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[Andy B]

I don't learn much, but the last three yerrs have taught me quite bluntly, that if you need to finance something in order to get it, then you are too broke to buy it.
....... 

I disagree. Every loan I've ever had I've been easily able to afford to pay it back ...... they wouldn't have lent it me if they didn't think they'd get their money back. 

[Andy B]

......
Not having access to credit of any sort only serves to reinforce the point.

......

If I max'ed out both my cards I could muster £20000+ but I wouldn't & each is paid off in full each month.

[Doctor Gollum]

Then you either don't need one or you don't have a dedicated, robust just in case fund... 

[Doctor Gollum]

I don't learn much, but the last three yerrs have taught me quite bluntly, that if you need to finance something in order to get it, then you are too broke to buy it.
....... 

I disagree. Every loan I've ever had I've been easily able to afford to pay it back ...... they wouldn't have lent it me if they didn't think they'd get their money back. 

Likewise, but it only takes a couple of hiccups and you're a month away from losing your house. 

[aaronjb]

That's why everyone should have six months salary in their sav...

*checks bank account*

...er, what was I saying again? I'll get my coat.

[Kevin Wood]

That's why everyone should have six months salary in their sav... garage waiting to be bolted together.

Any better?

[aaronjb]

That's why everyone should have six months salary in their sav... garage waiting to be bolted together.

Any better?

  Much more accurate!

[Field Marshal Dr. Opti]

I don't learn much, but the last three yerrs have taught me quite bluntly, that if you need to finance something in order to get it, then you are too broke to buy it.

Not having access to credit of any sort only serves to reinforce the point.

The only reasonable exception is to buy a primary residence as that should be done using as large a deposit as possible and no more than a 15 year term. Which should be alot easier if you haven't financed the crap out of everything 

Mortgages were always 25 years when I first had one.

Now, 30 and even 35 year periods of misery and destitution are becoming more popular........and this is after the bank has butt-f*ucked  you for a 20% deposit to start with.

Having said that buying a house works out far cheaper than renting one.

[TheBoy]

One of my nephews has just been offered a long mortgage, I think it was 40yrs

[Kevin Wood]

I keep coming across people with interest only mortgages these days.

[TheBoy]

I too have had loans, obviously I checked they were affordable before I took them out.  That was *MY* responsibility to check they were affordable, not the loan company.

Obviously my first mortgage was 25yrs, and when I moved here, that was 25yrs as well.

And I have credit cards.



They are financial tools available to me, and its up to me to decide how/when/why to use them, and my responsibility to use them safely/responsibly and mitigate any potential problems.

[TheBoy]

I keep coming across people with interest only mortgages these days.

My first was one of those supposedly miracle cheap endowments.

I took it out at around 14%ish, so as interest rates came down, as did the endowment growth, but I kept the interest only mortgage payments the same (rather than drop it to get more money in my pocket), so effectively overpaid. That more than made up for the drop in endowment growth.

[Andy B]

I don't learn much, but the last three yerrs have taught me quite bluntly, that if you need to finance something in order to get it, then you are too broke to buy it.
....... 

I disagree. Every loan I've ever had I've been easily able to afford to pay it back ...... they wouldn't have lent it me if they didn't think they'd get their money back. 

Likewise, but it only takes a couple of hiccups and you're a month away from losing your house. 

It'd be some what longer than a month ...... no mortgage helps   

[Andy B]

That's why everyone should have six months salary in their sav...

*checks bank account*

...er, what was I saying again? I'll get my coat.

Is that before or after tax? 

[Andy B]

Then you either don't need one or you don't have a dedicated, robust just in case fund... 

Nobody NEEDS a credit card, but they're handy to keep in your wallet & you're not spending your own money till you pay the bill at the end of the month.