What's the point?

Toomuchdebt

Really wondering what the point is in trying to pay these debts off.It's going to take me years.Don't know why I'm bothering to be honest.

duncans-mum_2

The point is so you can be debt free. The reason why you are bothering, as hard as it sounds, is you have spent the money (regardless of what on and what circumstances got you there.)

It is a hard slog. I have just redone my snowball calculator and yes it gets me down at how long it will take to pay off BUT I know how fabulous it will feel when that £600.00 a month I am paying on debts one day will be MINE to spend.save on what I want.

Try and stay positive and look to/aim for what goals you want in the future. And if you have a down day/slip up just keep thinking of that.

Chin up.

MoneyMagnet

Sounds like you're just focusing on the negative aspects of your situation - the amount, the time it'll take to pay, the work involved, what you're missing out on in the meantime etc.

Maybe try changing your focus to the positive side of things - you've had your LBM, so you've stopped the downward spiral & are now on the up. Each day, each payment made or bit of money saved is bringing you closer to debt-freedom. Think of all the things you'll be able to do with the extra money when you get there - not just spending, but saving, investing, building true financial freedom. And it might not take as long as you think - situations & incomes change for the better. Lots of other people have done it, and you can too.

Are you being too hard on yourself? Are you giving yourself little treats along the way, each time you achieve a new milestone in repaying your debt? (I don't mean things that cost a lot!) Becoming debt free generally means cutting back a lot, but it shouldn't mean living a totally ascetic life, or you'll just end up rebelling.

And don't feel bad about feeling bad! Almost everyone experiences discouragement (me included). But it can just be a temporary state, and not a reason to abandon your debt-free journey.

Donedoingdebt

You'll probably hit a few "walls" along the way to debt freedom as I'm sure we all have. Try & keep focussed on why you're trying to do this, ie for a better future. Mine's 6 1/2 years gone with about 3 years left, so I'm starting to really feel that I will be debt free soon.

judi24

Yeah its true. you get good days and bad days. I had a bad day yesterday cos i opened the centre parcs brochure - we often have winter break there and I really, really, really was tempted to book it there and then. I felt so down and upset cos we haven't been able to take the kids away at all this year. But I resisted thinking how much better would it be to be able to pay cash for stuff like this rather than worrying about mounting CC bills.

Better day today though. Got my and OH's staements through from Yorkshire bank. Think I might be able to claim quite alot back.
So the situation is always changing.
Don't get disheartened just think of the Debt free date and hoe you will feel then!

msmicawber

I know at the moment it feels like there's no light at the end of the tunnel, and that it often takes longer to repay your debts at the end of which you still face a few years' of bad credit rating, but it's marvellous for the self-esteem when you come out the other side.

I slept better knowing that I hadn't avoided my debt, even though it was a struggle to keep up the payments for so many years. I felt that the lenders had lent in good faith and I had borrowed in good faith, then my circumstances changed - it wasn't my fault, but neither was it theirs. It's an achievement to pay back your debts and I think teaches you a lot about yourself along the way, which is valuable.

Try not to feel disheartened, and remember that you've faced your problems and started dealing with them which is commendable, and everyone here knows what you're going through and is supportive of you. I think you should look at what you've achieved so far and appreciate yourself and I hope that gives you the heart to keep up the good work.

Bambywamby

You have spent it - you really have to take on the responsibilty of paying for it. It will take a while to pay back but the satisfaction and ease of mind you will gain will be priceless.

If you can - save a little along side as you pay your debts - at least you will feel as though you are building a little nest egg as well as paying off past debts.

Keep your chin up.

Bams x.

moxie_2

I know how you feel, look at mine, more than double yours. But I do take satisfaction from the fact that I've paid off such a lot already and am managing my money MUCH better than I ever used to. I too look forward to the day when it's all paid off and the money I earn is all mine to do with as I will!

piglet6

Hugs to you :grouphug:, Toomuchindebt, we all have miserable days when we wonder why we are bothering, and they can make you feel like poop!

But, you are bothering because you have had your lightbulb moment and seen the reality of the situation, and you CAN do it :T, and you will feel better for doing it in the long run (although I appreciate it doesn't help much at the moment!:o). I'm reliably informed (by the peeps on this board who have got that far...) that it feels great to know when your paycheque comes in that it is all yours and you owe nothing to anybody else!:j

As far as I am concerned, at the end of the day, I spent it and I enjoyed it, and now I have to pay for it :rolleyes:. I feel better knowing that I will be paying it all back myself - although this is in no way a slur on those who end up taking the bankruptcy route...from what I understand of that route, it is in no way an "easy way out", it causes much soul searching and misery and is not the "get out of jail free" card which it is often perceived to be. I am grateful that I am in a position to pay back what I owe, and that I can be in control of my life. Yes, I may be going out less and holidaying less than ever before, but for the first time in my adult life, I am taking note of price tags, and saving in advance for things I want, whilst getting more pleasure than I ever thought possible out of watching my savings mount up each month (not that I'm debt free, but its all on 0% now, so while I wait for that to run out, I am sticking it in savings to get any teeny-tiny interest possible and will pay it all off at the end! ).

Stick with it, it will get better and when we get to that DFD, it will be fantastic!:beer:

Piglet

Tiff_2

:hello: toomuchindebt, hi everyone,
You took some very brave steps angel and you're allowed to feel down, especially during the late summer, bargains everywhere and Christmas tapping you on the shoulder.
Look at what your post carefully angel.
You've answered your own post by having managed to pay off debts and crossed them off your list already!;) Whenever you feel like this, look at your own tagline and watch those green lines increase.
A whole sum is only made up of different sized parts - you can do this!;)
Best wishes

Jolinar

You're doing it so you can be free, I mean doesn't it feel like a huge burden right now? I started out with the same level of debt as you and now a year further on I owe 6k less. You can do it, hang in there