How did you get so into debt??

daz_free

Hi,

I'm just wondering before your lightbulb moment, how you get into debt??

For me it was spending whilst I was a student. I ran up 3k on the credit card and 2k on the overdraft. I'm sure I could of kept these down if I had a part time job during my studies. But in the end I got a 2:1 so probably wouldn't have got that if I had a part time job.

The spending was mainly on nights out and general living expenses.

Thanks,

Darrell

black-saturn

My ex used to order things online such as a shed, water feature for the garden and loads of other things then when we split he didn't pay me back. Then I had no furniture or anything so I used my CC to buy stuff for my new home.

themaccas

Oh and I both took time out and retrained but we did not adjust our spending during the 3 years. When we got our better paid jobs we spent even more because we thought we could afford it with our bigger salaries. We couldn't we just added to our ever growing debt. Coming back from the January sales this year was my lightbulb moment. I looked at all our bags of 'bargains' around £400 worth all paid for on the credit card and just thought 'I don't own these'. Couldn't have kept going without this site though.

nidje

For me it was impulse buys on the CC. Silly things that I didn't really want or need and would end up hid away in the back of a cupboard and never used. The worst thing was clothes, I liked the look of them so I had them and then when I got home and tried them on they looked awful but I never bothered to take them back. The local charity shops have done well out of me so I suppose that's something. Now I have this conversation in my head before I buy "do I really want it and do I really need it". It works for me if I can't justify the want/need then I leave it where it is.
Nx

overbudget

Bought a new house that needed a lot of work. Had what we thought was a big enough budget for it (in savings and a low interest home improvement loan). But as the work got going the bills just kept getting bigger with lots of extra (essential works like water and gas) needing doing. In the end cost about twice what was originally quoted :eek: - and we had twice the debt we were expecting - but still think the house is worth it! The debts are now all at less than 6% interest and all being well we will be debt free (and able to start knocking down the mortgage!) in less than 4 years.

yeslek

gigs/concerts and the occasional class A substance

newlywed

clothes, shoes, holidays, cd's, gigs, concerts, and more recently b&q and homebase!! Not to mention taking cash out so that OH could pay his bills when he had no work.

But mainly, general burying head in the sand, not keeping track of money and pretending it would be ok and I could sort it.

Now I'm not sure I can sort it.

Mrs_Sparkle

It started off with student loans and an overdraft, London living without the London salary, too manic a social life and not enough nights in with cheap meals in my 20s. Then in my 30s holidays, nicer clothes, a bad shoe habit, buying a house with every penny of our savings + mortgaged up to our eyeballs then realising we needed furniture- d'oh! That's where my Egg loan came in. Then finding out the place had damp so another £2K thrown at that. Then we thought we might as well get the bathroom done....another £1K. I'm horrified at what we've spent but at the same time we have a lovely house to show for it and the debts are huge but manageable providing we both keep earning the same amount.

My own feeling is that debt is a slippery slope and once you're on the slope, doesn't matter whether you're £200 overdrawn or have £10K of student loans to pay off, you will get into the habit of borrowing money and it's then a downward spiral until you have your LBM.

loopyloulou_3

pure stupidity and naivity

bank sent me a cc with a massive limit when i was 18, which i didnt do tooooo much damage. got a loan for a car, then consolidated - with the kind advice from my bank manager "dont worry your level of debt is nothing to worry about compared to other peoples" - yeah thanks mr bank manager! (although i cant blame anyone but myself)

then brought a house and wanted everything for it. When i hit £10k had LB moment!

pms

Like most people I got into major debt with credit cards and consolidation loans. I spent the majority on impulse buys like clothes, shoes, holidays, gig tickets using the credit cards. Silly I know but have now seen the error of my ways and have been forced into changing my spending habits. I have great support now from my family and OH which is a big help to me.

Tricky_Vicky

That's what they used to call credit cards in the advertisements. Anyhow my flexible friend sprang back and slapped me in the face.:eek:

Own stupid fault - but now I have seen the light and with the help of all the good folks on here - and of course Martin's Marvellous Moneysaving - I am regaining control. (Slowly, but slowly)