hate it when people are shocked

Brightspark87

OP you are right. Some people don't understand. You know that its not a positive thing BUT you are completely doing the right thing as you are dealing with it.

People asking you what the interest is etc - that is not helping. Stay positive focused and then remember you had that light bulb moment!

I have had people who earn hundreds of thousands default because they didn't deal with 'small' to them debts. However, you should be proud that you are, be that £5 or £40,000.

Stay positive

midlander81

gfplux wrote: »

Do I think £40000 is a lot of debt, yes I do.
I have nothing to add to what has already been said except I do want to repeat that £40k is probably costing at ,
least £4000 a year in interest. Now THAT I find very, very painful.
Perhaps midlander you could tell us what the yearly interest bill is, perhaps that would be shocking.

Hi


Most of my CC debt is on 0% so currently my interest bill is around £1500 per year.


I am fully committed to getting rid of my debts so that I don't have to pay any interest in the future but I am about 30 months away from that so...


As it stands I will pay at least £3000 in interest over the course of my debt free journey! Are you shocked?


I must add... I did find your post a little unsupportive.

midlander81

GwylimT wrote: »

We don't have any debt at the moment, in the past we have had a mortgage and a credit card, but the card was always paid in full each month. Our combined income £43k per year, well really we could probably discount my wife's £12k as most of that goes on medical care. We would much rather live within our means than buy unnecessary luxuries and put things like the security of our children's home at risk.

It's great that you are in such a good financial situation and this is no doubt due to good decisions that you have made but this is the debt free wanabee board so comments such as putting our children's home at risk is not really supportive or appropriate.


I know that a job loss or financial emergency etc would place us in an unmanageable situation but I have to focus on the positive, that being the fact that I am working hard to clear my debts in 2.5 years.

midlander81

freeisgood wrote: »

My parents drummed it into me from a young age, if you want something save the money up first. My parents never bought anything on credit, they never had credit cards.
I learnt well. I never had pocket money but got my first job at 16 cleaning, so I could start saving. When a student and skint, I got the most menial jobs (cleaning etc) just to cover bills and live within my means. Jobs my friends would never bother with, when they spent all their cash on booze and clubbing. I left uni without being even in my overdraft. When I bought a car I saved up for it before I bought it. Same with my computer, I used the library for the internet, till I could afford a computer.
If I really want something, I save for it or get one second hand. or use freecycle Etc.

It is such a precious life lesson to learn to live within your means. I have moderate savings. I am only in my late 30s never lived though frugal years.

If I had your level of dept, I have to be honest, I really would have difficulty sleeping at night, just from the stress of a burden like that.
It is also so liberating never having to lose sleep at night over money. I highly recommend it!

It's great that you have much such great choices but I do wonder why you posted this on this particular board??


Lots of others have said that they feel that my debt is a concern ( I agree!) but your post just seems a little patronising.


I know that my debts need to be sorted which I why I post here. I am working really hard to make sure that I am debt free when I am 35 so hopefully I can live as you do

midlander81

PinkPoppies wrote: »

Totally agree with this. Sadly having a higher salary doesn't come with an automatic ability to spend it wisely, or make you somehow immune to making mistakes!

Totally agree, in fact I was much better off when I was earning 13K a year working in a shop!

[Deleted User]

Midlander, please don't be disheartened, you have faced up to what you owe and are focused on tackling it. You can't turn back time, it is what it is and just knowing you're doing all you can and are working hard to reduce your debts should give you pride. Keep going, you'll get there. Obviously as demonstrated on here the amount is shocking to some, but you're doing everything possible to get it sorted, you're living with it and that's all you can do. Hindsight is a wonderful thing and we could all have done things better. One thing I learned and I still have to battle with is not to slip into old habits. Money is an emotional thing for me, when sad things have happened in the past I've spent to try and make people feel better. Try to pinpoint why you overspent so you're aware and don't make the same mistakes in the future. I wish you luck

Jagraf

Sometimes generous people fall into a lot of debt.

When I was a student, many moons ago, I lived in a student house with 4 others. One of these friends was constantly saying how skint she was. It was at the point when she said she couldn't come to the pub with us that we said "don't worry, we will club together and pay for your drinks". We also,paid her share of the lekky and quite a lot of other stuff.

When we graduated we all had debt. Not uber bad but nevertheless, not a penny to our name. We arranged to meet up that first Christmas and our skint friend came along, gleaming that she has managed to save enough money from her grant etc to buy a small car.....

She is by far the wealthiest financially of us all. Even to this day.

Hmmm well maybe we just didn't discuss the definition of skint properly.

This happens all the way through life in different guises.

James_B.

Jagraf wrote: »

Hmmm well maybe we just didn't discuss the definition of skint properly.

This happens all the way through life in different guises.

I remember once lending a schoolfriend £10. That weekend, we were out in town for a drink, and I asked if I could have my £10 back, as promised, as I was going to have a very lean evening otherwise. He refused, saying he could not pay me, as he did not want to break a £20.

That was, of course, the last time I ever lent him a penny.

poppasmurf_bewdley

James_B. wrote: »

I remember once lending a schoolfriend £10. That weekend, we were out in town for a drink, and I asked if I could have my £10 back, as promised, as I was going to have a very lean evening otherwise. He refused, saying he could not pay me, as he did not want to break a £20.

That was, of course, the last time I ever lent him a penny.

I'd have told him if he didn't break the note, I'd break his nose!

gfplux

midlander81 wrote: »

Hi


Most of my CC debt is on 0% so currently my interest bill is around £1500 per year.


I am fully committed to getting rid of my debts so that I don't have to pay any interest in the future but I am about 30 months away from that so...


As it stands I will pay at least £3000 in interest over the course of my debt free journey! Are you shocked?


I must add... I did find your post a little unsupportive.

Well done midlander, support, support to you. Good new only £3000 until 18 months then no interest. Well done lots of support, sorry you think the facts get in the way of support.
18 months ...... April 2016. Support.