Why do people get in debt?

scaredy_cat_2

i had a long list of reasons - but actually at the end of the day everyone has reasons and whilst our reasons contributed to our debt - fortunately we can pay our bills and mortgage - a lot of it was putting our head in the sand, as above thinking we deserved cos we worked hard and spending more than we could afford to -

scheming_gypsy

i owed about 4k and was doing fine paying it off.. Then i bought a brand new build house and needed floors, garden doing etc etc.
Now it's a lot more than 4k but it i've something to show for it and hopefully it's increased the value of the house so the 'debt' isn't actually debt but equity.

Mrs_Sparkle

That's a very big question Gorgeous George. For me it started when I left uni with 3 student loans + an overdraft. I came to London looking for a job, was unemployed for 3 weeks only but in that 3 weeks I had to buy work clothes and still feed, transport and house myself, so my debt had increased by the time I got my first pay cheque. By then I'd become resigned to the debt and never really got out of the habit of spending money that I didn't have.

I was very careless and irresponsible with money in my 20s- spent too much partying and didn't save a penny. Over the years I've taken out several consolidation loans, only to build up more debts and end up taking out a bigger loan to pay them off. I can only blame this on my own stupidity and lack of self-discipline. This site was an absolute life saver for me as I can truly say that my attitude has changed since I started listening to this community on here.

The best part for me is that we're all here with different circumstances but we don't judge each other for the mistakes we've made.

chunkymunks

southernscouser
"In all honesty I couldn't give two !!!!!! how or why someone is in debt. I'm just here to help them and to draw from other peoples support. We all have the same thing in common and thats good enough for me."
That is the best thing I have read on this board. I have elderly parents (please don't tell me they can get benefits -not enough to live separately on unless I am willing to be aggressive and I'm not, girl in front of me got a social fund grant as she admitted to all and sundry she had spent all her money on a holiday but I was denied a loan ) I haven't had a holiday in so long my passport is out of date and has cobwebs . I also have a sister who is bi-polar (used to be manic depressive) and seems unable to progress beyond the personality of an immature 16 year old which means electric bills, rent, food ,any other items and her pills which are deemed essential but she (me) has to pay for.
I have other family commitments/bills which I have to meet and am trying my best. I would appreciate it if some chat members would not be quite as quick to judge as no one ever really knows what goes on in someone else's family. Most of us are trying and it's harder than you could ever imagine.P.s in case anyone is wondering I don receive any benefits and do pay taxes (just in case i'm about to be mauled )

15lsp

I would like to say my debt was caused by my uni days but it actually came from over indulging, but I have several hundred pairs of lovely shoes to show for it :rotfl:

Laura

pms

Got my 1st Credit Card at 18 because I could and it meant I could get things I wanted when I had no other money to pay for them. The more in debt I got the more I took out loans to pay them off. Finally came to a head October 2005 when off work for 7 weeks with a bad back and had plenty time to think about what I was putting myself through. Plucked up the courage to tell my parents last week about my debts thanks to the support of this forum. Dad now seems to think this has contributed to me having one illness after another this year probably due to all the worry of it all.

I have learnt so much in the short time I have been on this forum and am on here daily now. Its nice to know that I'm not the only one with money problems and that people are willing to help me, and hopefully I can help others as well even if its just to give them my support

Mrs_Sparkle

15lsp wrote:

I would like to say my debt was caused by my uni days but it actually came from over indulging, but I have several hundred pairs of lovely shoes to show for it :rotfl:

Laura

A girl after my own heart :beer: And when I've finished paying off my debts my lovely shoes will still be here so they were an investment really

Karb

When my marriage broke up, I was left bringing up my young son. I was too proud to give up work, but my wages covered only the mortgage and son's nursery fees, so all other living expenses were paid for by loans and credit cards.

I'm now married again and have five children, so money is always a struggle.

sxi-kenny

with me it was going to the football that did it, i went to home and away games and also some european away games. the home games where ok but it was the away games that i spent the most money on. you cant get a ticket under £20 for away games, then i had bus money to pay, and of course drink money, i would take say £60 out the bank before i left to go on the bus, we would then have a 3 hours stop and il have prob about £30 left, so after buying food etc etc in the game id go to the cash machine, take out anoher £60 for more drink when we get home and that would be me out all night, done this nearly every 2nd weekend

since i gave up the away games ive saved a fortune, and its only recently i realised how much i spent. i got a copy of my bank statement for the past 6 years and when i see all the withdrawls at places like aberdeen, dundee, dunfermlin etc etc it really opened my eyes at how much i was spending

not im only £400 a year for my season ticket for home games and i only take a tenner to the game and go straight home afterwards then il go out later on in the night.

Imelda

How did I get into debt? Like Laura I would love to say Uni but when I left I had under £4,000 in student loans, £1,000 overdraft, £6,000 in an ISA and a decent job starting the day after my last exam. So what did I do? Buy a car (using the ISA money), go out every night, 3 holidays per year, new clothes every week- all on credit cards that I had never previously touched. Then I bought a flat, didn't cut down at all and found myself floundering. My LBM was March this year, I got a decent bonus and payrise which I used to get rid of the bulk of my debt and have been slowly chipping away at the rest since.
TBH I don't care how people got into debt, it's the way they get out of it that matters. Like southernscouser says we're all here to support each other and not to judge.