What (financial) mistakes have we made that we won’t do again?!

PigginSkint

I’ve been feeling very down this week – a combination of OH being away, loads of work to do and PMT – so I thought I would cheer myself up by reflecting on how much progress I have made. So here is my list of financial mistakes I have made in the past which I definitely don’t intend to ever do ever again:

1)Take out a consolidation loan and then keep spending on credit cards.
2)Take out a consolidation loan – full stop!
3)Spend on store cards.
4)Transfer balances to a 0% deal and then keep spending on the same card (at a much higher interest rate).
5)Transfer balances to a 0% deal and then not transferring them off again once the 0% deal had expired.
6)Transfer balances to a low rate life of balance deal and then keep spending on the same card (ditto much higher interest rate)
7)Use a credit card to get cash from a cashpoint machine.
8)Use credit card cheques.
9)Spend on credit cards for non-essential items.
10) PPI on credit cards.

Blimey! What a long list and I’m sure I’ve missed something! But it shows what lessons I have learned on my DFW quest – what lessons have everyone else learned?

(I’m going to copy this to my DFW diary – this can be my update for today!)

Stress_Head_6

1. Dont get credit full stop! From now on I just want to use my own money and avoid all problems like creditors and courts.

xx

James&Shell

I will never get in to debt again that is not managable.

All i have now is a catalogue with a £125 credit limit which i am paying off to get a credit rating again to eventually get a mortgage.

I learnt the hard way by going bankrupt and its not fun .

When i did it 3 years ago the reclaiming bank charges was just a dream with no sucsess and no real prospect of being able to start a family.

We now have a prefect two year old boy lewis.

Crown

Stress_Head wrote: »

1. Dont get credit full stop! From now on I just want to use my own money and avoid all problems like creditors and courts.

xx

DITTO!! :T

The only credit I will apply for is mortgages and will do everything in my power to clear that ASAP.

If anything I have learnt that secured debts and consolidation do not work for the majority as you never learn from your mistakes and still use credit and then have to do it all over again.

The classic Consolidation trap.

Lucy1982_2

No to consolidation = evil
No to Store cards = root of all evil
Never get a credit card = not done this, will never do this!
Never have an overdraft facility of more than £100 and never go into it again!

Will only use me own money from now on.

saffronflowers

Allow my husband to have control of the finances esp as hisbudgeting method is to go to the cashpoint till it says no!!

SFx

immoral_angeluk

Not going to take out credit just because it's more convinient
Not going to get ANY credit unless it's 0% and I can AFFORD what I want to buy
Not going to spend money like it's water
Will never balance transfer and then keep spending on the cards I tranferred from!
Going to have emergency savings once all the debt is paid off
Never EVER EVER going to get in this mess again!

shamu95

I will never get a consolidation loan again.
will not accept credit limit increases.
i shall not use credit card cheques
and i shall always always search for the best deals and use cashback sites which i never knew existed till i used this site.
i shall say no when i cant afford to do something and i shall no longer be embarassed at doing so.

dianadors

Endowment mortgage was the biggest financial mistake - I have tried to claim but was not succesful. Hopefully will only be around 2K short when the mortgage is paid off in around 3 years time, but we were promised to have the mortgage paid off and a lump sum of excess besides. Hey ho

Also - whilst I wouldnt say we are in debt, we have over the years used credit cards and these have been a pain to pay off - so we steer clear of using these now.

Storm

I will never set up a DD to take the minimum payment for my CC - it completely absolved me of having to even open the statements each month!

catewithers

Consolidating debt - big mistake - and keep spending on the cards I've just consolidated.

Using spending as a crutch to deal with painful situations and emotions. Doesn't work and just causes more grief.

Using Saffronflowers' DH's method of budgeting!!