Shings

Just about to cancel my first ever credit card- had it for 6mths and just started paying interest- grand total of £3.43.

Got a new one coming from Barclaycard with 12mths 0% interest... that'll do for this winters track days with plenty of time to pay it off without incurring interest.

I think they're important for emergencies but other than that are too easy to get hold of.

danneth

im in the same boat ours ended a few months ago, couldn't get anything decent in the end was told to stick it out with northern rock for a year and see how it goes, so payments went up straight away from £780 to around 1k a month

Westy

iTrader: (1)

Ive just come off of a 3 year fixed morgage... looking at an extra 20 quid a month so not all that bad! thats reducing the term of borrowing too...

try C&G or Nationwide.. both have been good for me.

dvid

But in Lehman's terms what does all this actually mean for the end user, because at the moment I am struggling to see what all the fuss is about. This may be a little niave, but things haven't changed for me so far, all I have to worry about is remorgaging in May 09 and the unlikely chance of me losing my job...

jaimesdna

iTrader: (3)

thats about the same as ours, but the deal we have is interest only morgage. nationwide will give us a full repayment morgage for about the same price as northern rock are on interest only. its just the problem of the value of the house as they will only lend us 90% so will have to find the rest somwhere else

ronf42

iTrader: (2)

For years it has been too easy to get credit, wether it be loans, credit cards of car finance. Maybe new drivers will buy a £500 bomber to run about in than a brand new corsa

as355f1

Basically it will mean is the cost of things for example bread and milk will cost you about a tenner but you wages will stay the same, the pound will have the same value as a Ugandan dollar !

PhilM

And my credit card just had the limit put up today too

Don't use it much though, just one transaction a month for ~£600, paid off in full each month.
Only reason I put it on there rather than my debit card is I can sit on it for a week or two until payday (goes out 15th, payday is 30th), and also have it to help build a bit of a credit rating, which I reckon is about to become a lot more important!

Rick

I use mine to maintain a credit rating, and paying for hotels/meals/travel which are then paid back as expenses.

Ginge !

rick if it gets real bad ill have to actually send you my bank account details........ before they close the banks pmsl

dave_y

iTrader: (4)

aka stoozing borrow at 0% and save at 4%+ etc

stevenebm

iTrader: (6)

im glad i dont have one.i would max it for sure

Rick

Yes Ginge u will!

RWD_cossie_wil

iTrader: (9)

Looks like I made the right choice buying a motorbike and Escort cossie instead of a house .

I had a feeling things were going to go pop, 12 months ago the prices of houses were fucking ridiculous, and people were out-bidding the asking price just to get on the ladder ..... I thought I would wait a bit and see what happened, glad I did now, a LOT of people will be right in the shit .

As soon as fuel prices went sky high, that was the indication to me that things were going to go tits as people were already paying huge mortgages off at the very limit of thier budget, I think (in my very limited view ) that is what really started the ball rolling.....

rs-tuner

iTrader: (1)

they put the limit up on mine by another £1000 today. with all the problems you would think they would want to hold on to there cash.

st3v3

i got a £10,000 limit on mine at the min,god knows what would happen if the missus got hold of it .

Only owe a couple of quid on it,but have been tempted in the past,fortunately ive got willpower.

Psycho Warren

iTrader: (5)

so other than prices going up what does this mean?? fuel shortages??? power cuts??? dead bodies rotting in the street???

so is it basically a role reversal the third world countries become better off than us first world ones??

what we looking at?? mass unemployment?? mass repossessions of everyones homes and property to pay back the debt??

if this is a world wide depression then surely the world cant stop??

so how bad can it REALLY get for average joe then??? Theres a lot of business/industrys that are essential to keep the country functioning so they cant go bust!! people still need food/clothes etc so cant see unemployment hitting more than 30-40%.

Unless you mean that the UK will cease functioning and descend into civil war/annarchy???

Rab

I think the biggest worry for the folk in finance is that they won't be making heaps of money any more, hence, it's the end of their world....

Psycho Warren

iTrader: (5)

so will china buy all our bad mortgage debts and kick everyone on the streets then rent everything back at rip off rent prices??

so what actually happens if a bank goes bust with no bail out?? if no one is prepared to buy the debt then does that mean everyone with a mortgage loses thier house to the recievers????

Chip

iTrader: (3)

No, you cant lose your house like that, mortgages cant be revoked as far as im aware unless you miss a payment, rates can be put sky high though if you arent on a tracker and are on normal variable.

Bullett

iTrader: (2)

i tell you what will happen. there will be a hell of alot more crime! thefts are due to rise massively due to people struggling to pay things.

the whole word imo is turning to a shit hole.

FletchCossie

iTrader: (4)

I wonder how much Children In Need will make this year

Sorry, but the UK are always asked to "Give generously" to charities, especially to 3rd world countries and now look at the shit we're in! Who's gonna setup a charity to help us out? "Only £3 a week will help a chav get his smack fix"

Ive got my first credit card in 10 years and I pay off what ever balance the day the bill comes through the post. I would rather an empty credit card for emergencies than cash sitting in a bank without a cash machine nearby or one that charges.

Greg Shepherd

looks like i could be even more fucked financially than i allready am then i owe just over 15k on 3 c/cards

fuzzy

sign your house over to your missus. go bankrupt.or an IVA. fook the banks.

fuzzy

so what will the banks do with all the repos? if no one will buy them there worth almost fook all.

gus

iTrader: (1)

i have said about getting a credit card for years to pay for diesel for work, just so i can build a credit rating

as i pay cash for everything

i applied for one and the limit they gave me was 300 quid so i didnt bother with it

Rab

Most start like that. If you use it, next time you check your limit is about 3k

geoffxr4

it's worse than i thought, went into halifax earlier to pay my cheques in. You can only get 3 on a receipt slip and i had 6 cheques to go in. She said to me is it ok if i put the second lot on the back of the 1st receipt slip?

I looked at her bit confused

She said we're trying to save paper...

Greg Shepherd

what house i live with parents

Westy

iTrader: (1)

15k on credit cards and you live at home with parents... jesus Gregg, where has it all gone Car? holidays?.... that mental!

Psycho Warren

iTrader: (5)

greg are you meeting the minimum payments?? if your meeting the payments you wont have an issue unless the interest goes sky high!!

AGAR-COSWORTH

I got my first credit card about a year ago, took me ages to find a company who was willing to give me one. Even back then it seemed that companies were beggining to watch who they were borrowing to. I can only imagine it will get worse now.

Im just glad i got one when i was able to, very useful for buying things online and when i want extra protection on my purchases - i always pay my bills on time so its not so much of a worry to me.

fuzzy

coke or smack habit?
interest rates dropped .5% so that should drop the payments a bit.

Nick D

I wish Dubai was getting cheaper property wise Lee. It's still 'pull your pants down and make you anally sore' expensive!

Who cares though when you have a pool

When you coming out then?