Why do people get in debt?

chocaholic110

Gemmzie wrote:

Letting my parents lend me money too often

Mine is the opposite; it was lending family members money too often using credit cards as I didn't really have any money either,then only paying minimum payments as I was waiting for them to pay the money back. Have only just realised I'd better pay it back myself or I'll never be better off

leni

My downfall was disipline! I used to do ann summers and was quite successful but not everyone would pay on the night and you were under pressure to make payments to win prizes. As a result I'd pay the order with ann summers by CC and then spent the money I'd collect from the parties

One time someone rung me up at work, they'd organised a trip to a theme park and had 100 people on the coaches but the Theme Park wouldn't accept a cheque, so I paid for 100 people to get into the Theme Park and again, when I got the cheque, I only paid a small ammount off the CC and the story goes on!:o

Only paying the minimum didn't help either!:mad:

Though the cards haven't been used for a year now

wigginsmum

Over-indulgence, pure and simple. I've never missed a payment and always pay over the minimum, but the debts have racked up since I got together with OH and bought and furnished a house and had to pay for a car. It'll take years to pay off (probably till I'm 50) but we'll get there.

lynzpower

Going to university where you have no income whatsoever apart from debt.

Not being taught the basics on how to budget. If Id have been shown a budget planner when I was 15 I doubt Id be here now to be honest.

Being raised with the idea that if you want something you can have it courtesy of Mr PLastic.

kar

Both OH and me getting a degree each. _pale_ - I'm not so sure it's worth the money

saubryn

I got into debt because I was working a good job, and let my ex boyfriend handle the finances. He spent like crazy while I was working, without telling me. Then when we broke up I was stupid and agreed to pay all the debts since I was working and he wasn't.

It was going fine until I lost my job - the debt had been manageable, but I've never found a job paying as well since.

Iwantahouse_2

I am only in debt to my parents hence it's interest free
I bought a house and had to borrow £5000 to help with solicitors, stamp duty deposit etc
then a week after I moved in I wrote off my car and they lent me a further £3500 to buy a new one
So lucky to have nice parents and i WILL pay them back as soon as possible

DontDoDebtKids

My debts came about because I got fed up with my new flat being empty and so I went out and bought EVERYTHING i wanted on credit cards, including a new bathroom and kitchen.

Saying that, it's now increased in value alot more than I have debts to show for it and I'm renting it out.

Still have the debts thought...

bobbadog

I started off badly, at 16 leaving school to get a job to help my Divorcing Mum pay the Mortgage, running up an overdraft and credit card of my own at 18...then I went off to Uni to do a HND (running up a 1500 overdraft, 2k by the time i left) whilst working part time and commuting from Northampton to London (to still be with my Mum)... so when I graduated, I owed 14k in Student Loans (spent on travel, mortgage, etc) 2k in Overdraft and £600 on credit card. Have cleared the CC and half the overdraft but 3 years later, I have a job I absolutely adore but not the cash to support it.

Will get there though. Is what eBay is for.

Bunnyinthelights

Stupidty, ignorance, fear, ummmmmmmm
Bad money management.....

However, learning from my mistakes and paying it all back slowly but surely has changed me for the rest of my life.

Bunny