Did you 'waste' your debt?

LHM

dudleyboy wrote:

Well that's why I said COULD and not WILL... (!)

As for me, I've been repaying debt for the last 6 years... I had my LB moment early when I was 22... shortly after graduation when I had about £12k of debt (approx £4000 student loan, £2000 CC, £2000 OD and £4000 loan from my dad). I've not really calculated how much the total debt was ... i suppose £12k... tho I've spent most of those 6 years CC tarting and making the min and additional payments while generating other debt in the meantime (as we all know life's expensive and bills have to be paid). So I did seem to be topping it up as regularly as I was paying it off (which is why I say about opinions changing and not having fully calculated the total debt - the bggr never seems to go down no matter how much you throw at it! )

But I guess my approach is as a result of various family circumstances at the time and now. My dad was diagnosed with cancer when I was 22 and when I learned that the £4000 I'd borrowed from him had come from a loan he'd taken out (rather than savings he didn't have)... I had a pretty severe wake up. The opportunity for travelling and going on spending sprees was there for me just like any other 20-something who wanted to have those "once in a life time experiences" but I knew I had to repay that money I borrowed. I also knew that spending time with my dad now was more important than something I could postpone until some day in the future. I certainly know which memories and photos I'll cherish longer.

I'm certainly not criticising other people for being in debt when i'm in it myself, nor am I criticising people for taking extended holidays because I would have myself under different circumstances and will do at some point in the future. But right here and now i'm staying put and enjoying the company of the family and friends around me because the world will be there long after all of us have gone. It would seem that life is too short after all. As you say, it's all about priorities.

Good for you dudleyboy for having your lightbulb moment at such an early age. I only wish I had, mine was at 29! Still, we are all in the same boat on here and we've all taken those important 1st steps.

:T

Chortle_2

Dudleyboy - good on you for having your lightbulb moment when you did. I can certainly see why the circumstances of your fathers illness would make you reassess your priorities. :T

My point is though, that others situations and priorities will never be the same. I could see the money I spent on frivolities, travel etc as wasted... and to some extent, it was - but then I was diagnosed with multiple sclerosis a little over three years ago, and that was MY wake-up call. I am doubly glad I did those things before my diagnosis, even though it was on credit, as I wouldn't have a hope in hell of having those opportunities now, even if I did have the cash in the bank to do them - because my body simply isn't up to it now. I don't regret a second of it, despite the debt I now find myself in, and I won't change my opinion of that as I come closer to my debt free date either!

I suspect that everybody on these boards could kick themselves for ending up in this situation, but not everyone is going to regret the road they took to get here.

It's just fantastic that we've all found somewhere we can get support from other people in the same situation, for whatever reason, who don't judge

dudleyboy

Well, following a pretty hard going week and a good/cheap bottle (or two) of wine this evening i'm feeling pretty content again. Sorry if sounded shirty earlier... really has been a shtty week... but I have to say this site and the nice folk on it keeps me going. so i'm staying in on a saturday night... oh well... better days lay ahead.

I'm pleased I had my LB early on but under current circumstances I sometimes think that sand would feel pretty comfortable right about now (perhaps i wouldn't also be a grumpy old sht before my time). oh well... it's a shame it takes something big for that lightbulb to switch for us... human nature i s'pose... but it does when it chooses and i think when it's on there's no turning it off.

I guess, ultimately, all debt is wasteful. If we were paid what we were worth and life was as just as we deserve it, we'd all be far better off than we are... monetary or otherwise. but it's not. well bum to it. we'll do alright despite them and show them what we're made of. you can only do your best and the best is what we're doing.

united we stand and all that. cheers for the site, Martin, and everyone who comes here who makes it what it is. that's why i come back everyday. :beer:

I'm going to watch TV now... loving that freeview.

Night.

QueenB.

I do think i spent the majority of my debt on waste, living a way i couldn't afford, though not that extravagent, then making bad financial decisions and getting more into debt to pay of previous debt. I also buried my head in the sand for to long and so spent, struggled, spent, struggled and now have very little to show for it. But like alot of people on here some of that debt was spent on experiences which as much as i wish i had paid for them differently i know i will always remember. The problem now is that as much as i enjoy remembering those times, i also soon wish i could experience things like them again, but now i can't. It is that which has really begun to motivate me, wanting the life i was trying to live, but living it this time, debt free.

Batfink

I definitely wasted mine

The majority went on fast cars that I quickly tired of and replaced - usually still less than a year old - hence loosing a lot of money each time. I had a nice time with them, and met a lot of nice people at car racing events etc - none of which I still speak to now. The rest went on a wonderful home cinema system - which I've now sold on ebay for a tiny fraction of what I paid for it to start paying off the debts.

The misery of paying of the debts its much greater than the enjoyment of the money was.

Oh well, you learn from your mistakes....

Jarlawuk

I caused my debt by spending far too much on eating out (nearly 5 times a week at its peak at £30-40 per night) and buying too many clothes. Toned it down and now have much healthier finances, less debt (mostly stooze cash on cc's now)

library_lady_2

What is apparent is how defensive most are about their interpretation of debt and how they feel about it. When I said mine was a waste its because never having had a huge (even average?) income I tried to live the lifestyle of my friends who are working full time, without the designer clothes and exotic holidays??! Consolodated debt on debt accumalated interest/charges at a scary rate and with an income that couldn't possibly match it. Many on the board are sufficiently able to reduce their outgoings to repay their debt quite quickly and continue a reasonable lifestyle, others are already living close to the edge, cutting back as much as possible and still able only to pay off a tiny proportion, but essentially for what ever reason we are all in it together and somehow knowing others are in the same boat makes it easier.

sweet_chicken

i would say that a large proportion of my debt was wasted!!!

i mainly got into debt by helping my partner (who is now my ex!! :j ) clear off his debts coz he was in such a bad situation!! even though his experiences should have taught him a lesson in life, he never learnt it. we were forever trying to clear off the debts but at the same time he still wanted to live the high life. :mad:

i would put my foot down, which a lot of times ended up in arguements and eventually me being weak as i am, giving in to what he wants just for the sake of the peace and quiet!!

now i have learnt a lesson and am paying for it the hard way! we have split over two years now, he's done a runner and i have no contact address/number for him so i am now clearing off everything i helped him with and one joint loan!! :mad:

so yes....mine was definitely wasted!!! :sad:

chinagirl

[(OK camping is cheap but not if you have to drive 300 miles in a petrol guzzling 4x4). Sigh sigh :rolleyes:

Cough cough - but that was then and this is now :A[/QUOTE]



Wow, that's some drive, would it have been cheaper to fly? My driving-to-holday limit is about 2 hours max. Any longer than that and it becomes an endurance test rather than a holiday.