This is a bit backwards, but...

chocolatepiggybank

After being stuck in the same ignore > halfheartedly pay off > spend cycle for years, I joined MSE and I'm finally doing something about it. I haven't quite paid off anything for real yet, I'm still at the transferring debts to 0% interest cards stage.
Anyway, here's the backwards part: Progress feels bad. My main account balance has jumped from -£2000 to -£500 all of a sudden. I thought it would feel really exciting to see it go up, but it doesn't. It feels awful. Seeing my account balance is making me feel physically sick. The truth is I feel much more comfortable when I'm deep in my overdraft.

Has anyone else experienced this? I can't be the only one. What on earth is going on?

anna_1977

Hi, well done ion transferring to 0%

My first suggestion would be to phone your bank and change your O/D limit to £500 if you haven't already. By your question I'd be really concerned that you're going to go out and spend more to get back in deeper?

denialanderror

I think I can relate to this sort of anxiety...

Things being at their worst feels comfortable because it is your normal and there is no worry about the uncertainty over whether or not you will be able to keep things in the "good" state and have to deal with the feeling of failure if you don't manage to.

Unfortunately I've not really found a way to overcome it, very much have a tendency to self destruct as being comfortable doesn't feel right.

Would you feel more comfortable if your limit was reduced to -500?


(anna_m beat me to it...)

KirstyO

I think you should work through this, try and get your balance back in the black and see if that feels better than being deeply in the red.


Maybe it feels so bad because you're just so used to it that it is the norm. It sounds like there is a bit of a risk-taking streak in you if you are prepared to live in such a deep overdraft so consistently. Why not see if this same risk-taker will take a punt on getting the bank account back into credit?


Maybe it feels bad getting closer to the black because then you would be spending your money, and it's more fun to spend someone elses money?


Whatever it is you need to be careful. Try seeing if there is satisfaction in paying one thing off COMPLETELY, whether that is your overdraft or a credit card or something different. If you've never actually paid things off in full, you'll never know that feeling, and whether you want to feel it again!

chocolatepiggybank

anna_m wrote: »

Hi, well done ion transferring to 0%

My first suggestion would be to phone your bank and change your O/D limit to £500 if you haven't already. By your question I'd be really concerned that you're going to go out and spend more to get back in deeper?

Thanks Anna. I've already contacted them to change it to 1500, I would reduce it further but today was payday! I guess it will reach a much more 'comfortable' number by the end of the month... It's just going to be hard not to spend until then

chocolatepiggybank

denialanderror wrote: »

I think I can relate to this sort of anxiety...

Things being at their worst feels comfortable because it is your normal and there is no worry about the uncertainty over whether or not you will be able to keep things in the "good" state and have to deal with the feeling of failure if you don't manage to.

Unfortunately I've not really found a way to overcome it, very much have a tendency to self destruct as being comfortable doesn't feel right.

Would you feel more comfortable if your limit was reduced to -500?


(anna_m beat me to it...)

KirstyO wrote: »

I think you should work through this, try and get your balance back in the black and see if that feels better than being deeply in the red.


Maybe it feels so bad because you're just so used to it that it is the norm. It sounds like there is a bit of a risk-taking streak in you if you are prepared to live in such a deep overdraft so consistently. Why not see if this same risk-taker will take a punt on getting the bank account back into credit?


Maybe it feels bad getting closer to the black because then you would be spending your money, and it's more fun to spend someone elses money?


Whatever it is you need to be careful. Try seeing if there is satisfaction in paying one thing off COMPLETELY, whether that is your overdraft or a credit card or something different. If you've never actually paid things off in full, you'll never know that feeling, and whether you want to feel it again!

Thanks for the replies! I think you're both right about it being the norm. Maybe I'm just scared of things being different...

chocolatepiggybank

And congratulations KirstyO on being debt free! Just spotted your signature. Fantastic

getmore4less

Think about total debt not just one, when you went from -2000 to -500 where did the 1500 go( come from)?

chocolatepiggybank

getmore4less wrote: »

Think about total debt not just one, when you went from -2000 to -500 where did the 1500 go( come from)?

Balance transfers and payday. I'm actually in slightly more debt than when I started, because I'm moving house this month and Christmas happened. My total balance feels very safe and normal! Maybe I'll just keep looking at my overall balance and avoid my account balance

chocolatepiggybank

Applied for a reduction on my credit card limit as well. May not be able to get rid of the icky feeling, but I can stop myself doing any damage as a result!

KirstyO

chocolatepiggybank wrote: »

And congratulations KirstyO on being debt free! Just spotted your signature. Fantastic

It's a good feeling, I'd love to see you achieve it and hope you would feel as elated as I did! It's been just over a year and I'm now a homeowner with mortgage and have a low - limit cc which is encouraging me to be a responsible borrower! It does take a lot of willpower some months but I always feel better when I check my credit files each month. It's amazing how much a few green spots on a screen can motivate me!