What's behind the debt?

cc4rhu

Buying what you want, not what you need.

Cc

Standingtall

Really, root cause analysis time??????

Ok - if I ask why, why, why, why, why - I will probably start with many of the answers above - then why why why, result

UNHAPPINESS AND DISSATISFACTION with my life as it was

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

Deep_In_Debt

Mine was just due to being bad with money and having too much month at the end of my salary and not budgetting. Using credit cards to live on and then taking consolidation loans - too much credit available to me. Being a single person with mortgage, it's a struggle sometimes, the house needs a bit of work but I can't afford it at the moment. When I'm finally debt free in about a year (or sooner if I have my way!) I shall save the £600 that I've been paying into my dmp as I've learnt to live sensibly and hopefully have some work done on the house in a couple of years.

The worse thing is, that I have nothing to show for the 26k of debt I found myself in 5 years ago. No flash car, no home improvements...

My ex OH was a drain on my finances too...but I can't totally blame him. I didn't have to give him money.

ETA I really hope I'm not back here in 5 years (unless it's helping others) as it's been a hard slog getting this far and I'm 2 years away from paying off my mortgage too and I'd like be in a position to work part time before I'm 50!

GreenSaints

Well, some of my debt (most of the money I owe my mum and the CC's and OD I had/have) was when I left my job to go to university (twice!) so I had two lots of outgoings (mortgage and bills at home, rent and bills at uni)

The other lot of my debt was down to wanting to do everything at once, in one go. So, I wanted the the laminate doing in the living and conservatory as well as the back garden. So that needed to be paid for somehow and all my CC 'friends' helped me out..............and then were mean and wanted the money back and then some!

I just need to remember what it felt like to be drowning in debt before I buy anything else, and space big purchases out.

elly-spendaholic

Hmm..my debt was caused by thinking I can have anything I fancy. I saw it, wanted it and bought it. Loans were easy to get and CC limits were always rising so I could just buy a car or a new TV etc without thinking about it. I guess I also thought I deserved all the nice new things because I worked hard, and I wanted other people to see that I had money as I thought somehow it would make me seem a better person and more respected in society. Its all sad really now I think about it, and I will never ever make the same mistakes as clearing this debt is a hard slog! I really coundn't care less what other people think anymore lol x

BlushingRose

We don't use the word 'fault' in this house, however, it's mostly down to circumstances and bad decision making that we've ended up here.
When I first moved in, there was some 'wining and dining' went on, we were both working and I made an assumption about how much was being earned.
Then I lost my temp job, and a re-mortgage was needed (due to Mr BR's divorce a few years before) still this was no issue, but then, gradually, it became one.
We were starting to max out the credit card, so we took out a 0% and transferred, but then we were maxing out again, so we re-mortgaged again to consolidate, then there was a consolidation loan...then...no more credit and a debt of nearly £50,000. What do we have to show for it? Nothing - we have an ancient car, a house which could have had it's old mortgage paid off by now but instead still has about £80,000 on it, no holidays, no flashy tv or hi-fi - in short we have nothing to show for all this debt.
I guess we spent it on nice meals now and then or the odd day out but nothing fancy and nothing that we didn't thank that 'normal' people did. *sigh*

I miss out nice days out....

Edit: forgot to mention that after taking out the loan, we quickly realised that we couldn't make the payments and live - so we'd pay the repayments to the loan an credit cards but then had to use credit cards to pay for food and petrol...

rdchick

Mine was a combination of:

Ex boyfriend being rubbish with money - moved in together - I paid for everything and couldn't afford it
Being a student at said time, meant working 3 jobs to pay for the debt and the outgoings from the flat


That's about it, I treaded (is that a word) water for about 6 months after leaving him and then in May last year had my lightbulb moment at nearly £9,500 I am now under £8,000 and hoping to be debt free before my 25th birthday in October 2013 (I should be debt free by this time next year all going to plan!) Once debt free I am saving for a deposit on a house and maybe a wedding! xxx

blacksta

had no clue what apr was - just wanted a loan or credit card

mrsb83_2

Not realising the value of a £. Mine and DH's overspending started in uni and we thought it would be easy to pay back what we'd borrowed once we were both in "proper jobs".

It's a lot easier to spend a £ than it is to earn it.

Also we bought a house at the peak of the bubble which has caused some problems, but we're certainly not alone in that, and we haven't actually lost and £ as yet.

downsizer3

A combination of reduced earnings due to downturn, a gambling partner (now ex) and moving house. :eek: