Taking the first step to be debt free

Trolleydyson

Hello everbody,

I am new to this site so not really sure what I am doing. i just wanted to share with you all that I have now taken the first steps to get on top of my debts. I have racked up debts of over £26000, and I have nothing to show for it. I contacted stepchange today and they have advised that a DMP is the best way forward for me. Its going to take me 5 years and 8 months to pay this off :eek:. But I am determined to get this sorted. I can not believe I have been this stupid and gotten myself into this amount of debt. theRE really hasnt been any reason why. I have drawn the conclusion that I can not stop spending. I really need to get to the bottom of why I am a compulsive spender. Does anyone about any councelling services that may be able to help. Stepchange have been fantastic in sorting out the finance, but I feel I need more in the way of emotional support as worried that i will continue in this vicious cycle. Any ideas would be greatly appeciated.

wallace7

It's an awful feeling when you can see your debts spiralling out of control, you feel helpless. However you have made the first step of the journey to being debt free by seeking advice and making a plan to pay it off. You have to be strict with yourself now. Everytime you go to spend any money you have to ask yourself - do I really need this? I think about the cost of an item and ask myself do I want it more than I want to be free of debt? Once you can see that debt going its a lovely feeling and very motivating. Self discipline is the key and don't doubt yourself, you can do it if you stick to your plan. Good luck.

The_Debt_Expert

I've heard that SMART Recovery are very good. Don't be alarmed by the website mentioning alcohol and drug addiction as they tackle any addictions, looking at the cause of the addictive behaviour and how to remedy that. http://www.smartrecovery.org/

sourcrates

Trolleydyson wrote: »

I really need to get to the bottom of why I am a compulsive spender. Does anyone know about any counselling services that may be able to help.

Hi,

What is it you actually over spend this money on ?

Anything in particular, or just random amusement ?

When i had debt, my philosophy was that it wasn't actually my money i was spending, it was the card companies.

Bit different when its your money coming from your account.

Trolleydyson

I have spent the money on general amusement. Like I said I haven't got anything to show for it. Which really embarrasses me to say that. It feels like it's not my money, so spending it doesn't really matter which when you think about it, isn't really logical thinking is it. I feel that my brain is totally rewired to other people's when it comes to.money management. I need to change the way I think about money but this is where I am struggling. Any ideas anyone? I've entered into a dmp with stepchange so I am feeling loads better about that. There isn't going to be that safety net or obtaining more credit but I have got to learn how to budget properly and not be frivolous on stuff. And that's all it is is STUFF! I am trying but my mind set is still telling me to spend spend spend. I hate being like this it is making me more anxious. The more anxious I get the more I want to spend.

Little_Miss_Winner

Hi

You need to post up an SOA (statement of affairs) so people can view what your income is V your outgoings. Obviously if your outgoings is higher than what you earn/make/bring home each month thats where the problems will lie.

You will never fix the problem unless you spend within your means - and budget for everyday things.

Little_Miss_Winner

http://www.stoozing.com/calculator/soa.php

at the bottom of the page it will say format for MSE

Good Luck!