Talkabout

30/10/2007 @ 14:39 Latchmere said:

report

...don't know how many of you on here are in London, but did anyone see the metro this morning? I've copied the story below in case you didn't see it. Our spending is out of control. I am so worried for my family. I don't like debt, and I don't even carry a credit card, I spend on my debt card and never go into my overdraft. My sister's not like that though, she's gone completely mad in the last year or so since she changed jobs. I know she got a pay increase and her boyfriend moved in, but she's not got that much extra spare cash and yet they're always on holidays and weekends away, and she bought a new car, and they're doing loads to the house. I'm so worried for her that she might be out of control and just like the people I read about today. What if she loses her home?
Britons’ debts increasing by £373m a day
Monday, October 29, 2007

Flexing the plastic is putting more and more people in debt
Debt-ridden Britons owe £216billion on credit cards and unsecured loans but are refusing to rein in their spending, new figures show.
Consumer debt rose by £1.35billion last month and total debts, including mortgages, went up by £11.2billion to £1.38trillion.
It means the country is slipping £15million further into the red every hour or £373million a day.
14/01/2008 @ 16:31 CameronD said:

report

I don't know how close to your sister you are ... but maybe start by reading two easy (believe me!) books: The Money Secret by Rob Parsons (bookdepository.co.uk £5.26) for helping you think about debt, and The three most important lessons you've never been taught by Martin Lewis (play.com £3.49) for giving you ideas about how to save and manage money.
Then see if it could be appropriate to use either of them with your sister. Also, try the forums at www.moneysavingexpert.com for more e-encouragement and ideas from others with friends with money problems.
btw, I think you really would benefit from reading that Martin Lewis book. He makes the difference between good debt and bad debt very clear, and on wise and unwise spending. The last part is a money makeover and I took all sorts of actions as I went through reading it. One of the actions was to apply for a new cc which gives me 2% off petrol and groceries (0.5% on everything else) ... but my cc's always, always, always pay off the next month from my bank current account and I never pay interest on them. Al long as you can handle it, it's 2% worth having.
You will get to help your sister, one way or another, because you care. Let's hope it is giving her a bailer for her boat soon, rather than picking her up later when the boat has sunk!.
CameronD