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How worried are you about your debt?

midlander81
Posts: 205 Forumite
I guess the fact that we post on here suggests that we are all keen to deal with our debts but how worried are you?
I go from being mildly concerned to having sleepless nights.
Just wondered how worried others are about their debts. (Mine are 40kish on an income of 68kish)
I go from being mildly concerned to having sleepless nights.
Just wondered how worried others are about their debts. (Mine are 40kish on an income of 68kish)
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It's been on my mind everyday since the first time my husband was made redundant four years ago. It was then I realised we had to do something about it. I can't afford our mortgage on my wages alone and have been steadily overpaying for the last year (had debt to pay off first) but it's still not at a safe level.
I was just celebrating this week having reached a £10k emergency fund when my husband came home on Friday with the bombshell letter! Redundancy notice again, the third time in four years!
I'm trying not to panic too much as we are in a much better position to cope this time and the emergency fund will buy us some time for him to finding something else.
So this weekend after work today I will go over the finances with a fine tooth comb. However, I can feel my stress levels rising but I'm trying to hide it from my husband and our family.Note to self: The kids are alive & well with a bright future ahead of them.
MORTGAGE: [STRIKE]£109,783[/STRIKE] [STRIKE]£107,692[/STRIKE] [STRIKE]£104,985.05 [/STRIKE] [STRIKE]£101,444.83[/STRIKE] [STRIKE]£99,833.92[/STRIKE] [STRIKE]£95,592.91[/STRIKE][STRIKE]£92,404.06[/STRIKE] [STRIKE]£88,252.92[/STRIKE] [STRIKE]£86,417[/STRIKE] [STRIKE]£82,565.05[/STRIKE] [STRIKE]£77,993[/STRIKE] [STRIKE]£75,697[/STRIKE]£73,392
0% Credit Card: [STRIKE]£1,900[/STRIKE] [STRIKE]£1,500[/STRIKE] [STRIKE]£1,000[/STRIKE] [STRIKE]£400 [/STRIKE] £0.00 Emergency Fund: [STRIKE]£11,625[/STRIKE] [STRIKE] £12,540[/STRIKE] [STRIKE]£12,670[/STRIKE] [STRIKE]£13,100[/STRIKE] [STRIKE]£14,700[/STRIKE]£15,0000 -
Hi midlander
Interesting question!
Not as worried as I used to, I had sleepless nights before, but after taking charge, I feel very positive, even though I have a long way to go.
I certainly think about it every day.
Just on Friday I paid off another credit card, even though it felt great, it's only 3% of overall debt.
Coming here nearly every day has helped a lot.0 -
I have good days (I've never defaulted or even been late with a payment, my debt is relatively small) and bad days (what if I lose my job, I can't save for a house if I'm paying debt).
I do appreciate that I'm currently lucky to earn a good wage, and want to be sensible enough to 'make hay while the sun shines'.
Still planning to pay off one credit card, and my Student Loan by the end of 2014, leaving me with my one big CC debt which will then be £7k which I'll pay off at £250 per month, allowing me to save.
I really admire people who are much better at this money saving malarkey than I am.0 -
I only worry about it on occasion. I work contracts so it's more when I don't have a job coming up when I finish the following week.
I've never defaulted on anything, I am paying more than minimum payments on most of my credit cards (the one's not at 0%).
If I was too worried I wouldn't have booked my much needed holiday!0 -
All my hubby and I talked about was our debt - it made us miserable and gave us lots and lots of sleepless nights.
Arranging our DMP with StepChange was the best thing we ever did - we now feel more positive than ever
We have a clear plan in place - everything we buy now is with money we actually have from our monthly wage rather than on a credit card or overdraft. Although we have a long way to go until our debts are cleared we feel that the DMP was the best move we ever made.
Onwards and upwards!!
BDFSH x0 -
I worry a lot less now than before I started reading and posting here!
We have made a good start on our DFW journey, but I am aware that our position is vulnerable (OH's job is a secondment until the end of next year, his old job is redundant). But I now know exactly what I will do if he is out of work again.
I wish I hadn't worried so much in the past - it's better to educate yourself and get on and deal with it the best way you can.0 -
I used to gamble and was borrowing whatever I could get, my debts were stacking up (almost £20k) before I came to my senses...
I wasn't sleeping, I was drinking more, I was missing meals and any meals I had were cr*p - I felt like I'd be better off dead.
Then I started to get help and found out about Step Change through this siteI've been on a debt management plan for a while now and while my body is failing and I may be looking at losing my job and living on benefits I'm still able to not worry about my debts as I have a plan in place, the good folks of the DMP Mutual Support thread behind me all the way and Step Change at the end of the phone when I need them
MB0 -
I'm with Monkeyballs on this.. Since starting my dmp nearly a year ago although I think about debts/money everyday it doesn't consume me and impact on my daily life like it used to. Always worrying about getting enough money together to pay the dreaded cc's.. At the point where my minimum payments were over £1400 a month and that was just the cc's not including the loan.. The od was maxed....
So now with one monthly payment I can get on with my life knowing I am paying back my debts at a rate I can afford.. I don't feel guilty that I'm not paying vast amounts of interest as I have no doubt I have paid what I borrowed at least 3 times over already..
I love my dmp and never want credit again...Christmas 2020 £109
I love my dmp started in Nov 13 with SC. Self Managed 2016 57% done
£60062/25384.84 - 13222.60k UE
MY DIARY http://forums.moneysavingexpert.com/showthread.php?t=47686850 -
I'm with Monkeyballs on this.. Since starting my dmp nearly a year ago although I think about debts/money everyday it doesn't consume me and impact on my daily life like it used to. Always worrying about getting enough money together to pay the dreaded cc's.. At the point where my minimum payments were over £1400 a month and that was just the cc's not including the loan.. The od was maxed....
This is very much like me. I think about my debt all the time but I'm not worrying about it, I am instead thinking what I can do to pay it off quicker.
I no longer have sleepless nights as I did when I was gambling. I have a plan in place and should have my debt paid off in 3 years time.
I have to admit that I was in a fortunate position that I could move back in with my folks and they have bailed me out and kept my credit rating intact (I am paying them back). I know others didn't have this safety net, so I am very greatful for that.LBM: Dec 2012 - Debt £38,180/ Now £0.
DFD - 17/04/2016
Gambling: The sure way of getting nothing from something.
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HI Midlander
I used to have many sleepless nights to begin with but once on a DMP this calmed a little. In fact I think it turned more into frustration rather than worry.
I'm now within a couple of months of paying it all off after a long seven year journey but are back to sleepless nights at the moment as the job is looking potentially shaky. To be honest the debt is on my mind 24/7 and I'm doing all I can to get rid of the last little bit.
I dread to think how I would have coped without this site though.1 debt v's 100 days chapter 34: T3sco bank CC £250/£525.24 47.59%
[STRIKE]MBNA - [/STRIKE]GONE, [STRIKE]CAP ONE[/STRIKE] GONE, [STRIKE]YORKS BANK [/STRIKE]GONE, [STRIKE]VANQUIS[/STRIKE] GONE [STRIKE] TESCO - [/STRIKE], GONE
TSB CARD, TSB LOAN, LLOYDS. FIVE DOWN, THREE TO GO.0
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