What Caused Your Debts

livingbeyond

I know this will sound stupid, but my debt began because of something I had saved to buy. I saved up for several years after buying my first house and paid cash, yes CASH £15,000 for a new kitchen. As you can imagine it was fantastic and I had the best of everything put in it. Anyway, following this I had a reputation for always buying the best of everything, which I did. Unfortunately I was trying to live up to the reputation that I gained and then had a bathroom installed which cost nearly £8000. Unfortunately, I hadn't saved for this, so partly loan and partly credit card. The reputation continued and ever since I have used credit cards to fund the lifestyle. We weren't keeping up with the Jones's we were the Jones's. Cars, TV's, holidays etc etc all went on the cards or loans.

LivingBeyond

JET34

just being stupid really spending more than I was earning and just being silly really..........

always_amazed

Oooh.

Mine was certainly on nothing big, it just frittered away on bits and bobs I decided I 'Had to Have'. It was an 'everyone else is doing it, why can't I' type thing.

I feel pretty silly about it really.... worked out (still havn't done the SOA but I'm getting there) that its just under £6000 of debt and nothing to show for it!!! eeek.


xxx

HairyHandofDartmoor

Low earnings and an inability to budget. (Three children in quick succession didn't help, although I will never regret having them as they are the best thing in my life).

chloebelle

studying + low paid jobs + being an idiot = DEBT!!!

Fortheloveofmoney

Well to quote my mum it was due to me "getting a life" :rolleyes:

I came out of a long term relationship and bought a house on my own for the 1st time. I didn't budget very well and didn't think of the extra things I would need to pay and plan for. Kept spending to cheer myself up and then joined an activities and social group which opened up a whole new life but also cost money which I didn't have.

To be honest the only think I'd change would be to go back and show myself how to budget properly and not just assume that money in my account means I can spend

Ooh and I bought a few designer handbags......:o

sammy115

Not having much money for a lot of my early married life and then seven years ago my OH had some shares that matured and we got loads of money!

BUT we kind of went off the rails ever so slightly and because we had money people chucked credit cards and overdrafts at us. Then when OH lost his well paid job they whipped the rug out from under our feet and BOOM!

Our own fault really, the money didn't seem real when I was handing cards over. I now long for the days when I had nothing (but no debt)!

I find I am much more focused when I have no money!

mart8480

if i used to want something i would just buy it. i just used to buy stuff and not think about it. the most stupid example is my guitars. i started learning about 2 years ago. i now own 4 guitars ranging in price from £300 - £800. what an idiot!!! im not even that good and im certainly not in a band so have no need for that many or even that good guitars. it is absolutly killing me not buying a playstation 3 yet though. the old me would have got one the day they came out.

greytdog_2

ooh good thread - mine was OH 40,000 + in negative equity on loans and credit cards, three kids in quick succession and then holidays abroad (no where exotic but 5 people costs lots) that we always put on the cards to pay later, then ignoring the debt for 12 years by keep consolidating debt every time we had a pay rise!

OberonSH

Ran up my debt through my now closed business, plus I married a moron who thought I was a cash machine. Part of our current debt is OH's car loan.

custardy

being an idiot,trusting her when she lied and sticking my head in the sand