Nine million people in serious debt.

[Workingman]

The figures come from a survey by the Money Advice Service (MAS). If those who cannot get into debt, under 18 except for a student loan, are taken out of the population then nine million becomes a huge percentage. In some places more than 40% of the population are in this position.

What the report does not tell us is what constitutes these debts. Some of them might be mortgages or student loans, but we have no real idea. What is hinted at, though, is that moat of these debts are for the 'luxuries' people want rather than need.

It is frightening, and it looks as though it will only get worse.

[pederito1]

"Buddy can you spare a dime" but not a joking matter in reality, very serious. However do supposedly intelligent people get themselves into such situations? Should have the motto "If you can`t afford it, don`t have it".

[Kaz]

What figures are they coming up with Frank? What is meant by huge? After all, mortgages can be huge, but manageable........

Our only debt is the mortgage, we did have a car loan but I paid that off last year. Our mortgage is a lot smaller these days too thank goodness.....We even pay off the credit card at the end of every month......

I wonder how some people sleep at nights actually; if I was in a lot of debt I'm not sure I could

[JoM]

Same with us Kaz, we've just got the mortgage and anything that goes on the credit card gets paid off at the end of the month. If we can't afford it, we don't have it. Simple as that.

[Workingman]

Kaz, "huge" refers to the percentage of people in difficulty out the 40million or so who are officially allowed to borrow: about 20%.

The total personal debt in the UK is £1.41 TRILLION! Most of it will be on mortgages, cars and emergencies, obviously, but that still leaves a heck of a lot used for holidays, TVs, smartphones and the likes.

[debih]

We have debts - nothing particularly major and definitely not run up for luxuries.

Mick is self employed and about four years ago work really dried up. My wage covers the mortgage and my family tax credits cover the majority of the food bills but he pays for everything else. We ended up running up a debt on two credit cards and also taking out two loans just to survive over a 12 month period.

Fortunately after about a year work picked up again for him but we are still paying off the debts. We finish paying one loan in January next year and the other later in 2014. Both credit card debts are about paid off now - they should be paid off completely within the next six months or so, probably sooner once the loan finishes in January as I will just increase the payments with the money we are not paying out on the loan.

But I can see how easily people can get in debt - when we had the credit cards the credit limit was pretty low but we were constantly being told that we could increase it, which was the last thing we wanted. But it was very easy to do - and it would have also been very easy for us to take on more credit cards had we applied!

We've worked hard to pay the debts off - yes, we've still had holidays but none going abroad. I still shop very frugally (what started as a necessity is now the norm). But we could have got ourselves into much bigger debt - the opportunity was always there.

Fortunately once his work picked up again we were in a position to always make the monthly payments and always pay more than the minimum monthly amount on the credit cards. But it was a struggle during that year of him not working. And even though we were struggling to make some monthly payments, we were still being offered more money by credit card companies. Disgusting really.

We didn't ask for debt advice as we felt our debt was manageable but I can understand why people don't want to - it does feel like there is a stigma attached to debt.

[Workingman]

Debih, you have just hit on something the report fails to cover in any depth - the ease with which credit can be obtained. People can, and do, get multiple cards, loans, overdrafts..... and then try to rob Peter to pay Paul.

I have also just accidentally hit on something else that hides the reality. All of the lenders always mention credit when its true definition is debt. For some reason people do not equate the two as being one and the same - credit is good, debt is bad.

[TheOstrich]

If we can't afford it, we don't have it. Simple as that.

Oh that everybody would have that philosophy. But they don't. Must have foreign holidays, brand trainers, widescreen TVs, down the pub every night .....

I'm sympathetic with those who fall into debt through changed circumstances, like losing jobs, or through an accident. But I've little sympathy with those who have run up debts pursuing materialistic pleasure.

And no sympathy whatsoever for the bankers and credit card companies and loan sharks who facilitate and then prey on them.

[Aggers]

I'm sympathetic with those who fall into debt through changed circumstances, like losing jobs, or through an accident. But I've little sympathy with those who have run up debts pursuing materialistic pleasure.
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Me too Ossie. Furthermore I don't call it poverty just because you can't have the latest electronic gadgets.