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How much debt?

 
#1 How much debt?
06/03/2007 12:48

Jim

I have been wondering recently - how much debt should a person with my profile have?

I see that much of our London life revolves around debt - and I have been keeping my on the lowdown for now. I am 24, been working two years and on 40k. Good job, no mortgage, no student loans, existing debt is under 100quid.

I could, easily, increase my lifestyle well being, with just a few swipes of the card. But, do i want to ? is it bad? or normal to have debt?

how much debt do you have? Can i live with 12k of debt at my age or is it better not to?

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#2 RE: How much debt?
06/03/2007 13:59

Lucky you to Jim (#1)

There is no 'should' about it. People tolerate individual levels of debt. You are unusual at your age / career stage in London to not have any debt. Most people have a student loan at least. Personally I am at a similar stage and have student loan + another loan on top and manage.

You've done very well to keep out of debt, so well done, it must have taken some discipline. I'm sure you'll have a mortgage at some point soon to think about.

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#3 RE: How much debt?
06/03/2007 14:04

acn-er to Lucky you (#2)

similar situition as you, in my 2nd year working. however i'm still recovering from the battering that my finances took during the student days. student loan and bank overdrafts obviously, then theres the debt of getting a bank loan to pay for a masters and credit cards to keep yourself ticking over hte 3-4 years. but things are looking up..hoping to be debt free by the end of htis year and ready for a mortgage!

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#4 RE: How much debt?
06/03/2007 14:11

alternative view to acn-er (#3)

I have never had more disposable income than when I was a student... At that time, I lived in the north with very cheap rent, had a grant (showing my age) and worked at least 3 shifts per night in the student bar, meaning free beer and cash in pocket. We all flounced around in clothes from Oxfam back then and students did not expect to own mobile phones or cars. When I hit the real world, I was quickly faced with train fares, mortgage payments and endless trips to Homebase. Keep it manageable certainly but don't stop living. When you don't have the time you have the money. When you don't have the money you have the time. A good friend ours ours died a couple of years ago in her early '30s several hundred k pounds in the bank, which would have gone straight to her husband. She was about to sign the divorce papers..... you can't take it with you, as they say.....

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#5 RE: How much debt?
06/03/2007 15:40

anon to alternative view (#4)

Silly question, only you know how much debt you are prepare to have to buy things now versus wait to save up. If you pay for things now with debt you get them earlier but they cost more clearly as you have to service the debt. Me, I don't have debt other than mortgage. If I want a new car I save up and then get it, I don't finance with a loan - it costs more and I'm not bothered about having a flash car, hence I wait. If I was bothered, I could afford to service a big loan to get it now. My choice, yours is different - don't see why you a need a forum to tell you what to do, but hey, I'm not complaining, we are free to ask what we want.

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#6 RE: How much debt?
06/03/2007 15:46

Jo to anon (#5)

@Anon

I find your replies extremely rude. Why do you have to be so negative and bitter .I thought your life is great. IF he wants o talk about debt let him it is his right to talk about anything. you don’t have to reply

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#7 RE: How much debt?
06/03/2007 16:22

anon - again to Jo (#6)

Hey, I wasn't rude, I just said silly question - hardly very rude; and then I described my own situation to provide a context for my response. There was nothing negative or bitter, in fact I'm a very cheerful person. Let's have dinner sometime and you will see :-)

I just find it interesting when people ask questions that only they can answer as the question is purely focused on their own outlook on life which is unique to the individual. They can only be looking for reinforcement of the decision that they have already made or are about to make.

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#8 RE: How much debt?
06/03/2007 16:30

spendthrift! to anon - again (#7)

My advice.

Debt is fine and dandy and servicing your lenders is made ever so easy these days.

You are still young but being 28 I can tell you that when life changes it changes very quickly.

In time you will want to buy a house, being debt free makes this much more probably. I lived in London at your age and partied like a wildman, but I did so within reason. My best friend partied a little harder but financed this with overdrafts and credit cards.

