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Will you do debt again????

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Will you do debt again????

edited 30 November -1 at 1:00AM in Debt-Free Wannabe
76 replies 9.5K views
georgiasmumgeorgiasmum Forumite
390 posts
edited 30 November -1 at 1:00AM in Debt-Free Wannabe
I have paid off my unsecured, stupid debt and feel relieved. I have also been supporting a workmate through a debt crisis so I know how it feels to feel trapped by debt. He made an interesting comment to me last week after we had successfully renegotiated with all his creditors - 'I will never have have another credit card, overdraft, personal loan or car loan again. If I don't have the cash then I won't have it...' He really believes that the next time he borrows money it will be for a mortgage (good debt you see)!!!

It got me thinking - I have cut up my cc, have no loans, an o/d of £100 only on each account and am paying off my mortgage. My catalogue account is closed and I can only use cash or my debit card if the £££ is in the account.
Will I ever be tempted by debt again? How will I stop it in time if/when the debt free euphoria rubs off???

Has anyone else who is now a debt free success story been lured back to the dreaded debt?? :eek: :eek: :eek: :eek:
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THE LONG AND THE SLOW ROAD SEEM TO APPLY TO DEBTS AND DIETS... THE TWO THINGS I WANT TO SEE THE BACK OF...:D
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Replies

  • tapladytaplady Forumite
    7.2K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    Interesting question Georgiasmum!

    I feel the same as your friend - never again! I'll be debt free after a long struggle in August 2010 and there's no way I ever want to owe anything again.I like the feeling of using cash and having the money for everything I buy.However I have a friend who hasn't learnt her lesson. She is in an IVA , owes money all over the place and told me yesterday that she has had a loan from Provident for Christmas:eek:
    Do what you love :happyhear
  • Wow! How much did they lend her if you don't mind me asking? I thought they only lend really small amounts £100-£200 at a time
    THE LONG AND THE SLOW ROAD SEEM TO APPLY TO DEBTS AND DIETS... THE TWO THINGS I WANT TO SEE THE BACK OF...:D
  • I'm the same as your friend G'sMum. I never want all this cr*p again!

    The penny dropped with me recently that I've had dreadful spending habits for the last 16 years (gulp) so things *have* to change. I've clearly failed to learn and have not handled my money well up till now.

    I've hopefully turned a corner in the last few weeks (cut up remaining card, started to budget & stick to it, told family I'm not spending money on them all this Xmas etc etc) and can start to see some light at the end of the tunnel now.

    Right now (and I hope this does not change) I feel like if I go back to my old ways I will let myself down, have taken a huge step backwards and will be scuppering the plans & ideas I have for next year & the year after (...and beyond!...).

    In other words I will be a big fat failure if I screw up again.

    I don't want to be that failure.

    So, in answer to your question........I truly hope not!
    Bank Balance: In the black for the moment.
    Sainsburys Loan: Cleared July 2010
    Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
  • ~evanesco~~evanesco~ Forumite
    814 posts
    Part of the Furniture 500 Posts Combo Breaker
    ✭✭✭
    I hope not. I really think this is it this time. I've never ran up this amount of debt before. But this is my forth time of having a LBM. Twice my Dad bailed me out, las time was in 2004, I ended up with an Administration Order. My family circumstances have changed this past year, which is a bit of the reason for the amount we owe, it's shared, not just my own, alotof ot my partner had before we got together, the rest we ran up this summer, living beyond our means. I want to save for our kids future. I would have loved to have gone to uni, but there was no way my parents could help. I'm currently doing my degree at home, so I am getting my wish. I want kids to have that choice. After that I'll save for when I'm old and wrinkley, then I can spend it on bingo and fast cars.:D

    Evans. xox
    DFW Nerd 357
  • doodahdoodah Forumite
    531 posts
    Debt-free and Proud!
    we won't, no way! i think we are really lucky in a way that we have learnt this lesson at a young age (22 and in £8000 of debt :eek: ) the only way we will get in debt again is by having a mortgage :j
    31/12/2006 £8395, 01/10/2008 £5089.73, 19/10/2010 £835.00 31/03/2011 £0.00
    Pigsback = £9.35 (£30 claimed), Quidco = £128.24 claimed
    Official DFW Nerd No. 264

    Debt-free and Proud!
  • Ant84Ant84 Forumite
    117 posts
    Other than a mortgage, never.
  • The uncertainty of the future and the financial "health" of this country also scares me a lot. That's another reason why I want to clear debt ASAP.

    I just have this feeling that within a year the poop is gonna hit the fan big style in some way that affects us all. _pale_

    Sorry - don't mean to be a harbinger of doom!
    Bank Balance: In the black for the moment.
    Sainsburys Loan: Cleared July 2010
    Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
  • I think I will just have a mortgage and that's it. I wanna look at my bank account and know the money is mine, not waiting to go to a credit card company.

    Matt
  • yungyung Forumite
    688 posts
    Part of the Furniture Combo Breaker
    ✭✭
    The only Debt I ever had were those one I could afford when I was working.I have always tend to live within my mean, that is why with careful planning I manage to take early retirement and enjoy life.
    Yung
    Early Retiree debt & stress free. and Joined the SKI club:j

  • I agree about the financial health of the economy. I am aware of how much debt some people have and it is terrifying. That was my goal as well - to survive an economic downturn.
    THE LONG AND THE SLOW ROAD SEEM TO APPLY TO DEBTS AND DIETS... THE TWO THINGS I WANT TO SEE THE BACK OF...:D
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