How did you get into debt

SarahNeedle1872

steve700 wrote: »

I don't mean to sound harsh here but perhaps if you had thought a little more aout contraception than spending, you may not be in this situation.

I think that some people look for the easy way out - even though they have incurred the debts through their own greed for the latest gadgets, fine foods, etc.

To just offer half when you have 'lived the high life' makes me so mad, especially when I see people on here that are paying back 30 or 40 thousand pounds as they have PRIDE.

I even saw one young person on here contemplating Bankruptcy for £3k..............

Hey, accidents happen! I was silly enouugh to think infertility would be contraceptive enough, turns out its not! (I would not swap DS for the WHOLE WORLD or all the money in it!)
Some people do look for an easy way out, but I think that's because they don't understand the impact that bankruptcy can have on ur life.... I would also say that 99.9% of people here are the people with pride that u are talking about, and most consider bankruptcy to be a last resort.

Sarah x

PS - its always nice to have an 'opposing' opinion x

steve700

SarahNeedle1872 wrote: »

I would also say that 99.9% of people here are the people with pride that u are talking about, and most consider bankruptcy to be a last resort.

Sarah x

PS - its always nice to have an 'opposing' opinion x

I couldn't agree more, Sarah.

It's just when I read the posts about the girl that would have gone bankrupt*, not realising the impact on future mortgage applications, etc.

There are other threads that spring to mind, although they are few and far between I'm glad to say.

As long as everyone has tried their utmost to pay back what they can, I don't have a problem with it.

*£3k is a perfectly reasonable amount to repay over a few years.....

mon1o

hi all im very new here but have been lurking and reading for a while.

My debt started when i met my husband. He was £12000 in debt from being silly with cards and loans when he was at university. He started to pay these off with my help but when we bought our house (mortgage of £42000) we became stupid and spent on whatever we wanted.

I was offered a cc from my bank for £2000 not long after and also took out 2 more cc with limits of £250 and £400 each. Things continued to get worse so we consolidated taking a loan out for £18000 to pay most of our debts off (which we did) however we then fell back into old ways and are now maxed out on all cards again. Hubby is paying his off through CCCS very slowly. We have 1 child and another on the way and our 2 bedroom house is not big enough for a family of 4. We are now seriously considering selling our house and using the profit to pay off our debt and rent a 3 bed house for a few years (im a student nurse and that along with a credit score that i dont even want to think about means no mortgage). This would be until i qualify in march 09 at least. Baby is due in january 08.

I feel so ashamed and like such an idiot but whats done is done and we know how stupid we have been. At least we are now trying to sort it out.

Monica xx

mo1_2

hi,myh debt came about through my stupidity,i had breast cancer and used cards to pay my bills,thinking when i went back to work,id pay them,if only that had hapened,i was off work for 7 months,then when i went back,i keept having to be off sick with related problemsnnow ive been made redundant,

skysky69

Its so frustrating to look through what I did actually spend the money on. I sat myself down the other day and went through all my credit card statements to try and justify what I had spent all that money on. Lots and lots of times, I just paid for everyday things on them and then of course they were on a higher interest rate and it just spirals from there. Christmas presents, fuel for the car, meals out. My credit cards even went so far back, I withdrew money off my credit card to buy my dog :mad: And then went on spending sprees at pet shops for toys and stuff and then vets bills for jabs and £££'s on a pet crate. I love her to bits and 5 years on she is my :A but my other dog is also an :A and was £50.00 from a rescue centre, already spayed and vaccinated. I am not sure I would ever pay a breeder £500.00 again when there are so many animals in rescue centres - hindsight is such a wonderful thing

It was such an eyeopener to look through the statements though to see what I had been spending. Funny to look at the statements since Feb 07 as they have nothing on them but interest (at a very good low rate too!). So satisfying to see it finally coming down slowly but surely

nzmegs

Our debt was minimal and easily payable until my husband left his very well paid job and decided to work for himself. he is happier and I have now started working too to make up the shortfall in wages.
Turns out though that builders don't earn much...the credit cards we used to get the business going (van tools etc) ended up getting used for lots of business related things and my husbands charging system was just a little bit on the generous side.
After looking at the figures in detail after the first year we discovered that for every £100 he earned he spent more than half on materials and tax. Hard lesson learned and 18k on cc's later his business made a loss and we are now struggling.
this year will be different, we keep a close eye on the expenses and materials costs and nothing goes on the cc's. After snowballing our cc's we should have them paid in about 3 years but until then our lifestyle has changed dramatically....
There is no chance of moving in to a bigger house (two bedrooms with two kids - a boy and girl), no holidays of any description, house improvements on hold - despite hubby being a builder and so on.
my advice - save like crazy before embarking on any change of job and expect to earn very little in the first years.

novagirl

Debt-free until I met my ex. Then I had o bail him out of all sorts of things. (well, i say HAD..more like what you think you should do at the time. How stupid!)

Now i'm left to pay the price of an 18month realationship.

red74

I had the brilliant idea of getting a card with reward point and doing all my spending on that, then pay it off when I got paid. Ridiculously it didn't occur to me to keep a track of what I was spending. Wasn't too long before my wage didn't cover my cc bill. Throw in some expensive car repairs and balance transfers and all of sudden £10k in debt with nothing to show except lots of make-up and nail varnish! Not far off being rid of the debt but I've got a long time to go before I've got rid of all the cosmetics!

millionaire_in_training

I managed through a variety of things. Husband walked out on me and 2 kids and I felt obliged to spoil them whenever he let them down (stopped that now). Wanted my kids to have good branded clothes ( before I discovered e-bay). Made my 2 bedroom house into 3 bedrooms and put in new windows. Spent on my cc's for silly things and everyday things. Consolidated then respent. A bit of everything tbh. Eejit that I am.