LBM - What caused yours?

Growurown

When mine and OH's Virgin CC's minimum payment increased and the electricity company put up the direct debit by £50 per month. There was no money left to buy food and all the CC's at their maximum and no where else to go.

mavvymoo

When I found 21 unopened bank statements stuffed in a drawer and shutting my eyes when I used the ATM machine as didn't know if we were over the OD ...Then phoning my DH at work saying don't put any diesel in the car as it will be declined. So get home on fumes if you can !

determined_new_ms

1st january 2010 - sitting around the table with friends and realising I was in as much debt as I had been in 2008 when I used the inheritance from my Nan's estate to clear my debts. Sobering and sadening! Decided then and there it ended and by hook and by crook we paid £11k off in 10 months (was a bleak year!)

Gettingtherequickly

Thanks for baring all guys, and well done on your achievements :beer:

System

I spent years shuffling debts from one interest-free card to another. Never knew how much I owed but it "didn't matter" as it was all interest-free. Then the credit crunch hit and I couldn't get any new cards. Was stuck with the existing cards, all maxed out, and then interest started being charged. I was forced to live within my means, so added up my debt for literally the first time ever and it was almost £27k. The thought of paying £200-300 a month in interest alone also made me want to change.

It's been a horrible three years - and two or three more years still to go - but I am doing what none of my friends are (they're all still loads in debt and doing nothing about it) and feel so much better for it.

cottonhead

Not being able to buy my son a simple ice cream because I had no money. I want a better life for my family and we wont move forward until the debt and spending is sorted.

bargainbetty

18 months after I got divorced, I realised that my job was at threat because my bosses had fallen out. Previously I'd been in a two-income home, and now I was on my own with the mortgage, bills and living expenses.... nothing to fall back on except my own savings.

Found a new job, found a new way of life.... I slowly paid off the credit cards, and I have just one car payment left on 1st June. So, in a couple of weeks, excluding my mortgage, I'll be debt-free for the first time since I was 18.

Pinkpenguin

Christmas 2011 when I couldnt afford the postage to send my brother a Christmas present. My Overdraft and all my Credit Cards were completely maxed out and I had two payday loans that I couldnt afford to pay back. Ended up having a massive argument with ALL of my family because I was so stressed out worrying about money.

5 Months on and I am finally getting somewhere, my cards are still maxed out and i'm still in my overdraft but instead of turning to credit to fund my lifestyle, I am learning how to live within my means and gradually paying my debts off. My aim is that by Christmas 2012 I will have at least paid off one Credit Card. I am also putting £25 away each month for my Present Fund!

Time_to_face_the_music

Hi Gettingtherequickly

I think this is a great topic for a thread :T

Our LBM (15th Jan 2012) came when we realised we paid CC bills online as soon as we got paid, then immediately started checking those accounts to see when we could spend that money again, as that was the only way we could get through the month but this time it didn't even get us halfway through the month.

It should have come a month earlier when I sold my late mum's jewellery to pay for Christmas gifts for our daughter and granddaughter but we buried our heads in the sand or just avoided the issue until Christmas was over.

This year will be a very different and a much happier Christmas

TakingControl

Quite simply when credit did nearly run out. I tallied it all up and was in debt to the tune of £45K with nothing to show for. :eek:

That was in November 2009, now May 2012 I am about 1 year away of being debt free