I bought a house last year. He is £15k in debt and once he pays that he will then have to climb the deposit/fee's mountain to buy a place.

Also consider the security of our industry, an economic downturn would lead to reduced security and servicing debt is much harder without a job.

Also, if this were to happen and you were to get a bad credit history it takes around ten years for that to clear.

You clearly do not need the money so I would advise exercising caution. Easy come not so easy go in this case!

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#9 RE: How much debt?
06/03/2007 18:17

Jo to anon - again (#7)

@Anon

you might have a point in regards to asking a question when u know the answer but still. Let the man talk if he wants to. I use this forum to get information and network with smart people not to read such a rubbish.

is there actually a way to contact the members privately?!!! .I don't really want to display my e-mail or my number on the forum( I am new here).

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#10 RE: How much debt?
06/03/2007 21:50

D to Jim (#1)

Save now for a better, debt-free life improvement in the future... and you will get interest/growth along the way...

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#11 RE: How much debt?
07/03/2007 05:47

sad reflection to D (#10)

Although this is a free forum where people can post any opinion, I find it a sad reflection of the emotional intelligence of those posting on this site that no-one has offered any feedback on the rather depressing story told by the 4th poster on this thread. It seems that those capable of consulting into the corporate world are not yet mature enough to understand the more serious issues in life.

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#12 RE: How much debt?
07/03/2007 06:41

Get real to sad reflection (#11)

Sad reflection,

Get off your high horse. The story is just a statement of events that are sad but it does not need any specific 'feedback' - whatever that means. Nor is it particularly related to the 'how much debt' topic.

Emotional intelligence is not expressed or indeed detected from postings on an anonymous bulletin board. If you'd rather have a hread reflecting on the sadness of the human condition, by all means start a thread but I would humbly suggest that a board titled "Career Forum" for management consultants may not quite be the appropriate place for it.

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#13 RE: How much debt?
07/03/2007 06:58

no high horse involved to Get real (#12)

the point raised by the person is indeed relevant as it raises a key issue in the save or spend debate. The story is not unique and is something that the original poster should consider. While the original thread poster should not plough him/herself into enormous debt, it is probably worth remembering those who did not make it too far past 30 and spent their time saving for a future they were never to enjoy. Grab each day I say, Jim - experiences and memories stay with you forever. Money comes and goes.

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#14 RE: How much debt?
07/03/2007 07:30

Gulp to no high horse involved (#13)

Money comes and goes indeed and of course you should enjoy it -- as long as it is your own !!

That argument in now way shows that the way to enjoy life is through raising cash for enjoyment by borrowing.

If you're suggesting that we should borrow and spend in the belief that life is short and to hell with tomorrow... I am speechless.

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#15 RE: How much debt?
07/03/2007 07:48

Dear Gulp to Gulp (#14)

"While the original thread poster should not plough him/herself into enormous debt......" all I am saying is be sensible but don't fret either. Life is too short

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#16 RE: How much debt?
07/03/2007 09:52

ANON to Dear Gulp (#15)

Ah student days, that was the life, sigh, I even got rent rebate (i'm showing my age now) and had plenty of cash. I now earn good money but it all goes. Such is life. You're a long time dead - enjoy!

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#17 RE: How much debt?
07/03/2007 10:13

Jim to ANON (#16)

Thanks for the mixed but valid advice. Especially thanks for making me rediscover my 'carpe diem' day -

I have just increased my limit to 15k - and off I go shopping!

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#18 RE: How much debt?
07/03/2007 20:37

Boxershorts to Jo (#9)

@ Jo:

I suggest you may want to set up a dummy account on say yah00 or gmail or whatever and then you can use this to communicate one-on-one with folks from the forum.

It is a good place to share views and explore ideas, but you've got to get through the morass of small-minded ego-trippers as well.

Good luck.

Let me know if you do set one up.

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