Why Has The Credit Dried Up?

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Thursday, December 31st, 2009 Subscribe To Our Feed

We are always hearing in the media how the country is in debt and that many people are also in severe debt but most people think that they have their own debts under control.

My best friend had three or four credit cards and used them in a way that suggested he was a millionaire. He lived for today and was determined not to miss out on any holiday or night out. I was confused at how he could afford all of the things he bought as I was aware of how much he roughly earned. He was a well regarded business who sold external doors and he also offered a DVD authoring service.

He then shocked me further about three weeks later when he turned up at my house in a top of the range car. He told me he had taken out a car loan over three years to pay for it. Maybe it was just me but I could not believe his attitude to money and even tried to suggest that maybe he should be a bit more careful with his money.

He did not listen to me and could not understand why I was so careful with money and why I wanted to drive around in my old banger as he called it. I was no doubt just some stuttering freak to him.

He went on this huge spending spree for around three years. In the last few months the credit crunch has really taken a grip of the country and as the credit dried up my friend realised he was in rather a lot of strife. This is when he decided to look for a debt specialist in the UK and it took him along time to get himself straight.

My friend has now sorted out the majority of his debt problems by going on a debt repayment plan; he is smiling once again.

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