How did you get into debt

SpendHappy

Our story is pretty simple. We spend more than we earn.
We both have good jobs and bring home 42k a year between us, I work part time as we have 2 little boys. We have moved several times over the past 8 years and have always made a profit on the houses, but instead of investing we spend the extra income. When the profit from the house sale runs out we continue on spending at the same rate and get ourselves into a pickle. We are on the move again and stand to make about 40k profit this time but we are going to use it to pay off all our debts and have a savings pot. We have tried to be really sensible this time and are moving from a 4 bed detached to a 3 bed semi in order to bring the bills down so that we can spend quite freely each month but not go over our earnings again. I am due a pay rise in September and OH can work overtime when it comes up so if we are strong we can be debt free and still comfortable.
I dont have any regrets about our past lifestyle choices as I feel life is too short and we must look to the future, but maybe that is because our future looks debt free and secure??? :j

skysky69

How shameful does this thread make you feel - when you read some of the stories of people who have got into debt through quite sad stories. When I think about it, I actually don't really have much to show for all the stupid debt I have got myself into. Lots and lots of impulse buys of things that I didn't necessarily "need" but felt I had to have and not wanting to save for it instead. A few thousand here and there to upgrade car, then downgrade but spent the money on something else so no longer have the nicer car but have the finance still. New carpet for lounge, nice new fishtank for the corner. Over compensated for loss of wages when on maternity leave by putting things like fuel on credit cards. The list seems endless.

Luckily - have had a lightbulb moment and seem to be getting there. Hoping to be debt free in 2 years :T

Lord_Lardington

nicola1982 wrote: »

He bought it from a shop known as 'pets, guns and knives' .

Hang on!!! (Apologies if this is off-topic) but this shop … does this place really sell Pets, Guns and Knives? If it does, I’d really love to go there (kidding). What was it’s real name? (Please don’t tell me that this really was its name).

Nicola1982, I would never try to make fun of someone’s difficult past but your story (and style of telling) is really bringing a smile to my face. As one other poster has already alluded, buying a monkey is above and beyond the call of duty. I had to read your post twice to make sure I wasn’t reading things that weren’t there. And the crazy gran thing? Outstanding!

I recommend you document the whole barmy (again, not wishing to make light of what I’m sure was painful) episode and sell it to ITV.

Cheers and good luck with everything

Lardington

notanothergreyhair

To paraphrase the late, great George Best (I think)...

I spent all my money on food, drink, smokes and men...the rest I just wasted

I have a different version of how I got into debt, depending on how I feel. I could say the depression made me do it; I could say that I wanted to be like the wealthier kids at uni; I could say that my medication afforded (sic!) me incessant hunger (which was true); I could offer a thousand other reasons.

But...what really happened is that along with snippets of all of the above, I made some very, very poor choices about many, many things. I still do, but they are becoming less frequent by the day.

NAGH

MartianGirl_2

I'm venturing in, having lurked around MSE for a year or so... but lots of newbies here, so i think this is a good place to start!

How did I get into debt?
It's been a slow descent, starting from leaving Uni in the yr 2000. I left with a 6k student loan, 2 overdrafts totalling 3k and a credit card. (Although i was good with my CC while at uni.!)

The real debt started when i started work. Crap starting wage(for 2 years). At the end of the month I always ended up buying lunch at the petrol station on a CC! Constantly bailing out Boyf at the time. Moved house (I rent) a lot. Not my choice usually - but ended up living at over 11 different addresses in a decade - so lots of deposits to find etc.
Consolidated CC debts and overdrafts into a graduate loan. Then had to do it again... and again...:mad:

BUT - I've seen the light.

My *only* worry now though is: The husband's finances...
Although I have got my debt under my control... he hasn't got his.
I now have an extra 17.5k of debt in my name, that is actually his... (on top of his own 20k...)

Maybe that's a whole new thread: 'Dealing with my spouse's debt' :rolleyes:

nicola1982_2

Lord_Lardington wrote: »

Hang on!!! (Apologies if this is off-topic) but this shop … does this place really sell Pets, Guns and Knives? If it does, I’d really love to go there (kidding). What was it’s real name? (Please don’t tell me that this really was its name).

Nicola1982, I would never try to make fun of someone’s difficult past but your story (and style of telling) is really bringing a smile to my face. As one other poster has already alluded, buying a monkey is above and beyond the call of duty. I had to read your post twice to make sure I wasn’t reading things that weren’t there. And the crazy gran thing? Outstanding!

