How did u get into debt ?

Kepp

In summary:

At 18, I got credit cards and I bought 'things', I consolidated into a loan, I used the cards to buy more 'things'...and so on.
I had a go at clearing my debts but I didn't really plan or budget properly so didn't get very far.
I lived on my own when I had debts and also really couldn't afford the rent and bills etc.
I started a part-time job and started to get back on track.
I spent many months doing volunteer work overseas, an amazing experience, but not recommended when you owe 20K and then don't have an income while over there.
I've finally learnt and am giving it my all to pay it back, including part-time jobs as well as my full-time job as I want to be shot of this once and for all, I'm 27 and I've been in debt since I was 18.

Sometimes when I'm working in the pub I wonder if when I'd taken out my credit card in the shop to pay for something if someone told me in nearly 10 years time you'll be mopping up pee in the men's toilets at 2 in the morning to pay that back if I might have put that card back in my purse pretty sharpish

burntfingers_2

For me it was a relationship with someone who was cr*p with money, used to spend all his monthly salary then look to me to subsidise him till he then started putting his money into my bank account which he then thought that he could take out as and when he wanted regardless of what bills were to pay.

His insistence of having a 'big' wedding do at his fave football club, the staying in a hotel before and after and then stealing money from my account. Using my credit cards to pay off overdrafts, him badgering me to take out cash on the cc's.

He was out of work twice so credit cards paid for necessities then the luxuries he wanted/demanded. He wanted to change things in the house as I have lived there previously with someone else.....kitchens, new bed, new computer, various mobile phones, tv, kitchen appliances that he smashed in his violent rages.

Replacing garden furniture that he had smashed, barbecue's where he would invite every man,woman, beast and dog and 'we' provided all the food/drink etc.

The list is endless. But now left with the debt peace of mind and do not no longer live in fear of him :T Divorce in progress although this was scrimped and saved for.....:T

Onwards and upwards....

vuittondreamer

Pretty much the same as everyone else CREDIT CARDS........... transfering debt from one card to an intrest free one, had £4k on Barclaycard went to transfer it to a 0% interest and they wouldn't transfer the whole amount, so voila two cards, tried to the the same again, voila three cards, then things happen and you start spending, bang interest! compound interest! that really is the devils idea compound interest! evil evil companies.
(and very poor will power!) noone else to blame but myself though

ebayqueen_2

NVP2123 wrote: »

I know this reply may not be very popular but I don't consider myself to be in debt.

I owe, including my mortgate, less than 22% of the value of my home.

My loan and credit cards willl be paid off in 2 years and my morrgate in 18yrs.

I use this website to enable me to stay in this position or decrease my borrowings sooner.

Hi there I am glad that you coping with your payments.

I have to disagree with you. You are in debt. You may have 'good debt' i.e. your morgt, but you owe money on credit cards 'bad debt' and that will take 2 years to clear.

If you don't pay your full balance every month of your credit card you are in debt to that company and as you say you will be for the next 2 years. Seriously that is quite a long time to be in debt.

This is not meant as a criticism but for you to realise that you need to face up to this fact. You may have a good debt to asset ration but what would happen if things got bad for you, say loss of job or lower income due to illness. Would you have to borrow on your home putting you into further debt or sell your home.

I know this from experience of a close family member who became ill couldn't work ... sickness benefit from employers only last a certain amount of time and then she was up the creek without a paddle. She actually admitted that it was constant worry even when she closed her eyes in the hospital theatre before major heart surgery it was on her mind. Credit card debt and mort. payments that she could no longer meet sent her into a spiral of depression and only she told us she would probably have ended up borrowing on her home again.
Luckily my husband found that she was entitled to a sbubstantial amount of money because she could no longer work (approx 1 years gross salary). She wasn't aware of this fact.

So if I were you. I would pay those credit cards as quick as possible because they are a debt hanging over your head and that is not a pleasant feeling.

vuittondreamer

sorry just had to post this as i'm so pleased just checked my credit score with experian - 900
Do you think my CCJ that i received in 2008 but was paid in full 2009 will still affect mortgage applications even with this credit score? (sorry going off the thread here)

Zania7

worriedchick wrote: »

After reading these posts I wish my debts were as small, I've not added up but are massive. First time on here and I've come here as not sure what to do and where to turn. Too ashamed to talk about my debt as all my fault. I earn good money but have lived to my means and my outgoings terrify me. I have nobody chasing me for money as treading water but I know I am sinking. Can't sleep and getting depressed about it all.

