How long have you been in debt for?

goodgirl80

GeorgieFTB wrote: »

I kind of half agree with you, in theory nobody should be in debt 24/7. There should be a reason for debts... need a new car, boiler breaks down, I can think of loads more... but day to day spending is where most seem to start getting in trouble.

But thats not how the world works, as far as I can see we are the freaks, the rest of the world seem to think its normal to have several CCs, HP and the rest. I think its really interesting that most that have replied started early and spent a good portion of their lives in debt.

Gx

I would just love to get to the point where I don't owe anything and can pay for what I want by saving up for it. Going old school :cool:

secretshopper75

Mines been since starting work, always wanted more than I had/could afford...then when we bought our house it was a quite small amount, couple of credit cards...been here 15 years and honestly haven't had many months without being in debt...in the last 10years and especially 5 years it's become unmanagable, now on a DMP..I know why I spent but that doesn't help does it...

Swinstie73

Since I was 18 or 19 (I'm now 37), have always had manageable debts i.e. always made payments on time, always more than the minimum. Have had 4 loans to buy the 4 cars I have had and numerous credit cards.

Since becoming debt free on 4/4/11 (so early days) I plan on trying to stay debt free and saving when I can, but I don't by any means believe I'll never ever have a balance on a credit card ever again as you never know when an unexpected purchase creeps up. I'm just planning to stay as far in the black as I can.

Little_bit_dizzy

I was just turned 18 when I first started building debts and this summer I will be 38.

My debt at worst was £33,000 and it's now £3,195 on a 0% credit card which might be gone by June, July at the latest.

20 years in debt... :eek:

dreamdreamer

Nearly 9 years, sinced I turned 18 and got a student overdraft. Seems a common factor in here! Highest debt was £15,800. Hopefully I'll be debt free by my 9 year anniversary of the start of uni, end of September this year.

Naomim

18 with first credit card and the worlds most appalling pay. The pay went up but I carried on with minimum payments and wasting my spare money. Now 37, married with 2 kids and £12k of CC debt but hoping with the snowballs it will be cleared by the end of 2012 if not sooner.

So in short 19 years but only credit cards (not inc mortgage).

Naomi x

BigCraigJohn

Bank dragged me in the day after my 18th and gave me a £1k credit card and a £250 overdraft. Gits.
I was part time and at college earning £7k a year. Was 14 years back and im still repaying those debts.
Incidentally out of all my debts that was the only enforceable agreement yet was take 6 years before any of the others.

donnap83

Oh my days! I was a silly 18 year old when I started spending on the plastic. It snowballed into owing around £8000 over 3 CC and 3 store cards. Then lost my job....

Cue 3 CCJ's, and 3 defaults on my credit file. I then spent years paying everything back. My credit file finally became CCJ/Default free at the end of last year.

Had to take out a Vanquis card and an Aquacard to start rebuilding my file (I could only get high interest cards when I applied about 3-4 years ago) Got In a bit of a pickle as the interest was so high. Went to the bank yesterday in the hopes that someone might be able to help, and came away with a nice £3000 loan at 15% APR over 2 years. It means I can pay off the cards and get rid, and i'm left with some money to save for the wedding. I'm really happy that I was finally in a financial position to be accepted for a bank loan. And the bonus is that the loan is paid off in 2 years, much sooner than it would be if i continued to pay the CC's off. I think the snowball calc said it would take me 5 years to pay off the cards.

It didn't help that my mother and partner see me as a walking ATM. Always asking to borrow money, or to put something on my CC. Sorry, NO MORE!!

tallyhoh

My OH has been in debt since 1972 (& still is)

Deep_In_Debt

I did take my mortgage out 21 years ago so I guess I've really been in debt for 21 years.

Unsecured debt started happening about 10 years ago - will be debt free though in less than 2 years or sooner. Been on a dmp for the last 3 years when I realised my debts started becoming unmanageable.

I'll be debt free soon and mortgage free in 4 years and before I'm 50 too so hopefully I'll be in a position to reduce to part time hours at work and enjoy a bit of my life.