Is anyone ever "happy" they got into debt?

evab_2

I couldn't say that I was happy that I had all the debt as I could have now had a mortgage that is half what I'm paying now, but it certainly taught me and dh a huge lesson about paying for things on credit thinking 'oh it's not real money!'.

We definitely wouldn't ever get into that amount of debt again and are currently working towards bringing our mortgage down, but we have learned so much over the last few years and although are happier with our current situation it's still hard work.

I agree with some of the other posts, that financial planning and budgeting should be taught at a young age.

patricia1066

I was a student in Ireland in 1980-84 and at the end of studies had a bank loan of £330. I remember it clearly because it took four months of putting aside everything I earned to pay it off. At the time my mum was supporting my brother and sister through college, so she couldnt help. Of course I had a grant which helped also. Sounds so little, yet it delayed my professional jobhunt until I earned enough to repay it.

When I took it out I knew that I didnt have the means to repay it, yet I needed the money. I could avoid taking a difficult decision by getting the money, yet when the money ran out that decision still had to be made, and on top the loan had to be repaid.

Paragon

I'm very glad I got into debt because spending that money enabled me to become a pilot which had always been my dream. Now I do a job I love and get paid well enough to payback the debt quickly and enjoy a decent standard of living at the same time. I also appreciate my money because I've been in debt for so long.

kizzykizzywizzy

In a word NO although I've learnt a valuble lesson after years of stress & worry, I wish I hadn't had to be in debt to learn it!!

Finances & budgetting should be taught in school - no chance of learning from my parents, they had their own business & spent as though money grew on trees!

IWantToBeFree_2

kizzykizzywizzy wrote: »

In a word NO although I've learnt a valuble lesson after years of stress & worry, I wish I hadn't had to be in debt to learn it!!

Finances & budgetting should be taught in school - no chance of learning from my parents, they had their own business & spent as though money grew on trees!

Thats the problem with teaching it in schools though... if kids are taught how to budget etc but then go home and see their parents spending like there is no tomorrow, then they are far more likely to go the way of their parents than stick with what the school have told them.

Glitterari

Not glad in so much that the stuff i bought with my debt I cannot even remember what it was and therefore have little to show for it - even the car i got on finance that was all paid off in Oct 06 (after 3 years paying it off) last june broke down irreparably (well cost over £2k for a brand new engine, which as a student I couldnt afford) and now I don't even have that.

I became DF in Oct 06, having paid off the car, managed loan and credit cards...so that i could start uni DF ... as it was I had to take out a career development loan and spend some more on credit cards to keep myself afloat financially so now find myself in a similar position as before, though this time I know I can get rid of it and more importantly, I WILL get rid of it as quickly as I possibly can and not just pay the minimum amount.

This site has taught me so much and I still recommend it to everyone.

Glitterari

IWantToBeFree wrote: »

Thats the problem with teaching it in schools though... if kids are taught how to budget etc but then go home and see their parents spending like there is no tomorrow, then they are far more likely to go the way of their parents than stick with what the school have told them.

This is true - children will do what they see other people doing (most often the parents) and not what they're told - like if a parent that smokes tells his child to not smoke...the child will more than likely smoke.

I learnt all my bad habits from my lovely mum (and I do love her to bits but she was awful with money when I was younger - she's learnt from me now)

madmalteaser

I know exactly what you're getting at and yes, there is a part of me that is really glad I got into debt at a young age and before I had any serious responsibilities like a mortgage or children to consider.

I've definitely learnt about money and credit the hard way but I've learnt my lesson well. After a year of worry and sleepless nights juggling the credit about trying to make ends meet I now realise that if I don't have the money to pay for something then it doesn't get bought. I really have learnt my lesson and I know that once this debt is paid, it won't ever be happening again!

toothfairybuttkicker

i've learn't a on two levels.
one that no matter how bad it looks on paper there is a way to manage it.
two. if your not the only one responsible it takes a stronge person to say stop we've got to work as a team and sort this out togeather (instead of pointing fingers)

SarahNeedle1872

Yeah I am glad in a way because it has taught me a valuable lesson.... just wish I had more to show for it..... then I could stick it all on eBay