How did u get into debt ?

fozmcfc

Gambling and living beyond my means from 1988 until Dec 2008, when I decided enough was enough and from Jan 2009 I was going to sort myself out.

At the time I had £-7 to my name and about £12,000 in loans, credit cards.

I was 38 and I had nothing of note to my name.

Now I owe less than £3000 and have £18,000 saved.

I could be completely debt free but so far keeping the loan repayments has worked for me and keeps me completely focussed on why I now I rarely spend money on anything other than essentials.

I'm now 40 and 2 years plus down the line, I'm starting to seriously think long term about what I'm going to do when I'm coming up towards retirement. I don't want to HAVE to work until I'm in my 70's and beyond to make ends meet.

Because of 20 years of spend spend spend, I have quite a bit of catching up to do.

ccb

To be honest, I'd pay off the loan! You're not gaining anything by keeping it, and you're going to save a few ££ in interest alone. It's a false economy keeping it going if you don't have to! Whatever payments you're making per month, put that into your savings instead.

It's quite simple to see the difference; total your remaining repayments, and if you know the balance of your loan at the moment, deduct that from your total of payments. Then decide if the saving is worth more than a 'focus'. You're paying the lender for the privilege of acting as your conscience. You've already proven to yourself that you've got the willpower to get out of debt, you don't need to pay any more than you have to.

Fishikiss

Well i would blame it on the joys of being married...except it wasnt. My DH at the time loved to drink and not share his earnings and so i had to pay all the bills etc and give him money when he had none. So he finally agreed to take over the mortgage when our daughter was born disabled and i had to give up work. So he got loans after loans and i countersigned with him saying he was paying off the last one with the new one. So when we divorced due to his bad behaviour towards our daughter he left me the debts (including the loans for which he had never paid off previously) and he went bankrupt, remarried had more kids and left the country ( so he didnt have to pay maintenaence). so i am a non working carer stuck in the system treading water and have a combined figure of £32,000 to pay

nickyd105

my debt started when my daughter was born 11 years ago.
she has medical needs.
heating and washing takes all of our money away.
£4,000 left to pay......it was £7,500.
the interest is bad!!! and i always try to pay off more than the interest
buying new washing machines every couple of years doesnt help either, as my daughter has medical needs and are washing her stuff all the time, through out the day/night.

creditcrazy

My debt started with a bank loan after I had been off work sick and had got behind with the rent/council tax. The rest I can only blame on living beyond my means on credit cards/overdrafts.When I was working full time it wasnt so bad but after having my child and going part time it wasnt so easy so the debt just spiralled....Mainly down to being completley stupid thinking I could keep up the repayments on 3 credit cards plus a loan. Entirley our own fault

rdchick

My debt began when I was in uni, £3000 overdraft, £500 Credit Card - met a man who was riddled with debt, moved in together (I WAS SOO STUPID) meant I had 3 jobs and a uni dissertation to write - uber stressed out, got a disappointing grade much like Little Miss Uni-Debt walked into Halifax for a loan a few days before getting my first full time job, expecting to get only a small amount so I could MOT HIS car - which I was sometimes using but Halifax roped me into applying for £7000... which meant I could pay off my overdraft too... THANK GOD IT GOT REJECTED!! I was instead given half to 'pay off my overdraft and credit card' of which I stupidly paid off neither but did MOT the car - thus creating my £7000 debt I am in now

Amelia39

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.

poor you! i know how you feel, but it is OK - there is so much help and support on this site, and so many people who have done it, you'll be encouraged! You need to face it, and add up your debts - see my signature below, it was so scary facing it in December, but great now i am in control and seeing it go down. You'll feel 100 times better!

teddyclown

divegirlinperil wrote: »

I really hear you. My debts are massive - tax, vat, cards, family, overdraft. I have failed to keep myself in check with both personal and business finances - things are in freefall and I have caused distress and financial hardship to those I love. On a good day I feel depressed and hopeless, on a bad day I feel seriously suicidal. But I'm finding that the more I trawl this forum the more it is forcing me to face up to my disastrous circumstances and I DO want to put things right - a big first step I guess..... As a result of this I finally called the CCCS a couple of days ago. Slow progress as mostly all I did in that call was to weep with the stress and shame of what I've done. But I am telling myself that is at least a step on the long long road.... I wish you luck and hope that we both sort ourselves out and get our lives on track

I am very much in the same boat - self employed, VAT debts, CC debts, tax debts and I can really empathise. I feel as though HMRC are just playing a protection racket game - every spare penny goes to them, then credit cards, loans etc. etc. Pretty much the same picture.
Have a hug...hugs are good :grouphug:

billydo

In the mid 90's went to sell our house and told we could'nt as we had negative equity, the bank had us on an interest only morgage although we had signed and thought we were paying a repayment. Reasons-we had to move area so we had to power of sale house.
We could then not get another morgage, so rented, this was our dream house, we worked hard and eventually got morgage for it. Were living well, not high life.within our means,we had holidays and what we wanted within reason. life was good. Mid 2005 saved well, opened dream business ,husband had fab job,children had everything wanted . I became ill,had to give up business, then husband lost job,then we lost our beautiful house and became homeless. it snowballed, how do you pay bills,etc,etc when the money you have will not cover. Now we are renting a property and my husband has another job,we however in our young 40's will not be able to get another morgage, billydo:j

billydo

Amelia39 wrote: »

poor you! i know how you feel, but it is OK - there is so much help and support on this site, and so many people who have done it, you'll be encouraged! You need to face it, and add up your debts - see my signature below, it was so scary facing it in December, but great now i am in control and seeing it go down. You'll feel 100 times better!

Dont blame yourself about debts. As long as you faceup to them. Go to CA they can help you greatly, even help with letters/call to people you are in dept with. Also go and have a chat with your doctor, this will help I am sure. billydo.:j