10 Ways the Debt System Controls Your Life Forever (and How to Break FREE)

[@TheHumblePenny]

What would you add to our list of ways the debt system controls people? comment below.

[@HDY0903]

You can be the UK version of Dave Ramsey mate!! Keep the great content coming in 🤞

[@Alex-u1r2i]

Great video as always ken, unfortunately got into bad consumer debt during the pandemic after a job loss, after watching videos like yours and other content creators, I can now confidently say after 3 years the 10k I had in debt is now £4,200...I used the snowball effect and was able to get into full time work and that was a massive help. I've budgeted and planned it all out and by December 2025 I will be debt free.

[@fantastica9186]

@Alex-u1r2i Well done Alex. I know how hard you have had to work to get to this point. Not long to go. Shoulder to the wheel for one final push. It is worth it and the relief is indescribable! All the best!

[@Alex-u1r2i]

@@fantastica9186 thank you! 😊

[@SkyandMilo_9]

Thank you, I am on my debt free journey right now and I am struggling. I am studying AAT level 3 with the aim of getting a well paid job, its not easy 🙏🏽

[@Asylum5g]

The fact that we don’t get taught anything about personal debt in schools. Ignorance is great for those in control.

[@mrmeldrew693]

This is key. 'They' want us working until we drop to pay off debt. Lots of tax for them and less pension.

[@TheHumblePenny]

💯

[@HDY0903]

They will never teach us about debt. Lucky to have our humble penny and people like Dave ramsey! The feeling of paying off mortgage, having 0 debt is simply priceless! Its a feeling that you simply cannot put any price on. The house just feels different boy! Anyway the reason why debt wont enter the UK curriculum is because the entire world runs on debt. The more we take, the more we are trapped. We pay interest. Banks loan more etc etc.. its a full circle that keeps going round.

[@fantastica9186]

@@HDY0903 I agree with you! That feeling of freedom and the security that comes with it; especially when you get the deeds is so wonderful!

[@Beginnerqalam]

Hi bro, I am CIMA qualified, practicing in hospitality as FM. Love your videos content. Keep up the great work.

[@bluebrakes]

I would go a step further; If you get a CCJ or strike against you on CIFAS, it's game over if you have job related in certain sectors like banking/accountancy/etc, even if your job is not dealing with the cash itself. So being in financial trouble can also cost you your job. The very thing you need to get you out of debt.

[@TheHumblePenny]

Spot on!!

[@Antonio-hb8rd]

I have a CCJ, and whilst it does make it more challenging you can get a job in those fields as long as you avoid financial companies.

[@fantastica9186]

I think that the struggle of every day life can force people to try and ease the stress by making the wrong choice financially. Its the nearest crocodile to the canoe that gets dealt with first. Also some people donot exercise personal responsibility which is fatal. It is possible to clear debt it just takes a lot of discipline. Its well worth it when you achieve it.

[@TheHumblePenny]

Agree

[@CeCeMoneyMatters]

This video is 100% on point

[@TheHumblePenny]

🙏🏾

[@chriswoolley6250]

I know you mention it in point 8 but I think social media should get its own mention. People buy expensive things like cars, jewelry, holidays on credit and flaunt it on social media. Friends and followers only see the luxury life and not the crippling debt behind it and feel they need to "keep up" For me though, no luxury holiday or sports car feels as good as the feeling of financial security Great video as always guys these are the channels KZbin needs more of

[@TheHumblePenny]

Thank you 🙏🏾 You're right. It needs a special mention.

[@annamuja1831]

Thank you for great tips.

[@TheHumblePenny]

You are so welcome!

[@julianborrero4977]

Hi, i'm just coming to the end of a bunch of finance agreements. I am going to enter into 1 more next month (0%) to get the loft boarded, but even with the payments for that i should still have freed up an extra £350 a month. Not sure what to do first. Wether to plough it all into building a 3 month emergency fund before investing or trying to build wealth, or whether to divide it up, to save for various future expenses, eg. New car, house maintenance etc. Any advice? Would it be worth booking an hour oth a financial adviser? Could theybmake a comprehensive plan if i have all my figures? And where can i find reliable finance / tax advisors? Thanks! J

[@stevenmackay3342]

Debt does indeed control people...but I'm not sure it's a negative thing? Debt ensures we all subscribe to the same game and to the same rules. A mortgage, for instance, is really a subscription to architects, engineers, carpenters, builders and all the people who contribute to not just the building of dwellings but to the regulatory and legislative framework that underpins it...

[@Hustlémon]

Just curious, would you consider a phone contract as debt? Would you prefer going pay SIM monthly only, or pay as you go and buy the Handset outright?

[@TheHumblePenny]

Phone contract can become debt if you don't pay as it's contractual. However, sim only is usually 30 day rolling. I Personally use sim only at the moment and my phone is the one I bought in 2021 and it's still in excellent condition.

[@jamiejamieson8064]

Hey guys i love your channel and have been watching you for ages now. A quick question. Should i take £12k from my snp to pay a chunk off my mortgage as thats what i tend to do ? Now im on a higher rate of interest

[@HustleFlow266]

Aside the 12k have you any emergency fund? If yes then I will use the 12k for mortgage

[@jamiejamieson8064]

@@HustleFlow266 hey there yes i have more in investments and emergency fund. I was a little worried as the rates are so high i didnt know wether to keep it in there for another year or so, or till i remortgage.

[@tenniea3315]

Great video as always. Do you have video on buying BTL property through Ltd company that I can watch please?I would like to know your thoughts on it. Thank you.

[@TheHumblePenny]

kzbin.info/www/bejne/e2jVZ5Wug992pbssi=GtviFx8xzlJjmoAK

[@1988laurennicole]

Are you guys in rich holiday poor holiday? I just watched the latest episode and I’m sure it is you guys.

[@TheHumblePenny]

Yes 🤗. Enjoy it?

[@tj6544]

Ken looking like "The Count" from Sesame street by tipping his collar up. Pardon me i have synesthesia which makes see wierd similarities. Interestingly, they both count numbers. Very informative video, well done.Thanks

[@BlessedLPT.]

You say ‘pardon me’, but you chose to type and post this 🙃