Do you tell people about your debt?

hypno06

immoral_angeluk wrote: »

We're an open book. We're more proud of the achievements we've made than concentrating on how much debt we have and why and are not ashamed at all...

I am not so much ashamed of being in debt - after all most people are to one extent or another, it is more the amount that is the issue. Even after having paid loads off, ours is an amount that you don't feel comfortable discussing!

chunky79

I am an open book and very honest also cannot keep a secret :rotfl:. You find once you start talking no one really is totally debt free or very few are.

There is not a person in this world that i do not know that hasn't got debt, some are have far more than i have and do not care as they have the disposable income to pay it off, to a certain extent we do, but i hate the debt it gets me down.

livinginhope

I have only told my close family,which I deeply regret,I am always made to feel like the 'poor relation' everything I spend seems to be under constant scrutiny and is always questioned,because of this,I have not told any friends about our debts,it's none of their business
I have one friend,who isn't a very close friend,but she isn't connected to any of the others,I have told her about our debt,because she was going on about her debt problems and asking what to do,I gave her some advice,but she questioned why I would know so much when I am so well off? I then told her that appearances can be deceptive and admitted our debt,i felt such relief,but still wouldn't tell my other friends
LIH

Andy_Edinburgh

As long as you're honest with yourself, then just choose whatever level of openness or privacy you feel comfortable with. It's perfectly acceptable to give someone a general explanation along the lines off "I won't be able to join you for such-and-such-occasion as things are a bit tight at the moment and I'm having to cut back"; if they try to pry then pointedly change the subject, and if they try to make you feel bad then you have to ask yourself whether you really want to spend time with them anyway...

Shineyhappy

In a way I have mixed feelings about my debts, the ones that are asociated with my home are kind of ok to talk about for me.

The credit cards and the OD are embarassing for me. I feel daft to have run them up and not paid them off. I feel that I should be able to manage my money much better and I should have thought about how much interst I was paying. I am ashamed I wasted 6k worth of inheritance whilst at uni and it was wasted. I am ashamed that whilst I stayed at home, I could have easily paid back my cards and OD but didnt and could have saved so that I wouldnt be in the position I am in now.

However, I do think as long as when you do have your LBM you relearn how to handle your finances then it is ok. I will always have the temptation to spend money on meals out and clothes and holidays, so I just need to keep saying no.

moj1966

I don't tell anyone about my debts, but friends know that I am trying to put my fiancial situation in order, so I don't do meals out etc.
Some of them think i'm just saving up but I would rather not tell anyone.

My mess and I will sort it out.
just claimed 1028.56 from thr pru re a eendowment so this has gone straight of my credit card :T normally I would have splashed out ad had a good time.

Shineyhappy

:T Congrats Moj :T

I know it is hard to resist the temptation to give yourself a little treat at times like that, I try and see paying off the debt as a treat and it is if you factor in how much interest you have saved by paying it off now and not on minimum payments thats shocking! :eek:

DontDoDebtKids

I don't boast about it!

My girlfriend knows and has glanced over my shoulder on occasion to keep an eye on my accounts but in theory I have net assets so she doesn't really see it as a problem.

I do see it as a problem, however, as it means that every month I have to pay at least minimum payments and any amount "spare" towards paying off the capital - so I have to keep my spending as low as possible to maximise the "spare"!

I'd love to be able to choose what to do with all my income!

steve700

I don't tell people if I get a bonus at work, or come in to additional money, in case it seems that I'm bragging.

By the same token, I don't tell them about my debts, unless I feel it is relevant to a discussion that I'm having.

laurajayne

Before my LBM I didn't tell anyone about my debts - in fact I tried to pretend they didn't exsist.

Now, however, I'm very open about my debts, I live with my parents and they know exactly how much debt I'm in (in fact, I've just paid them off :j ) and how much I earn, and my incomings and outgoings.

I have to admit, I have taken on more debt (I'm buying my parents C3 04 reg car off them for £3.5k, so I'm paying back Dad, rather than a 'creditor') and spent a fair amount on myself of late, however it's all manageable and budgeted for. I have had a couple of windfalls, which for the first time in my life were spent paying off debt, rather than blowing it on rubbish.

A couple of my close friends know about it, as they've asked for help with their money management, and they were shocked, especially as lately they've seen me with gadgets and my beloved Radley handbag - but after our chats, they've realised that for years, and especially the past 18months every spare penny has gone to my debts.