Do people know about your debt?

ladymarmalade222

sourcrates wrote: »

Only the wife (at the time) and best friend, its the elephant in the corner of the room isn't it, the unspoken deed, and yet, I bet there are more people in trouble with money than you would think, but most don't publicise the fact for obvious reasons, makes me cringe when your stood in line at the supermarket checkout and the person in front of you opens there wallet or purse to reveal a large range of credit cards that would ease the national debt !!!

Can I just pick up on this. I would probably be that person in front of you in the queue sourcrates with a purse full of credit cards, but I am debt free and 3 months from being mortgage free. the reason I have a number of cards is because I get cash back/air miles/vouchers from using them but they are always paid in full at the end of the month. I also like the protection I receive from using credit cards.

It just shows that you shouldn't judge a book by its cover;)

xxx

blisteringblue

Although we've not told the parents just so they won't worry we don't hide it. Kids know why and we include them as part of the money education we obviously lacked. Obviously don't shout it from the rooftops but close friends are all aware. There is not shame in it though, anyway onward and upwards now.

cydney65

I broke down and told OH 5 years ago, I am now debt-free. While trying to reduce my debts I told anyone who wanted to know TBH, in fact I went on local radio and broadcast the fact to the whole of Cumbria on a programme about debt! I did highly recommend MSE though.

Through MSE, and the lovely people on the forums, me and my OH have gained a load of knowledge about money, finance, banks, investments and savings. In fact one member of my family has recently approached me about their debt and hopefully, I have been able to help them.

Ninnins

yamsteroo wrote: »

I broke down and told my OH (only when it reached the stage I couldn't hide it any more, ie, the phone calls were about to start) though to this day not the extent of it, he just knew it was a lot. He's the only one who knows.


I'm proud that I have worked through it and repaid all I owed and I could have sang from the rooftops on my debt free day but I resisted as my work colleagues especially would be very judgemental.


I was happy though to share my joy with the people who have got me through it - this forum and my OH

Well done you are such an inspiration, your post makes my heart sing - where did you start, how did you do it, and did you manage alone or with help? (I am solely struggling to repay £27,000 of unsecured debt and a mortgage of 220,000)

Trishiapp

I believe that, we don't talk about debt because of the general idea that , if you are in debt, you must be irresponsible and live beyond your means. There's a lot of judgement from our society. I have said this before: we can be fantastic parents or excellent at our jobs, but the minute we admit to having debts, those achievements are diminished.

This really is just a small truth of it. Many times, debt accumulates through unforeseen life circumstances: divorce, illness, redundancy, major unforeseen emergencies ( leaking roof, sick pets etc...)


Even if indeed, we do live beyond our means, it's because we want to fit in. We seek acceptance from others via spending money and accumulating stuff. This, of course, is a major error in our thinking, but one cannot blame others for wanting to be accepted.


Also, I find it astonishing that our governments, indeed the whole world collectively, shamelessly 'live' of debt, yet when it comes to individual debt, there seem to be a lot of stigma attached to it! However, it's the personal debt of many millions that keep our economies ticking over. Of course, this is a 'false economy' , but imagine what would happen to our systems if we all paid everything off ?


I have said this before, and I will say it again: There's nothing to be ashamed of! Debt or no debt, we are all wonderful, worthwhile human beings!

Just to add... I'm currently debt free, but when I wasn't, I had no issue with being open and honest about it. In many cases, my honesty encouraged others to stop hiding!

[Deleted User]

Just a work colleague, who was in a similar situation (actually a lot worse), and who is also now, in the clear, albeit via a different method.

Firewalker

We didn't parade it but I didn't hyde it either. All my friends knew that things are changing financially and there won't be any mindless spending any longer. When we finished paying off a lot of debt in a short time the whole world knew - our story was on The Business Insider and got syndicated all around. It is still doing the rounds...apart from me writing about debt and how to deal/cope with it.