Admitting how much debt you have

livinginhope

Hiya,I have no problems confessing my 107k debt with you guys,it's the only place I can and if I want to sort it out the only way is honesty IMO.I was a bit scared at first,but I just thought sod it I've got absolutely nothing to be ashamed of,the debt on the whole was not our fault but we are left to pick up the pieces

Debtomaniak

HomeJames wrote:

Im curious to discuss whether there are others on this site who feel unable to write up the full extent of their debt in their signatures Ive been interested to read various threads as to how people got themselves into and out of debt and I feel that Im making inroads into dealing with my debt and i see it coming down every month but when it comes to actually fessing up and writing the amounts down on my signature im not able to do it i even get into a hot sweat just thinking about doing it. I know how much debt i have and discuss managing our debt on a daily basis with my OH but the thought of sharing the extent of the problem outwith scares me. I often think its because my debt is so large compared to others then i think that its all relative to how much you earn and what would seem a small amount to some would be a huge debt to others. Is there anyone else in the same position?

Is it as bad as ours? Only kidding. I know what you mean about not being able to tell/write about total amount of debt you got into.
My collegue at work knew my hubby was out of work and she was very sympathetic with me feeling down a bit. And one day I told her that it was not just the not working hubby, but the debt or even not knowing what he owed that was getting me down. She was shocked to hear that we had debts. Anyway, long story short, when I eventually managed to find out exactly what my hubby owed, I thought to myself there is no way I could tell my collegue just how bad it was. Being as we share our troubles at work with each other, she expected me to tell her what the amount was and when she asked, all I could say was "I don't want to tell you". Must have sounded so stupid. But writing here, the truth is easy for me. People do understand what you are going through and try their best to share information from their own expiriences that might help out in your situation. As someone mentioned earlier, if you do not feel comfortable, than do not put the figure in. Just hang around, you will always get advice if you ask for one.
Good luck, and don't worry, it is only money!!! Kidding again, wish it was as simple as that. HUGS.

loobyloo1980

I like coming on here and sharing my debt stories and amounts with everyone as I don't share it with other people in my life. Well, my mum knows we have had financial problems, and my husband knows everything as some of the debt is his as well, but friends etc have no idea. I use the same username on various internet sites, but no one who I personally know would know my username so to me whatever site I am on, it is a bunch of strangers at the end of the day. To be honest, I am not embarassed now to admit I am in debt and struggling to get by. I have this site to thank for that. Being in an environment with other people in the same boat has helped me to admit to myself how much we owe and see that it is better to get it paid off instead of trying to ignore it. Thanks MSE and DFW.

frankie1_2

My debt is currently £92,000 excluding mortgage. I have always managed my mortgage well (family security is a priority). Its everything else involving money that I have failed miserably to get to grips with. It has taken me a year of reading the emails on this site before making any contribution and this is the first time that I have posted my debt on the site. I have recently sought help and it has really eased the pressures, although creditors are sniffing blood as my repayments have reduced in accordance with my DMP. I'm so impressed that you appear to be managing your debts without outside assistance. Brilliant!!

Donedoingdebt

Personally, I'm glad I've put my debt in print for all to see. I'm not ashamed of it as I feel there are worse things in life I could've done wrong. It's also very therapeutic to see what it was, what it is now, & all being well, what it will be in a couple of years. Only my wife knows the full facts of everything. I just tell friends I can't afford whatever it is on offer.

Night-Owl_5

I will be putting my debt on my signature soon, have just changed my user name as my previous one was too familiar and I don't want anyone I know to recognise me

LittleL_4

Well I've admitted it to myself so far. I have an appointment with cccs on the 18th and nobody knows!

My O/H suspects I owe alot because I'm budgeting to the point of being anal. But I'd rather tackle this myself and prevent us getting into a fight/conflict about it.

I haven't posted my signature coz I'm not that pleased so far with the way things are going with my finances.. Maybe one day.... :eek:

Little L
xx

kevin_M

every time i look at my sig i feel better because i rember what my debt was getting to. and what i owe now.

im not ashamed of my debt.. more proud of getting rid of it little by little

h4nym

Tallymanjohn wrote:

Just out of interest, I fleetingly heard on the news today that total borrowing is £1 trillion (or whatever it was) - does this figure include mortgages or is it other borrowing?

Hi John

The figure includes mortgages - unsecured borrowing is 'only' about 10% of this - about 100 billion. Peanuts hey! but it's coming down - people everywhere are reducing their credit card balances / overdrafts etc and paying off their loans - note HSBC's latest offer - pay every instalment as due and on time, don't pay it off early and get 25% off the interest element.

On the wider question of publishing the extent of your debts, I think there's a couple of thoughts on this:

1. I find it useful to understand the extent of folks' debt simply because it offers some kind of context to any other numbers discussed.

2. That said, the only one important people who need to know are you! As long as YOU know, and YOU are up for the fight, that's really all that matters.

All the best

H

Rallya

I owe almost £29k from 1 loan and 4 credit cards, my mum knows how much I owe but nobody else does.

I am on incapacity benefit and pay my creditors £1 a month each, at this rate it will take me 483 years to pay off assuming i dont go back to work :eek: