What's behind the debt?

stressedbear2

Hi all,

As a way of tackling my debt I want to look at its cause, no matter what I sacrifice and do now to pay it back, I will worry that I will do this all again one day.

So what's the reason? I'm not sure why I spend, it's something to do with impulse and ignoring reality, how about you?

Let's get this going as we all may be back here in five years?

rising_from_the_ashes

Oh I hope I'm not back in debt in 5 years time!

Mine was mainly down to getting my own house and first of all not having anything (literally) which meant lots of stuff on HP ..... then I couldn't afford to buy food etc so it went on a cc .... then I had no money to budget for bills etc so it went on a cc .....

missrlr

My husband ... Literally

His problem is consumerism, he sees he wants he buys. He now has to face his immediate future which is NOT SPENDING and medium future is NOT SPENDING to get a longer term future of Planned Spending by which time the tv, sofa, clothes will be worn out and not be immediately fixed by Spending!

Steep learning curve for some!

[Deleted User]

For me it's a combination of: -

Low wages
Divorce
Getting back on the property ladder with 100% mortgage
Unemployment
Not saving when times were good

Sharon87

[quote=[Deleted User];51513563]For me it's a combination of: -

Low wages
Divorce
Getting back on the property ladder with 100% mortgage
Unemployment
Not saving when times were good[/QUOTE]

Same apart from divorce! As well as university, using my overdraft for spending it on drink, DVDs and clothes.etc

But also my social life, music gigs/festivals/holidays/eating out

wannabee_in_credit

Mine was the horrid 'buy now pay later' attitude I used to have before I had my children and realised what was really important. Coupled with OH having extended sick leave from work due to depression, I ran up just over £20 000 before I finally saw the light.

princess*daisy

Mine was simply living beyond my means. I viewed my credit cards as an extension on my wages and wasted it on absolute rubbish. I would buy a Costa coffee every day on my way to work and spend about £5 on shop-bought lunches. Cigarettes went on my credit card more often than not, making my 20 a day habit even more expensive! When I had my LBM two months ago, quitting smoking was the first thing I did

DebtFreedom_2

Oh, a whole host of reasons. I made the huge mistake of seeing house prices go up so fast in the mid 2000s, and stretching too far to buy before they got completely out of our range. Ended up taking a big mortgage and a big loan. Everyone said 'Oh, you always stretch yourself for your first house'.... and I listened to them and justified it to myself.

Now we have a house we can't sell, so I'm renting it out while I rent another house in another part of the country. I'm worse off than is was in 2006!

brettcooper1

My problem was the easy availability of credit. The fact that every time i went into the bank cap in hand I left with plenty of money. Couple that with trying to live a champagne lifestyle on beer money (flash cars, expensive nights out etc), a business that collapsed around me and a complete refusal to read the writing on the wall and there you have it, the route to my downfall..

smileytiger

missrlr wrote: »

My husband ... Literally

His problem is consumerism, he sees he wants he buys. He now has to face his immediate future which is NOT SPENDING and medium future is NOT SPENDING to get a longer term future of Planned Spending by which time the tv, sofa, clothes will be worn out and not be immediately fixed by Spending!

Steep learning curve for some!

To some extent my OH also - though most of his spending comes through boredom/frustration. (housebound/disabled) He now has no access to our joint account cos i don't trust him not to buy rubbish on ebay.
I've worked hard to pay off all our debts (other than mortgage) and never want to go back there - sometimes just need a hammer n chisel to make him understand that when i say we can't afford it/don't need it - i'm right..:D

missrlr

smileytiger wrote: »

- sometimes just need a hammer n chisel to make him understand that when i say we can't afford it/don't need it - i'm right..:D

When you find one that works can I borrow it please?:T My DH works nights and EvilBay plus car modification web sites are just too easy and available. He is learning , slowly