I have been there. I felt sooo ashamed. I also had large debts and was afraid to add them up I eventually did and they totalled £93000 (my heart starts racing as I type that) not including my mortgage. I got into that state as a result of my marriage breaking up and my son suffering from depression I was terrified he would kill himself. I had a good job and income and was always able to get credit/loans and used these to make up shortfall in mortgage household expenses etc. I was afraid to sell my last house in case the move would unsettle my son (my ex was no help he had developed bi-polar which had led to the ultimate break up of the marriage) 7 years ago I had no choice but to sell the house in order to keep my head above water (I would have lost my job if I had gone bankrupt) and keep up the payments. I am now debt free apart from a small morgage on my flat. My lovely son helped out when he started working and I retired and used my lump sum to clear the rest off. It thas been hard and very lonely at times but I am proud of myself as you will be one day Don't give up you can work a way thru it I should also say that reading these forums from time to time helped me a lot and stopped me from feeling so isolated.

wiccibat

My Dad was really good with money, he kept on top of the family finances doing his household accounts every Friday.

I thought all husbands were like that, I thought I would be looked after when I 'settled down.'
Now I have lots of Sexually Transmitted Debts. Loans in my name for things he said 'we' needed.
Joint bank account which my salary went into, he drew on it so the bills wouldn't get paid as there wasn't anything left. But we'd have some nice egytian cotton sheets or a juicer all from TK MAXX to show for it.
He would be the first one to pay for drinks/meals for 'friends' because he didn't want to look like the poor relation. One of these friends is a millionaire:eek:
He even took my entire months pay out once to meet the wages bill for his family's business. I've had every utility cut off at some point over the years, our kids went without yet not my in laws kids.
It took me a long time to learn and take action, I'm slowly paying the debts off. I now have a credit card again which I use minimally & pay in full every month to rebuild my credit rating. The best move was to open a bank account in my name only & take my name off the joint one. Let him manage his own overdraft:rotfl:

shellyruby

i had a couple of credit cards and 2 store cards and a high overdraft..i stupidly got a loan..when in the bank i just wanted to borrow enough to clear my overdraft..which i did but the loan wasnt enough and slipped back into overdraft..went back to the bank and wanted to double it to give me enough in the bank until i got paid..the bank offered much more than i expected..double what i wanted and i was too greedy and took it[when i had good credit many moons ago]why didnt i realise..totally living beyond my means..

then the payback each month was too much and was totally struggling and went to payplan..debt is now contained.. all the small ones have been paid..just the loan left...still struggle but 3 years and it will be paid off....light at the end of the tunnel..payplan saved me.:)

shellyruby

vuittondreamer wrote: »

sorry just had to post this as i'm so pleased just checked my credit score with experian - 900
Do you think my CCJ that i received in 2008 but was paid in full 2009 will still affect mortgage applications even with this credit score? (sorry going off the thread here)

sorry dont know the answer but happy for you that credit score looking good..cant wait till my ccj slides off my credit report.

shellyruby

beccie wrote: »

In summary:

At 18, I got credit cards and I bought 'things', I consolidated into a loan, I used the cards to buy more 'things'...and so on.
I had a go at clearing my debts but I didn't really plan or budget properly so didn't get very far.
I lived on my own when I had debts and also really couldn't afford the rent and bills etc.
I started a part-time job and started to get back on track.
I spent many months doing volunteer work overseas, an amazing experience, but not recommended when you owe 20K and then don't have an income while over there.
I've finally learnt and am giving it my all to pay it back, including part-time jobs as well as my full-time job as I want to be shot of this once and for all, I'm 27 and I've been in debt since I was 18.

Sometimes when I'm working in the pub I wonder if when I'd taken out my credit card in the shop to pay for something if someone told me in nearly 10 years time you'll be mopping up pee in the men's toilets at 2 in the morning to pay that back if I might have put that card back in my purse pretty sharpish

i think that type of thing myself beccie..i still wonder how the hell it happened lol.