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Rugmuncher
Ridden
Joined: Sep 20, 2005
Posts: 156
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 Posted: Wed 5/Oct/05 11:07am Post subject: New Zealanders In Debt? |
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I was watching a dude on the breakfast thingy on tv, talking about how New Zealanders have a large amount of debt problems...
For example using finance to get what they want instead of saving up?
I have 2 things on finance at the mo, what about you?
Apparently, NZ is the worst for people not saving any money...
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Sims
Wrecked
Joined: Aug 21, 2002
Posts: 5,111
Location: Auckville
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| Posted: Wed 5/Oct/05 11:11am Post subject: |
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I have naught on finance.
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james
on your right
Joined: Feb 09, 2004
Posts: 13,750
Location: land of the long white latte
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| Posted: Wed 5/Oct/05 11:14am Post subject: |
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The Bank and the Government (masquerading as the IRD) own my soul. 
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Scotty
yeahnah
Joined: Mar 15, 2002
Posts: 14,315
Location: Heading South
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| Posted: Wed 5/Oct/05 11:15am Post subject: |
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I have too much on tick. I have since learnt that living beyond my means is stupid and misguided and have spent the past year working it off.
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happybaboon
Mangled
Joined: Feb 06, 2002
Posts: 28,784
Location: doing skiddds
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| Posted: Wed 5/Oct/05 11:16am Post subject: |
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I've got a bike on a 12 months interest free deal (w00t!) and I owe my father about $1000 at 9% interest.
Also, I've got a significant student loan 
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phunk
Mangled
Joined: Feb 28, 2004
Posts: 12,308
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| Posted: Wed 5/Oct/05 11:17am Post subject: Re: New Zealanders In Debt? |
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| Rugmuncher wrote: |
Apparently, NZ is the worst for people not saving any money... |
But thats okay, cos house price inflation makes people feel rich 
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Chickie
BMX Bandit
Joined: Jan 18, 2003
Posts: 8,233
Location: Wellington
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| Posted: Wed 5/Oct/05 11:18am Post subject: |
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I am currently not in financial debt to anyone
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Scotty
yeahnah
Joined: Mar 15, 2002
Posts: 14,315
Location: Heading South
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| Posted: Wed 5/Oct/05 11:18am Post subject: |
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Ah yes, student loan... I don't usually take that into account. 
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Rugmuncher
Ridden
Joined: Sep 20, 2005
Posts: 156
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| Posted: Wed 5/Oct/05 11:18am Post subject: |
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| happybaboon wrote: | I've got a bike on a 12 months interest free deal (w00t!) and I owe my father about $1000 at 9% interest.
Also, I've got a significant student loan |
Same, i have a $4100 debt for my bike gear, and another $7,500 - student loan.
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way_downsouth
Flogged
Joined: Apr 25, 2003
Posts: 3,749
Location: Trying to slim down in NZ!
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| Posted: Wed 5/Oct/05 11:18am Post subject: |
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I don't have anything on tick, but use my credit card to it's limit pretty much every month.
I am still yet to pay interest on the credit card though which is positive. My understanding is that debt in NZ is a serious problem and being heavily involved in an annual publication on Financial Institutions I am scared for a lot of people.
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BrokenKonaRider
Worn
Joined: Aug 02, 2005
Posts: 1,014
Location: In your garden
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| Posted: Wed 5/Oct/05 11:19am Post subject: |
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No debt, substantal equity, but homeless as just sold our house - couldn't afford the mortgage ...
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|ncary
In it for the Skids
Joined: Mar 08, 2003
Posts: 10,544
Location: Western Australia
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| Posted: Wed 5/Oct/05 11:20am Post subject: |
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I have 1 loan, it sucks but it means you get tihs quicker, which is so so so so important (ha). I'm not getting another for a long long time!
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happybaboon
Mangled
Joined: Feb 06, 2002
Posts: 28,784
Location: doing skiddds
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| Posted: Wed 5/Oct/05 11:21am Post subject: |
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Overall, I have about 2500 I need to pay back within the next year, as well as the student loan which I'm currently burning through at a few hundy a month.
I pay sfa interest on everything but the student loan, I've got a credit card but it's currently in credit by a few hundred. Mainly I use it to avoid bank fees.
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Rugmuncher
Ridden
Joined: Sep 20, 2005
Posts: 156
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| Posted: Wed 5/Oct/05 11:21am Post subject: |
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I see a lot of families, who have a few kids. They earn around 30-40$k a year, and they have masses amounts of debts, with these finance and loan companies.
These loan/finance companies have HUGE interest rates.
GE finance is like 24% or something like that, thats HUGE.
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Scotty
yeahnah
Joined: Mar 15, 2002
Posts: 14,315
Location: Heading South
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| Posted: Wed 5/Oct/05 11:22am Post subject: |
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| happybaboon wrote: | Overall, I have about 2500 I need to pay back within the next year, as well as the student loan which I'm currently burning through at a few hundy a month.
I pay sfa interest on everything but the student loan, I've got a credit card but it's currently in credit by a few hundred. Mainly I use it to avoid bank fees. |
I cut my credit card up. 
Probably one of the smartest financial decisions I've made lately.
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