how did you end up in debt?

Whilst driving the car today, it really hit me that before coming onto MSE and completing a SOA, I had no idea really whether we could afford the lifestyle we were living or not!! I think this is because we don't have flash cars, huge houses, go out etc. So we figured we must be living within our means when actually our debts were clear and explicit evidence that we were not.

It got me thinking...

I think our debt (currently 25.5K) came about because of naviety, optimism and living in the moment. We can see now that a reality check, a touch of pessimism and planning for the future was needed.

Now I know many people end up in debt because of circumstances beyond their control, loss of jobs, ill health, bereavement and believe me I am in no way intending to belittle these situations, but just thought I would ask the question...

How did you end up in debt??

Feel free to add your thoughts, comments and stories.

x;)
The good you do comes back to you.
DFW Long haul supporters No: 134
;)
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Comments

  • lemontart
    lemontart Posts: 6,037
    First Anniversary Combo Breaker
    Forumite
    Loss of a business when my ex went awol taking the proceeds leaving me to start all over again
    I am responsible me, myself and I alone I am not the keeper others thoughts and words.
  • lemontart wrote: »
    Loss of a business when my ex went awol taking the proceeds leaving me to start all over again

    thanks for your reply.
    The good you do comes back to you.
    DFW Long haul supporters No: 134
    ;)
  • Tonylpool
    Tonylpool Posts: 322 Forumite
    Hi Ruby,

    My situation ended up after my divorce. When I was married, we had a low mortgage and a decent income, nice car, holidays and home improvements were just done as a matter of course.

    I then moved down south after we split and paid rent for my apartment and the mortgage on my our matrimonial home. My new partner and I split up and she left me with debts. I was naive and then got addicted to phone chat lines.

    I just wish I had found this site 2 years ago it would have made a massive difference. But glad I have found it now!!

    I'm really up for clearing my debts.

    Tony x
  • Tonylpool wrote: »
    Hi Ruby,

    My situation ended up after my divorce. When I was married, we had a low mortgage and a decent income, nice car, holidays and home improvements were just done as a matter of course.

    I then moved down south after we split and paid rent for my apartment and the mortgage on my our matrimonial home. My new partner and I split up and she left me with debts. I was naive and then got addicted to phone chat lines.

    I just wish I had found this site 2 years ago it would have made a massive difference. But glad I have found it now!!

    I'm really up for clearing my debts.

    Tony x


    Hi Tony,
    Like you I wish we had found this site, long before conslidation loan and re-mortgage, it could have saved a lot of pain and heartache and bl&&dy interest payments!!!

    At least we are here now and taking positive steps eh?
    The good you do comes back to you.
    DFW Long haul supporters No: 134
    ;)
  • Forgetmenot68
    Forgetmenot68 Posts: 325 Forumite
    Sorry to hear that Lemon Tart.

    I said to my husband last night if I'd known we were going to end up in so much debt (nearly £50,000) I would have made sure we did some pretty wonderful stuff. We've had the odd holiday (not expensive), but really it has just been life and its varying costs which we haven't added up that have got us into trouble. Also, and I don't want to use it as an excuse, but losing our daughter was crippling to our sense of perspective. We couldn't bear to worry about money I think, as well as dealing with our grief.

    xx
    LBM 16/06/08 - Credit card debts June '08 [STRIKE]£49,145 [/STRIKE].... Feb '13 balance £38,478 ... We'll get there :o
  • Forgetmenot68
    Forgetmenot68 Posts: 325 Forumite
    Me too Tony, and ruby.
    LBM 16/06/08 - Credit card debts June '08 [STRIKE]£49,145 [/STRIKE].... Feb '13 balance £38,478 ... We'll get there :o
  • nellis10
    nellis10 Posts: 1,350
    First Post Name Dropper Photogenic First Anniversary
    Forumite
    I am currently £13270 in debt.

    £3270 is through my own budgeting mishaps and spending freely without actually checking if the money was there!! A bit of an ostrich scenario.

    £5000 is my car loan.

    £5000 is a loan I took out to assist my hubbies business through a trying time...thankfully the business is back on track now, but I;ll keep on paying this until hubby can afford to pay me back. But I see it as a joint debt to help "our" future so the sooner I pay it abck the sooner I help us both!!
    2024 Challenges
    • Grocery Budget (January £0/£300)
    • Decluttering (Underway!)
    • Frugal Living (January £0/£500
    • 24 in 2024 (0/24)
  • Sorry to hear that Lemon Tart.

    I said to my husband last night if I'd known we were going to end up in so much debt (nearly £50,000) I would have made sure we did some pretty wonderful stuff. We've had the odd holiday (not expensive), but really it has just been life and its varying costs which we haven't added up that have got us into trouble. Also, and I don't want to use it as an excuse, but losing our daughter was crippling to our sense of perspective. We couldn't bear to worry about money I think, as well as dealing with our grief.

    xx

    Hi Forgetmenot,
    Use it as an excuse!!! Money means nothing compared to such pain.

    I think you are inspirational, I really do. I have read your thread and think your will power and inner strength are just amazing.

    A boy in my son's football team has just died last weekend from lukeamia and even as someone removed from the family, we have all suffered from this loss. It certainly gives us great perspective!!

    xx
    The good you do comes back to you.
    DFW Long haul supporters No: 134
    ;)
  • squealy
    squealy Posts: 44 Forumite
    Hi,

    I went travelling and built up a bit of debt (£1500), then when I got back I was lazy about getting a job and only did a few days here and there, so just paying the bills left me in the situation I am in.

    I'm now working 2 jobs to pay off the debt I've built up, but feel a lot happier than when I wasn't working and had loads of free time! Go figure!
    Tesco CC: £0! :j
    Barclaycard: £200
    Fluid: £1620

    Total: £1820
  • Tonylpool
    Tonylpool Posts: 322 Forumite
    Thanks guys, we all have our difficulties and reasons for it but its excellent that nobody judges us. I feel even more embarrassed because I'm an accountant!

    Forgetmenot, I look back and think the same as you; where did it all go????

    Its guys like you that have really helped me!

    Tony x
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