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A Man aged 57 set himself ablaze after having accumulated more than £150,000.
A grandfather set fire to himself at home after amassing hidden debts of more than £150,000 and keeping them hidden from his wife of three decades, an inquest heard yesterday.
Ibrahim Omar, 57, of Bolton, Greater Manchester, put family photos and other personal items in his daughter’s car and left the car keys outside his house before setting himself alight indoors.
The former petrol station cashier suffered ‘95 to 97 per cent full thickness burning and charring’ to his whole body and was declared dead at the scene, the inquest at Bolton Coroner’s Court heard.
While using a Credit Card you do not actually have the feel of the money slipping from your hand and this has a psychological effect of not being acutely aware of spending.
Judicious use of Credit card requires a skill and a strong will.
I have seen my daughter and Daughter in Law doing it without paying interest whatsoever at the same time earning points to buy some thing free!
Do away with Credit Cards.
Emergency response: Ibrahim Omar’s body was discovered by firefighters in the front bedroom of his semi-detatched house in August and a post-mortem test revealed that he had been alive when the fire started
Mr Omar was suffering from depression and had told his GP that he had trouble sleeping due to his anxiety over money – but Mr Omar’s family were unaware of the extent of his illness.
‘He was a much-loved father and grandfather and will be sadly missed’
Ibrahim Omar’s son, Imran
His son, Imran Omar, said: ‘It has been a massive shock to the family and the community. He was a very popular, happy and enthusiastic man. He was a much-loved father and grandfather and will be sadly missed.’
Deputy coroner Alan Walsh recorded a verdict that Mr Omar took his own life while suffering from depression. He said his debts were made for the family’s benefit but had escalated out of control.
Does using Facebook cause you to spend money you don’t have and to pig out on junk food?
As far-fetched as that might sound, a pair of U.S. marketing professors say they have found a relationship between time spent on Facebook and lower credit scores, higher credit card debt and bigger waistlines. The authors say their work is the first study of its kind to link Facebook to personal financial habits.
The research is among a growing number of studies that are seeking to explain how the use of Facebook and other new technologies is shaping our lives, for better and worse, in areas as diverse as social and civic interactions, commerce and psychological well-being. This month, Facebook said it surpassed 1 billion active users worldwide. About half of U.S. adults say they use at least one social networking site — twice that of just four years ago.
The researchers, Keith Wilcox of Columbia Business School and Andrew Stephen of the University of Pittsburgh’s business school, are not suggesting that people log onto Facebook and then, zombie-like, gorge themselves on debt and Twinkies. Instead, they say, the effects are subtle and cumulative.
The effects are most pronounced, they say, on Facebook users who have strong ties to their online friends. They say the process works like this: People browse through their social network of close friends. Participating in that supportive online community boosts their self-esteem. That brief increase in self-esteem reduces self-control.
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I have come across interesting Talks,Sites and Bogs on the subject of BorrowingMoney.
There used to be a time when borrowing was considered to be a sin and it was treated as a Crime to delay payment.
Now, thanks to changing value systems and the Modern economy, if you do not borrow, you are not recognised and we are now used to a Lifestyle of wanting more than what we earn and in some cases what we deserve.
No point in suggesting people the safest and carefree Life is Not to Borrow.
Since there are no takers, the next option is to find out How To Borrow Intelligently.
‘As any smart borrower could tell you, it’s important to read the fine print when it comes to lenders. Sure, that balance transfer may sound appealing now, but what happens in 6 months when the interest rates sky rocket? Credit card companies are notorious for hiding their little tricks in the fine print so pull at the magnifying glass if necessary.
Even if you choose to consolidate debt and borrow more, always make more than the minimum required payments. By consolidating your debt, you may be eligible for lower monthly payments, but they won’t help you get your debt paid off any faster. Smart borrowers even go so far as to pay off their entire balance each month.
Do you only have one or two credit cards? Do yourself a favor and keep it that way. Trying to juggle too many lines of credit is the opposite of smart borrowing. It’s simply too difficult to keep track of a dozen different credit cards, with their different due dates and minimum monthly payments. It’s almost inevitable that those who have too many credit options end up putting themselves in debt.
If you’re planning on taking out a new credit card or any type of line of credit, do your homework to find the best possible interest rate. By now, everyone should know how important their interest rates are. In essence, they represent the cost of borrowing money and if you get stuck with a high rate, you’ll end up paying a lot more over time.
No matter how much debt you’ve accumulated or how much you still need to borrow, saving money is always important. While repaying borrowed money is probably your number one priority, do not neglect your savings. You just never know when something could happen, such as a car accident or hospital visit, that could require you to break out the savings.
Finally, don’t fall for the idea that declaring bankruptcy will be an easy fix to your debt problems. While bankruptcy may be able to help some people in the right situation, it can be a disaster for many. Declaring bankruptcy will absolutely ruin your credit score for the next several years and making borrowing more money all but impossible.’
Treat every purchase like it’s a major purchase. You have a few opportunities in life to save a lot of money, but it’s the small daily ones that will make or break you.
Vacation close to home so you can drive instead of fly.
Delay big purchases as long as possible. You may lose interest or find an alternate solution.
Hang dry your laundry, indoors if necessary.
Choose a hairstyle that does not require frequent trims.
Repair instead of replace. This goes for appliances, furniture, clothing, whatever.
Bank at a credit union instead of a corporate bank. You’ll most likely save on fees.
Wear the clothes you already own instead of buying new stuff all the time.
Cook from scratch and save restaurant meals for special occasions.
Make sure you have a few easy meals on hand for those nights when takeout dinner is calling your name. There’s nothing wrong with serving scrambled eggs and toast for dinner.
Use your library for books, magazines, movies and CD‘s. And then make sure to return them on time!
Foster your relationships with like minded friends. They won’t make you feel bad about sticking to a budget.
Pack your own work and school lunches.
Replace expensive recipe ingredients with inexpensive options. Perfect example? Kale instead of basil in pesto.
Don’t be a snob about older electronics. You will survive without the newest iPhone.
Learn how to mend and de-stain your clothing. If half your wardrobe is out of commission, you’re missing out.
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