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Arguably most debt is unnecessary and should be avoided. However, life isn’t quite that simple and it’s difficult to differentiate between a debt which is necessary and one which isn’t.
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Posted August 5th, 2008
My mother in law has always been terrible with money and owes somewhere between £30,000 - £60,000 to various credit card companies. I don't think even she knows how much she owes. She hides statements from the rest of her family, paying the minimum amount when she can and when she can't - paying nothing and incurring massive fees. I'm sure that around 90% of what she owes must be charges and interest fees.
Posted June 29th, 2008
The first step towards successful debt management is admitting to yourself that you are in fact in debt.
Debt is debt; it doesn’t matter whether it is £10 or £1000 - it's money that you owe to someone and you're trying to pay it back.
Of course, our biggest debts are usually our mortgages, but we will leave that aside for the moment.
What I'm talking about here is arrears, large credit card bills, personal loans and generally living beyond our means.
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