how did you end up in debt?

Deep_In_Debt

My problems started after my ex left me and I ended paying the mortgage (and still am!) on my own and I couldn't really afford to live the lifestyle that I was living on just my salary. I didn't reduce my spending when he left, in fact, I think I increased it and it all spiralled out of control as I was didn't want to be home alone so went out a lot and started living on my credit cards. My savings had dwindled and I had one massive wake up call when I'd hit the limits on all my cards and couldn't afford to buy food for 2 weeks! For a long time I buried my head hoping that something (a lottery win!) would come along and solve everything.

I'm rubbish with money but I'm getting it under control now with the help of this board and a DMP with CCCS.

Gemmzie

I think we've got a lovely set of newbies here ready to form a solid support group, one day you'll all be debt free and helping the next set of newbies too. That's why I love this site
The support from each other is what'll get you through the hard days!

LouiseJ

I can honestly say that I have no idea how we got into so much debt

That sounds stupid doesnt it but I cant remember one single thing that I bought using the CC of any importance or value but before I knew it we had CC debt of over 15k of which I have now paid off 5k and 10k went onto the mortgage (which I have reduced to 6k in 6 months by making overpayments).

Pesky credit cards:rolleyes:

rubydoiwannabee

Deep_In_Debt wrote: »

My problems started after my ex left me and I ended paying the mortgage (and still am!) on my own and I couldn't really afford to live the lifestyle that I was living on just my salary. I didn't reduce my spending when he left, in fact, I think I increased it and it all spiralled out of control as I was didn't want to be home alone so went out a lot and started living on my credit cards. My savings had dwindled and I had one massive wake up call when I'd hit the limits on all my cards and couldn't afford to buy food for 2 weeks! For a long time I buried my head hoping that something (a lottery win!) would come along and solve everything.

I'm rubbish with money but I'm getting it under control now with the help of this board and a DMP with CCCS.

Hi D in D
Thanks for posting, I too am rubbish with money I'm sure it is to do with being deprived as a child (ha ha). Seriously in the past I have pretty much had what I want within reason. The place I would like to be is having something because I have saved for it and really thought about whether it is the best way to spend my money.

We are considering a DMP, gonna have a spell of going it alone first and then see if we have improved our situation in 6 months or so.

Good luck with your DFW journey.
x

bringmeshoes

rubydoiwannabee wrote: »

thanks for your reply, and I love your name. My should be bring me wine and chocs!!

Wow you have done well to get through being homeless and now being at the point of having money for treats.... brilliant.

i must admit (like pretty much everyone on here!) that i learnt the hardway about money, my mum was a terrible example so when i took out my student bank account the first time i went to uni i thought the overdraft and credit card they gave me was free money, my mum only encouraged me to spend it!
when i had to leave uni because i became homless and was living in a hostel i had to keep spending just to buy food until i got a job. i managed to pay most of it off by the time i went to uni again 3years later. The second time i went to uni i couldnt get a student account or overdraft, which i know now this is a good thing. to build my credit rating up i got a capital 1 credit card (with a horrendous apr!) i used this every month, just £20/£30 and paid it off each month just to show i was making regular payments ontime.

I checked my credit rating a few months ago and saw that it is now excellent and now when i but things i only do it if i know ive got the money and only use my credit card if i know i can pay it all off on payday. I still dont have an overdraft and dont want/need one even though i know i couold get one in minutes if i wanted to. It takes a lot of hard work and time but it can be done, as others on here who have become debt free know. although i am not debt free yet i am in a better position than i have been for years and can afford to keep myself in shoes!!

rubydoiwannabee

Gemmzie wrote: »

I think we've got a lovely set of newbies here ready to form a solid support group, one day you'll all be debt free and helping the next set of newbies too. That's why I love this site
The support from each other is what'll get you through the hard days!

Now that would be lovely, before that DF day arrives I want to have all the stars and stripes from MSE that you have!!

Perhaps we should call ourselves the July 08 support group?????

Runnybabbit

rubydoiwannabee wrote: »

Now that would be lovely, before that DF day arrives I want to have all the stars and stripes from MSE that you have!!

Perhaps we should call ourselves the July 08 support group?????

Oh, please can I join? xxxx

nellis10

My hubby is great with money and never buys anything on credit. The reason for the Business Loan was to buy out a very bad partner, the rest of my debts are totaly my own doing. But with the support of everyone on MSE and all the fun challenges i am hoping to clear it all within 2 years!!!:T

Tonylpool

I agree Ruby, we should!

lucielle

Our debt was through some bad house moves. The houses we moved into went with my ohs job. They were in a right state and believing we were there for life spent loads doing them up to be made redundant and homeless 18 months later! Life was spent robbing Peter to pay Paul until Dec 07 when the brown stuff hit the fan. We are going to get there.
L