How did u get into debt ?

Percy1983

I was 18 earning £50 a week on an apprenticeship, got offered a credit card and the loans came etc, just kept growing until my income was normal, as such its paying off as my income is now very nice and its nearly cleared.

In many ways I ran it up knowing my earning would be higher later.

Danni-R

I'd like to say fast live, drinks and having a party but I cant.

Just not earning enough and forgetting about dd's due and not keeping a close eye on my balance.

sparklystar_2

I got into debt at uni the after leaving uni when training to do my current job. i used my overdraft to pay for driving lessons and got a loan to buy a car to enable me to get a job. after a few years of leaving within my means and having a fairly frugal lifestyle with OH i got a better paid job and started buying things new (sofa, fridge, bed) instead of second hand as i thought i could afford it. somehow i found it easier twhen we had a smaller budget because my expectations were smaller also. over the past 16 months we have tried to use the majority of OHs salary each month to go at paying off debt early and i've found it a lot easier having a small budget to stick to, whereas i used to stick my head in the sand and think it must be okay because i earn enough money when in fact it wasn't.

nicnacnoo

I got a car loan at the age of 21...took about 8 years to pay that off and havent been out of debt since. I was out of work for a year on my own with 2 kids i ended up buying stuff from catalogues and got a credit card and overdraft that i could increase online. Once i was back in work i aimed to pay off the debts. This time last year i paid everything off except the CC so i decided to get a loan to pay off the CC and buy a static caravan.
My debt at the mo is just over 6K and im completely in control of it, im making overpayments and should have it out of the way by July next year. The next big spend after that will be a mortgage....if i can get one on my own working part time???

mazy_m

Ha ha Andymc29 i'm exactly the same as you in a few months I should be in credit finally!! wooo well actually more like 8 months as I have a couple of big things coming up but it feels good to see a light at the end of the tunnel!

I used to think I was richer than I was until the day I added it all up so stopped shopping and living beyond my means was sooooo hard at first but now it's becoming second nature if only eating healthy was second nature to me too!! he he!

Then once had paid off a decent amount since last year sometime managed to transfer a decentish wedge onto a 0% CC soooo what I pay on that every month will basically be what I WAS paying in interest ekkk but will actually be going to pay off a debt fully!!

It can be done and it does get easier everyone ya just have to face it it's scary but it feels good when you work through the challenge!!

Maz

cydney65

Stuff that's all, lots and lots of stuff on the credit card and I don't have a thing to show for it!
I've shoved it all onto a 0% card and paying it off. Should be debt free next year:j

yamsteroo

For 10years I spent the banks money and convinced myself as long as I could meet the minimums it was all ok. The more I borrowed, the more they seemed prepared to lend so I kept dipping in for a bit more every time I was a bit short ... as the months rolled on I was a bit more short each month as I was paying more and more in interest so the spiral began. From owing nothing at the start of the decade, by the end of it I owed 29k and I don't think I've got anything to show for it! No jewellry, no car ... nothing.

LBM was 12mths ago and I'm 'down' to 21k now and I've had a few hiccups with my budget along the way but slowly I'm learning to live within my means and one day, in about 3yrs time, I hope to be a saver!

seasideDreamer

My first year at uni basically. My family are pretty poor and my friends could always afford to go out so I racked up credit card and overdraft debts going out, buying clothes and cds and holidays. I graduated owing £14,000 on cards and overdraft plus around £20,000 student loan:( Id got the overdraft paid off and some of cards only owing around 6k then started doing a part-time masters and got a pay cut at work else it would be gone by now. As it is Ive just got my pay back:j and now owe just over 5.5k. Its going down pretty quick now Im so focussed. Looking to buy a house with my boyfriend as soon as his flat sells though so wont go down as quick once we buy but great encouragement to pay it off now:)

stepawayfromtheshops

I got what a lot of other people got - the overdrafts and credit cards at uni and spent like there was no tomorrow! Managed to clear them all off and had one debt free year.

The got another credit card and started buying things I just HAD to have. Like a dress that was practically the same as loads of others I have! Then I got a loan to pay that off, with a bit extra to get a new bathroom and a bit extra for I don't know what but I know it went. Then my car died so I had to get new one. And the credit card has started creeping back up again. Great!

MichaelCR

I was young, Stupid, and disrespectful of credit really, In all fairness i knew nothing about credit 2 years ago, Took on more then i could handle, And here i am, 3 Defaults later.

Kind of stupid really, Looking at my credit report thinking 'If i had actually paid off the credit i had over the last 2 years, and have those 3 defaults as paid off in full every month marks, I'd probably be able to get good financial products, Nice Credit cards, Good Loan Rates....

I am now clearing my debts, And learning a very hard lesson.

This year, I have managed to get one default removed, I now have 3 defaults left, With each one I'm going to try to get them removed with CCA Requests (First time it worked for me), If i fail, then i'll make a full offer to the original creditor, Plus a sympathy letter asking if the default can be removed, If that doesn't work, Then i'll just have to wait a good 5 years before they drop off, As i will not pay any Debt collection agency a penny.

I am re-building my credit at Rock bottom (I can't even get a Vanquis credit card).

I have built a good relationship with my bank (Natwest) and have a Current Account Plus with Visa Debit (service card 250) with CG of £250, Cheque Book, Etc (No overdraft).

I have saved my orange phone contract right before it defaulted (Still 1 year and 6 months left), So I'm starting over on that again hoping to get the next 18 months filled with green marks on that account.

Have just been accepted for a new phone contract, Which i will pay off in full each and every month), Hopefully 24 green marks over the next 2 years.

Hopefully in a year, I'll be in a position to be approved for a credit building credit card.

All the best to everyone.