Did you 'waste' your debt?

Broken_hearted

Well said..

dudleyboy

LookingAhead wrote:

Correct me if I have got hold of the wrong end of the stick here but your post did seem like a sweeping generalisation.

Hi, it's not so much a sweeping generalisation, more of a reply to the OP's request for people's thoughts and a reflection on the details presented. I do think the debt will be viewed differently in a few years when it's become less about a recent trip and more about trying to make ends meet in the (near?) future while struggling to repay it... or fending off those seeking repayment.

I'm just saying it's very easy to have a certain view of your debt when you've only just started repaying it (and not repaid much of it at that). When's it's preventing you from doing things in the future one may soon come to resent it / view it differently.

dudleyboy

THE_LONE_RANGER wrote:

yes im sure every one can see your point but alas he still would have been and seen more than many,as for paying your debts of etc lets get real right or wrong ,if 1,he has a debt record he cant get in to any more debt,2most debt the interest is frozen ,3,if its gone to court a few do he will pay it of peanut style £1,oopm ,4,if its sold he will be offered a rebate large one at that, or if he never pays they give up,if it is sent to d ca he doesnt have to pay them ......so lets get realistic in 7 years he will have cleared his debts or they would have been written off ....now is this morally right of course not ,will he be paying those original debts in 25 years dont be silly,has he wasted the original debt of course not he enjoyed every bloody minute...we have got to look at it realistically ,Ask me .....the one with a credit card pays most but not all the monthly payment never missess a payment will he be paying debts in 25 years yes he more than likely will be .......and if the others who were unable to create any debt for 6 years have learned there lesson i think most would have had there light bulb moment and created no more debt and will only do it again if they can live with the bloody hassle

I'm not sure I followed this... but are you implying that debt doesn't need to, or shouldn't, be repaid?

tango

dudleyboy wrote:

I'm just saying it's very easy to have a certain view of your debt when you've only just started repaying it (and not repaid much of it at that). When's it's preventing you from doing things in the future one may soon come to resent it / view it differently.

This bit i agree with,my own experience is that i personally have nothing to show for my debt,so yes it is, and was a waste

$17mma

I dont feel like I wasted my debt. The majority of it i.e CC Purchases that I got no use of was sold on Ebay.

The rest of it i.e Loan I used as a deposit to buy a property which we still have and is more than paying for itself.

Whilst it is not an excuse for getting into debt I feel a bit justified by knowing there is at least a property out of it.

However I am sure that I spent a lot more of the debt on junk that i can not account for. Like the many hand bags, shoes, trips to salon, manicures etc.

Chortle_2

Personally, I don't think that anyone who is in debt of any size is in a position to judge anyone else for how they spent the money that landed them in debt And to knock someone who's admitted their debt issues, for how much/little they pay off a month? Thats disgusting imho. We're all doing as much as we can! I know I can clear more per month off of my debt than some people on here, but that doesn't mean that I have had 'more' of a lightbulb moment than them!

Looking back, I would say that I did waste a fair bit of my debt, but certainly not all of it. Where it was 'wasted' was that I didn't often put a lot of effort in to getting good deals for things, and so ended up paying more than I needed to. Not to mention the fact that I was paying interest on it :rolleyes: Never again!

dudleyboy

Chortle wrote:

Personally, I don't think that anyone who is in debt of any size is in a position to judge anyone else for how they spent the money that landed them in debt And to knock someone who's admitted their debt issues, for how much/little they pay off a month? Thats disgusting imho. We're all doing as much as we can! I know I can clear more per month off of my debt than some people on here, but that doesn't mean that I have had 'more' of a lightbulb moment than them!

Looking back, I would say that I did waste a fair bit of my debt, but certainly not all of it. Where it was 'wasted' was that I didn't often put a lot of effort in to getting good deals for things, and so ended up paying more than I needed to. Not to mention the fact that I was paying interest on it :rolleyes: Never again!

I'm just saying it's very easy to have a certain view of your debt when you've only just started repaying it (and not repaid much of it at that). When's it's preventing you from doing things in the future one may soon come to resent it / view it differently.

Broken_hearted

dudleyboy wrote:

I'm just saying it's very easy to have a certain view of your debt when you've only just started repaying it (and not repaid much of it at that). When's it's preventing you from doing things in the future one may soon come to resent it / view it differently.

I will be paying for my home for another 17 years, I have only been paying 8 years. So will I regret it later, I doubt it. Nor do I regret spending 5 years to pay off a loan for 2 weeks holiday.

LHM

dudleyboy wrote:

but "travelling" is little more than an extended holiday for the directionless and/or work shy...

Work-shy? I've been in full employment for the last 10 years thank you very much.

Dudleyboy, you question why I haven't paid much off my debt in the last 4 months? The reason...my wife is 4 months pregnant, I wanted to buy things for the new baby at the January sales thus saving me money in the long run.

You are entitled to your opinion but isn't this board meant to be about mutual support? I started the thread to see if there were similar people to me who have run up debt and are now PAYING FOR IT but don't necessarily think they made a waste of the debt they got themselves in.

Apologies if I've rubbed you up the wrong way.

I'm new to this forum and from what I've read so far the poeple on here are inspirational! I've got a plan to clear my debt, it may take me 5, 7 or even 10 years but I'll clear it. Every penny.

dudleyboy

Broken_hearted wrote:

I will be paying for my home for another 17 years, I have only been paying 8 years. So will I regret it later, I doubt it. Nor do I regret spending 5 years to pay off a loan for 2 weeks holiday.

*sigh* I think my point has been completely lost. I personally view a mortgage as an investment not a debt (that's certainly how i'll view it if I can ever raise the funds for a deposit)... and i'm not sure who would ever view one as a "waste".

You're spending 5 years paying off a 2 week holiday? That's entirely up to you.

But when one has not yet felt the effects of ongoing, monthly, seemingly-endless debt repayment (such as, and no offence ever meant to, the OP who started this thread) one could soon come to view their debt in an entirely different light.