you will get caught one of these days in their web of deceit and trickery and wham bam they got you!! So yes, debt is acceptable as long as it is easily wiped out in a very short period. |
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Stevie
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devt is horrid - i didnt even take a loan out in my university days - i worked hard and paid for it myself cos i hate being in devt and thankfully i NEVER have been |
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