That's the last of my redundancy money gone

Col_Decker

Bloody credit cards, why don't they call them debt cards? Never again. Still its nice to be free.

p90fool

Nice to start with a clean sheet, well done.

chillidoggy

Being debt-free is a wonderful feeling.

What's it like?

Col_Decker

chillidoggy said:

Being debt-free is a wonderful feeling.

What's it like?

A mixture of joy because you've no debt, and a disappointment because if you hadn't had the debt in the first place you could have bought that new _______________ you always wanted.

CabbageCat

chillidoggy said:

Being debt-free is a wonderful feeling.

What's it like?

Awesome. It improves everything. I found that the biggest thing was that it meant I didn't feel like I absolutely had to have a job, which in turn meant I didn't fear losing my job, which in turn meant I stressed less at work and started enjoying it a lot more.

It's funny, at the time signing myself up for decades of debt (OK, it only turned out to be 8 years) didn't fell like such a big deal, but now I'm liberated the idea of committing myself like that again feels like an unthinkable horror.

I know people say money isn't everything, and that's true - but only if you don't owe someone money. If you have to have money it becomes everything.

Pay yer debts, kids. And pay 'em quick.

EricTheWeary

When my redundancy money comes through it's paying off the balance of the mortgage. So I'll be the richest I've ever been for about two days then it will all be gone with no immediate discernible difference to my life. Yay... :o3

slacker

I got rid of my credit card in 93. I didnt get sorted until 95. It was painful but the best thing I've ever done. 

Ossyrocks

I took severance at the end of January this year and stuck the money in the bank. Still had £150k mortgage on a very big house though. We managed to sell it three weeks ago, pre Brexit thank god, and have downsized into a three bed semi with no mortgage. Only used a third of the money in the bank to do it too. I have been really bad with a slipped disk and have not been able to work since January, but had surgery this week and feel a lot better already. Debt free, money in the bank, my wife is self employed and loves her job and makes enough to get by until I am fit again. The pressure is off, I can concentrate on recovery, then consider some kind of part time / contract work, with no pressure. Even with my awful back, it's been the greatest feeling in the world. I never realised just how stressful my job had been until I left it. It's like discovering who you really are again. I like it. Good luck in whatever you do! Rob

hobbio

I'm in a lot of debt, with more set to kick in in a few months. It's a really, really, shit place to be.

Don't do it kids! Save up for a few months rather than pay back for many years.

axisus

I have a credit card with an £8k limit.

I have never used it.

lloyd

axisus said:

I have a credit card with an £8k limit.

I have never used it.

http://www.cranes.co.uk/gibson-1960-s-pre-production-barney-kessel-signature-pre-owned?utm_source=google_shopping&gclid=CjwKEAjwqdi7BRCL6Zmjk5-rsTwSJABmrVab_jsMlzKfT8kxetHhbIYD_chpM_tMwKWg8J78Oo_PnRoCR5Xw_wcB

boogieman

axisus;1134358" said:

I have a credit card with an £8k limit.

I have never used it.

I always found it ironic that the more you don't use credit cards, the more they keep raising the spending limit. One of my cards (that I haven't used for about 5 years, I really should cancel it) has just been increased to £15k.

joneve

I've just transferred the last of our debt for 40 months, so that'll be paid off in a few years and I'll (hopefully) be debt free, with the exception of my mortgages.  

Sporky

EricTheWeary said:

When my redundancy money comes through it's paying off the balance of the mortgage. So I'll be the richest I've ever been for about two days then it will all be gone with no immediate discernible difference to my life. Yay... :o3

And then a month later you'll be up whatever the mortgage payment used to be.

I was very happy to pay off the mortgage. I still have payments on a watch - I could have afforded it outright but they offered 0% and my bank account gets 3% so it seemed silly not to.

I don't think debt is necessarily a bad thing, but clearing it is definitely a good thing.

CabbageCat

joneve said:

I've just transferred the last of our debt for 40 months, so that'll be paid off in a few years and I'll (hopefully) be debt free, with the exception of my mortgages.  

Heh. Being debt free with the exception of mortgages is like being injury free with the exception of amputations.

chillidoggy

Decker should be handing advice out to EU member states.

Skipped

Now that's what I call Take Back Control.

hobbio

CabbageCat said:

joneve said:

I've just transferred the last of our debt for 40 months, so that'll be paid off in a few years and I'll (hopefully) be debt free, with the exception of my mortgages.  

Heh. Being debt free with the exception of mortgages is like being injury free with the exception of amputations.

Not really, because if you hadn't bought then you'd still be paying rent.

Sporky

CabbageCat said:

Heh. Being debt free with the exception of mortgages is like being injury free with the exception of amputations.

Isn't a mortgage more of a gently weeping sore?

Whereas a payday loan is a spurting arterial wound, and an amputation is what happens when you don't keep up the payments and the bailiffs come 'round.

slacker

boogieman said:

axisus;1134358" said:

I have a credit card with an £8k limit.

I have never used it.

I always found it ironic that the more you don't use credit cards, the more they keep raising the spending limit. One of my cards (that I haven't used for about 5 years, I really should cancel it) has just been increased to £15k.

A couple of years ago I spoke to a personal banker who arranged some savings accounts for me and asked me to go to the cash desks to transfer the money. So the bloke transferred the money and asked me if I wanted a loan. Excuse me? Do you want a loan? I said you 've just seen my savings why on earth would you ask me if I wanted a loan. Where were you when I had a big mortgage three kids and one income? He apologised and said it was policy to ask. Dont I said. 

When I was skint the bank said me a sarcastic letter saying I had overspent and they couldnt find an overdraft. THey charged me £30 the dicks. They knew I didt have the £30 double dicks. The last bit is for those who thought I was being harsh with the guy on the tills. 

CabbageCat

hobbio said:

CabbageCat said:

joneve said:

I've just transferred the last of our debt for 40 months, so that'll be paid off in a few years and I'll (hopefully) be debt free, with the exception of my mortgages.  

Heh. Being debt free with the exception of mortgages is like being injury free with the exception of amputations.

Not really, because if you hadn't bought then you'd still be paying rent.

A debt with a good reason is still a debt. You still have to pay it off. You are still trapped in the rat race.