Social Experiment - Debt

[The Banker]

Following on from my thread on Klarna I’m looking to get an understanding of why people borrow and go into debt. It might seem obvious but as part of a wider study I’m doing for a qualification it would help if people could reply. (If not, no issue)

And who better to ask than the people of Cork.

Other than mortgages (which usually funds an appreciating asset) what kind of debt are you in?

Credit Union
Credit Card
Car loan
Holiday loan
Loan shark
Lifestyle loan
College loan

Any replies appreciated

 

[Great-Bit-O-Stuff]

None.

 

[Hallbopping]

Credit card
Holiday loan

 

[Matlock]

Following on from my thread on Klarna I’m looking to get an understanding of why people borrow and go into debt. It might seem obvious but as part of a wider study I’m doing for a qualification it would help if people could reply. (If not, no issue)

And who better to ask than the people of Cork.

Other than mortgages (which usually funds an appreciating asset) what kind of debt are you in?

Credit Union
Credit Card
Car loan
Holiday loan
Loan shark
Lifestyle loan
College loan

Any replies appreciated

We have a mortgage, two in fact, but no other debt. Husband has no debt either.

I have, over the years, had loans for college fees and cars. Never had a loan for anything else.

I have a credit card, but I almost never use it. I ran up a debt of about €1000 on a credit card in my 20s and learned my lesson!

 

[omar]

Mortgages and debt. How provincial...

 

[Lee Bushwacker]

Following on from my thread on Klarna I’m looking to get an understanding of why people borrow and go into debt. It might seem obvious but as part of a wider study I’m doing for a qualification it would help if people could reply. (If not, no issue)

And who better to ask than the people of Cork.

Other than mortgages (which usually funds an appreciating asset) what kind of debt are you in?

Credit Union
Credit Card
Car loan
Holiday loan
Loan shark
Lifestyle loan
College loan

Any replies appreciated

None.
Debt free since 2002.

 

[Ogre Moran]

And you The Banker! Anyway, borrow now and pay later. You don't have the money to buy what you want now but can afford longer term through repayments with interest on the loan to make your purchase. Sensible to purchase something with a good return (education, house purchase over rent, businesd equipment, maybe a car to get to and from work). Not so sensible for to buy a pizza or any other form of consumption.

 

[Yermon]

Mortgage from bank paid off
Got rid of credit card and just use debit card - though this can be problematic when hiring cars abroad.
Have car-loan

 

[Happyhonkaman]

Following on from my thread on Klarna I’m looking to get an understanding of why people borrow and go into debt. It might seem obvious but as part of a wider study I’m doing for a qualification it would help if people could reply. (If not, no issue)

And who better to ask than the people of Cork.

Other than mortgages (which usually funds an appreciating asset) what kind of debt are you in?

Credit Union
Credit Card
Car loan
Holiday loan
Loan shark
Lifestyle loan
College loan

Any replies appreciated

I don't mind risk, but hate debt. Brought up in a household where you only bought what you could afford, seemed like a decent mantra to me so I've stuck with it - not one for debt other than mortgage like everyone else. I don't have a credit card, debit cards do much the same thing now anyway

PCP on cars is the one I can't get my head around - why would you sign up for a monthly payment for good, in return for a car you don't ever own and they keep switching it and you keep paying? Id rather the hassle of repairs and NCTs than knowing every month the bloody thing has cost €3-500 or whatever people pay

I had a college loan, but that's different, and paid off long ago

 

[Happyhonkaman]

I was speaking to a fella recently whose family has a financial company that provides a lot of the car loans linked to PCP deals. He was telling me that they have a load of people with PCPs for €1,000 a month against Range Rovers. I naively assumed anyone driving a car of that value had the cash to buy it comfortably. Who the fock wants a Chelsea tractor so much that they would get into that kind of repayment schedule for? The mind boggles

Having said that if I had €100k going spare Id be unlikely to spend it on any car, but if I did it certainly would not be on one of those horrible yokes