I recommend you document the whole barmy (again, not wishing to make light of what I’m sure was painful) episode and sell it to ITV.

Cheers and good luck with everything

Lardington

It took me a long time to get over the emotional and financial stresses of this relationship, but now I have I just laugh about it too. I am actually contemplating writing a book about it (which would probably end up a black comedy as he also did some hideous things to me too). What I will never understand is how he managed to con me - he passed one GCSE and had no common sense, yet I got a degree from one of the top universities in the country and I like to think I'm quite wise. My current boyfriend sort of explained it - apparently he focused all his energy into manipulation, hence my trusting him.

The shop was called Langly Mill Pets I think, I remember vaguely seeing it on my credit card bill, although my focus was on the £1000 sat right next to it!

N71

My 13 year relationship went sour - when OH decided family life wasn't for him (he decides when we have a 3 year old and a 6 month old!). He continued the life of a single man - out drinking every night, other women etc, and I was meant to put up and shut up. I wasn't allowed out, except for work - even then he'd check up that I was in work and check my mobile every day!! Approaching 30, i decided this wasn't the life I wanted. He turned nasty (very) and I left with the children, when he was at work, to a council house i'd secretly applied for and took out an injunction to prevent him coming near me. (The local police and victim support were a godsend).

I left everything in our house, except for essentials (nappies, bottles, kids clothes) and had to start again at the age of 30, after never being in debt. I was one of those people who if they wanted something, would save for it.

I changed jobs (so he couldn't stalk me at work) and went part time. I had to completely decorate and furnish my house from scratch on my part time wage and tax credits. I applied for CSA and the lovely ex left his job and claimed JSA - and has continued to do so for the past 6 years, although he works 'on the side'.

The bank kindly offered me a £1000 overdraft and a £10,000 credit card (for emergencies!). Obviously, both got used for essentials for the house, beds, cooker, fridge freezer, toys, tv etc etc. Looking back, i probably also spoilt the children as I felt guilty and to blame for them not having a father any more. I didn't want them to miss out, and wanted them to have everything that the other kids at school had.

The bank then kindly offered a consolodation loan to pay the credit card and overdraft and another few catalogue/store card debts. I thought, 'yes, It will be easier to pay just one bill a month' etc etc.

After 5 years of being on my own I was £23,000 in debt! I took out an IVA which was far more than I could afford - and am now starting bankruptcy.

I can't beleive I was so stupid to get into this situation - expecially as I was brought up to save - not borrow!

southwester_2

Mine was a gambling problem, tried to win back what I lost, eventually fronted up to missus who has been great after the initial shock.

Havent been involved at all with gambling now for 5 months and it feels great!

cattie1

Firstly I would like to say that I realise the debt is my fault.

But mine started when I was 19 and moved in to my fist house on my own,
I was on £150 a week and managed all my bills fine, until I met my partner and fell pregnant, (partener still lived with his dad as his dad was ill)
I fell ill with pre-eclampsia and was advised not to work by the midwife so had to live on £64 per week, I went to the council to ask for advice on benefits and was told I was not entitled to them!:eek: :mad:
so after struggling on £64 per week to pay £46 rent, £13 council tax, my phone bill gas, electric and some little bits of shopping I managed to rack up lots of arrears, then on maternity I got £97 per week and went back to the council who told me I wasn't entitled to benefits again because before tax I got £100! but I should've have been entitled to them when I was off sick but it was too late to backdate them!:mad: (if anyone has seen my posts on the council you may understand why I hate them so much!)
So during this time I managed to get a credit card for £2,000 a catalogue and a few store cards and used these to live off, thenI started getting provi loans to pay these off!
It was basically a vicious circle.
When oh moved in he had no debt and applied for a credit card which we went stupid with e.tc e.t.c
I now realise what a stupid fool I was and have recently paid of 3 of those provi loans, 1 storecard and a catalogue.
I am plaesed I have learnt my lesson and will continue being a dfw for many more years!:T

hannahsmummy1

i got into debt to pay for my wedding (most people will know my story) wish id never bothered getting married now! (seriously!- only a year down the line) anyways if i had my time again, i would have not been rushed into getting married, saved for it, or done it seriously on the cheap. I have nearly paid off all my debts now (thanks to my brilliant parents) I paid off all the cards and have cut them up completely (never want to have another card ever) and i have one loan to pay off now. It just seems really silly now to have gotten into debt for just one day! I feel really embarassed!