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Distaste for scouse said:
Most of the population are living in sin with their flexible friends. I binned off my credit cards years ago as the debt was stressing me out.

But I know a lot of people with tena of thousands of debt who literally give zero fucks.

It's not for me
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Yeah in a different life I worked in financial services.
Never ceased to be amazed by the amount of credit card debt people were willing to run up.

I guess there’s that and like Rocket Rocket mentioned a lot of people who are living at home rent free with great disposable income.

Couldn’t wait to leave home at 18. Small bedroom, 1x bathroom, grandparent living with us.

My son on the other hand is in no rush to go anywhere. Huge bedroom, own bathroom, crazy super fast broadband, no bills.
He’s living the dream!
 
WillWilliams said:
Yeah in a different life I worked in financial services.
Never ceased to be amazed by the amount of credit card debt people were willing to run up.

I guess there’s that and like Rocket Rocket mentioned a lot of people who are living at home rent free with great disposable income.

Couldn’t wait to leave home at 18. Small bedroom, 1x bathroom, grandparent living with us.

My son on the other hand is in no rush to go anywhere. Huge bedroom, own bathroom, crazy super fast broadband, no bills.
He’s living the dream!
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Better for him to live at home and start saving some scratch than getting caught in the rent black hole.

If you can encourage him to save that is!
 
Distaste for scouse said:
Better for him to live at home and start saving some scratch than getting caught in the rent black hole.

If you can encourage him to save that is!
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Yeah 100%. He’s building up a good investment pot.

I really don’t want him paying the better part of a grand towards someone’s retirement fund if he goes in a house share. !

He’s got no hope of a council house or similar. And 1 bed flat around here is £1200-1400 a month now. Mental really.
 
Coys1955 said:
If used sensibly credit cards can be useful and offer more protection than using cash or a debit card, but I agree that if you can't pay it off every month don't get one. Interest rates are usually insane anyway.

The only exception is interest-free sign-up deals where you can stick a big purchase on the card and then setup a direct debit to pay it off before the deal expires. I did that with a massive (£,6000!) dental bill last year. I could have withdrawn funds from savings, but decided to let NatWest loan me the money interest-free instead. Once the deal expires that card goes in the shredder.
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Pay all your payments direct from your Bank account and you either have to have lots of money in your current account, keep a close eye on your spending to ensure you do not go overdrawn or end up going overdrawn/over limit and paying penalty fees. Put it on your credit card and pay it off each month and it is easier to avoid any penalty fees.
 
Distaste for scouse said:
Most of the population are living in sin with their flexible friends. I binned off my credit cards years ago as the debt was stressing me out.

But I know a lot of people with tena of thousands of debt who literally give zero fucks.

It's not for me
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I try to almost exclusively use credit cards.

I put as much of my monthly spending on that and then clear it off when I get paid. The idea being: 1. no one can scam my current account if I block the cards and access to it, 2. that I'm far less liable to any scams I get exposed to using it, and 3. I get better visibility of what I'm spending each month. I also get something 0.5% back each year, which tends to work out at 100 if I've hit some extra promotions.
As an approximate idea, it's "normal" for me to have about £1k on it each month. Before COVID that would be more like £400, but cost of living, and now having a house that's an on-going project has change it.

Before I did that I'd fall into a habit of spending "whatever was left" each month like it was burning a hole in my pocket. Of course there's a lot of discipline involved, but I don't think you can really avoid credit facilities these days. I have a camera that is on the 'very pay' thing because it was 20% off and 0% interest if I pay within a year. I think I'm about half way through that 2-3 months in. Could have bought it outright but it was easily £100 cheaper this way and I guess it seems more palatable when you go "sissoko for £5m per year over 6 years" than "£30m for that!" when you actually could do with the thing you're buying.

as an aside, as I use amex if you do buy something big they let you convert it to instalments really easily, so that has been another good use.
 
WillWilliams said:
It’s mental.

I looked at Gorillaz tickets recentky. Figured it would be a £400- 500 day/night out for two of us

I don’t get it. As according to the IFS people earning £1100 a week are doing very well. After tax.
They are in the top 10% of earners.

So who the hell is spending their money on concerts? As there is no fucking way I'm paying £500 to watch some cartoons play some music.

Who is buying these tickets in a supposed cost of living crisis? Something doesn’t add up.
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I'd pay that for Radiohead if anyone has any spare tickets??
 
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