How many live on credit ?

shopaholictiedtheknot

She will get her LBM when she can't get any more credit - with the state of the economy today I don't think it will be long! Just be there for her when the sh*t does hit the fan ((hugs))

SunderlandBlackCat

shopaholictiedtheknot wrote: »

She will get her LBM when she can't get any more credit - with the state of the economy today I don't think it will be long! Just be there for her when the sh*t does hit the fan ((hugs))

I totally agree, thats exactly what happened to me. The few lightbulb flickers before my own personal credit crunch had resulted in 2 consolidations.

It wasn't untiol all other options had been taken away that I started to deal with it.

vixsta7

It's such a shame she won't listen but, like others have said I think she will need her own LBM. I know I certainly did and once you've had it you know you'll never get your self in the same mess ever again!
You sound like a good friend so the only thing I could suggest is being there for her when the credit runs out and she realises the situation she is in.

Best of luck.

allisonj

my god that was what I was like until 1 1/2 ago when I bought my first house, I now monitor everything I spend, have just paid my last loan installment to lloyds tsb and they had the cheek to offer me another one! Starting on my cc to be totally debt free in 1 year!

Deep_In_Debt

I had my LBM when one month I couldn't afford the minimum repayments on my cards and was 2 weeks away from being paid and had no money for food etc. The frigtening part for me was when I worked out all my debts (which were 26k at my lbm) came to more than my mortgage. I only have a small mortgage (25k) and that really hit home especially as repayments on one of my cards alone was more than my monthly mortgage payment! The hardest part is that I am due to pay my mortgage off in 5 years but it will take me longer to clear off my cc debts (although I am working to reduce this.)

Like others, I had a couple of LBM's but just carried on regardless, until I had no money for food one month and all my credit cards got rejected in Tesco one day.

savingholmes

A lot of us are here thro living like your friend - so I for one will not sit in judgment. We have been badly in debt before twice and got out of it again thro selling our house, luck, remortgaging, consolidation etc this time we had a bit of luck which paid off a chunk and now we are having to work really hard to clear it - but it is doable. Hopefully this time we will learn for good and get new habits to replace old ones.

I know it is working because yesterday I wanted a take out as I had a really rubbish day at work - like really bad worried about job security bad - and I resisted as I said to myself it it at times like this I really need to be good. I then sat down and worked out a plan on what we could afford if I did lose my job and we just had OHs income and job seekers for a bit - it would be difficult but with lots of cut backs we would get by. It makes it an even bigger priority to focus on repaying our debts as quick as possible.

I did however spend £100 on stocking up my cupboards and freezer yesterday as my way of preparing for the worst. It won't do any harm tho as it was all stuff that would last... and probably was only about £20-30 more than my weekly budget... Just need to cut back on luxuries instead.

bathgatebuyer

I did for the period I was unemployed and the Benefits Agency took so long to sort out my benefits claim that I ended up needing to use credit cards to pay the mortgage as the benefits paperwork was crucial to all my payment protection claims.