How long have you been in debt????

Hopeful1

Thank you for this thread, it is so nice to feel normal. I've never been good with money - i didn't understand it or appreciate it if that makes sense. I spent it and never thought about the paying it back bit afterwards.

My problems really started after i had a mortgage and then everyone was willing to lend me money. What has really done me has been when i've had a loan paid into the bank and the bank has then said ooo you can have a bigger overdraft and a loan from us when i didn't even ask for it! Ultimatley i was stupid and accepted everything.

I hit rock bottom with it all last May. With this site and another forum i found out about on here, my life has changed completely. I am now in control and gradually paying things off. I hope to be completely debt free in 6 years max when i'm 40.

It seems like such a waste of life worrying about money. I have promised myself that i will be sure my little boy has a much better understanding though.

Good luck to everyone x

rluc

walshyboy- Glad to hear you have had the LBM before it got too out of control:beer: .

Aylana- I think a lot of us DFW's are optimists thats how we get into so much trouble, we always think something magical will come along and sort it for us somehow and carry on spending regardless!!

Lauzjp- I even had a littlewoods catalogue at one point:o

Angeldiva- The shiny barclaycard was one of my many CC killers its amazing how many minimum payments you can just about keep up with if you try really hard.

Mummytofour- Hope you dont end up BR but I think its great you are doing what you want to by going to Uni Good luck!!

Thanks to all

Useless_with_wonga

Good thread and got me thinking. I have always been crap with money. I got my first loan when i was 18 years old to buy a moped:o and i have never been debt free since and i'm almost 39 years old.
I am determined to become debt free despite the mountain i have to climb by the time i am 49 years old.
It took me until now to realise how financially incompetant i have been for all of these years.
I wish i'd trodden a different path but i am where i am through my own bad financial decisions (plus a divorce in my early 20's:rolleyes: )
All i can do now is set out on the road to financial recovery and discard my previous materialistic lifestyle pay off my debts and become more responsible for the sake of my family and myself.

Mister80s

Hi all, I figured I was first in debt in 1998 (about a year after starting my first full-time, permanent, paid job). My car loan, which I took out in 2005, finishes in 2010. My bank loan, which was a re-consolidation of a re-consolidation of a re-consolidation - I know, I know - finishes in 2012 :eek: I guess it's family and friends (including all of you) that keeps us going. BTW, I'm 35 and still at home

Ela1

rluc wrote: »

I guess by the sounds of it there are a lot of people out there in the same long term set up like me!!
I spent a long time with my head in the sand trying not to think about it and the occasionaly trying to deal with it.
I wanted to try and give my ex wife everything she wanted but ultimately did not earn enough to be able to be able to do that so tried to keep it going through credit etc.
To be fair I had debts before I met her and like heppy says maybe there is a personality trait that makes you prone to debt as it has always seemed to be too easy to me to fall into every debt trap going:o
Ela- , I presume when you are on CCCS you cant move balances around to get a better deal? don't really know how it works good luck anyway.
To everyone else. Good luck as well:grouphug:

Thanks for the good wishes, no you can't move balances around CCCS are pretty rigid. Good luck

SarahNeedle1872

On and off since I left home at 18, and I am now 28..... when you stop and think about it, its actually quite scary!

jenjade

i was in debt for 5 years i became debt free at the start of this month and it feels really odd. i love it my advice would be to break the debt down and try and pay extra regularly.
good luck everyone

pureaswhite

Hi heppy23,

I'm really impulsive too and if I see something that I really want then I convince myself it is a good buy!

We will be cured!!!!!!!

Mrs_Ryan

Most of my adult life.... started at 18 with a £500 student overdraft and a £500 credit card with my first student account with HSBC....
To the present at 27 with a £750 credit card (maxed) £500 Evans card (maxed) 7 catalogues (£520, £400, £300, and 4 at £125) and 3 payday loans (£300, £250 and £100)
via......
2 more current accounts, one with an original overdraft of 1500, now being chased by 1st Credit for 4 and a half grand - heavily disputed of course! Another for £1000 which I think there was a CCJ on, a store card which I think was a £350 limit and a credit card for the same, another Barclaycard when I went back to uni.... several phone bills oh and how can I forget the New Look store card.

I am fortunate now in the sense of I have no mortgage/bills to pay as I live with my partner and he pays all of that, so I manage to meet the payments on everything, even just on my basic wage. But the vast majority of those debts were run up when I was at uni and struggling to cope, but after not being able to get credit for years I went a bit mad! I dont think I will ever be debt free although now i have a new job I am going to try and have a bash at clearing my credit card. Wish me luck everyone.... think Im gonna need it!!!!!

Debt_Free_Dreamer

My first loan was aged 15! My dad took it out at Currys so I could buy an Atari (and play space invaders!). I used to pay him from my paper round every month. It was supposed to be a lesson in looking after money. I now think it was a lesson in "borrowing and getting it now!"

With my kids I am going to be different. My OH has never had a loan and never had a credit card. He saves and buys everything with cash. I am going to teach my kids that!!