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    • Towser
    • By Towser 28th Nov 18, 10:13 PM
    • 1,186Posts
    • 1,990Thanks
    What did you do to get into debt?
    • #1
    • 28th Nov 18, 10:13 PM
    What did you do to get into debt? 28th Nov 18 at 10:13 PM
    I am curious what did you do to get into debt? How did it happen?

    This Forum tip was included in's weekly email!
    Last edited by MSE Tine; 04-12-2018 at 9:47 AM.
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    • enthusiasticsaver
    • By enthusiasticsaver 6th Dec 18, 7:57 AM
    • 7,395 Posts
    • 16,318 Thanks
    I think financial education should be taught more in schools but personally I think parents have a role to play too. My dad was anti credit like many of his generation but was a very successful businessman and I respected him so developed a healthy fear of credit myself except for buying property. They taught me to save from a young age, 7 or 8 and we did the same with our daughters. My first job was in a bank and in those days staff had to have scrupulous financial affairs and going overdrawn was a disciplinary offence reinforcing further my fear of overspending. Consequently to this day I have never gone overdrawn. However these days students are encouraged to go into debt with student loans to the tune of thousands. They are encouraged to get a credit card to build up a credit rating regardless of whether they have the financial discipline to know when to stop spending and taking time on purchases, saving for them or researching is positively discouraged by the prevalent use of 0% credit cards. I am not sure that education alone will stop people spending more than their income or start saving for the future. Attitudes also need to change and a fear of debt positively encouraged. That won't happen though while the big financial institutions are making so much money off the back of people heavily in debt.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to
    • whattodo1967
    • By whattodo1967 6th Dec 18, 2:35 PM
    • 80 Posts
    • 103 Thanks
    I got in the cycle of consolidation then spending on the cards again, lost count if I am honest. Till I could borrow no more. But really best thing that happened to us. Am proud that we have had no credit since 2012, and I have 3 more payments on my DMP, and I will then be overpaying on my mortgage and saving the rest
    LBM April 2012, started Dmp with Stepchange June 2012 47k Proud to finally be dealing with our debts

    Oct 18 4 more payments to DFD
    Nov 18 3 more payments to DFD
    • Gettingtherequickly
    • By Gettingtherequickly 6th Dec 18, 5:06 PM
    • 3,848 Posts
    • 16,980 Thanks
    Like a lot of people, spent more than I was earning, redundancy and having to use the dreaded cards.

    One day I decided I had had enough & started to get a grip on getting rid of the debt so that I could actually have a life. I don't think I really know how much I owed, but probably in the region of 30k between cards, overdraft, utilities. The only debt I didn't have was council tax.

    I have been debt free for a number of years now and it is so nice to be able to buy something I want without wondering how to afford it. My proudest moment was changing my car, bought a demo, all singing, all dancing, brand new would have been 28k, thanks to MSE wisdom, I bought it 6 months old for 14k & paid cash. Putting my pin in the machine scared the bejasus out of me, but it served the point of forcing me to think twice about whether I needed or not.
    A smile costs little but creates much
    • Makeachange
    • By Makeachange 6th Dec 18, 5:11 PM
    • 951 Posts
    • 1,310 Thanks
    Gambling addiction.

    261 days clean right now, and paying things back.
    Mentally in the right place to do so now.
    • Willing2Learn
    • By Willing2Learn 6th Dec 18, 6:20 PM
    • 1,832 Posts
    • 1,416 Thanks
    Gambling addiction.

    261 days clean right now, and paying things back.
    Mentally in the right place to do so now.
    Originally posted by Makeachange

    Well done on reaching the 261-day milestone

    I got into debt after I tendered my resignation at work due to deteriorating (mental) health... I would have been unable to honour my contract...

    Debt-free for about a decade now..
    Last edited by Willing2Learn; 06-12-2018 at 6:31 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • flutterby29
    • By flutterby29 12th Dec 18, 8:43 PM
    • 5 Posts
    • 4 Thanks
    I wanted to share how i got into debt! Spending more that I earn. Using a credit card to fill the gaps but then being broke trying to clear the balance. It has not been more than 1,000 at any one time.
    but Proud to say I've been following MSE forums for the past couple of months and already getting a good grip on my finances. still a way to go. Have been following the no spend days and that has cut extra spending.
    Decided my first step was to set up an emergency fund. This will be used in future for 'emergency' spends that I've been relying on CC for. no more!
    - now i'm logging every thing I'm spending and trying to budget for things I want to spend on. Credit card will be paid off by Feb 2019 .
    Last edited by flutterby29; 12-12-2018 at 8:44 PM. Reason: left out some info
    • Onebrokelady
    • By Onebrokelady 14th Dec 18, 9:53 PM
    • 1,089 Posts
    • 5,931 Thanks
    Mine was a combination of things,it started when my ex left me after he talked me into giving up my council house to buy the house I'm still living in,I was working part time and managed for a while with benefit top ups
    When the benefit top ups stopped my job also stopped us doing nights so although I had a full time job by this point I was relying on the unsocial hours to get by so losing my nights made a dent in my wages,a few household emergencies and several eyewatering vet bills didn't help,I had no savings so anything unexpected was paid for with my CC

    I then developed a chronic pain condition swiftly followed by depression and spending mad me feel better,I've worked through a lot of issues in my head and realised this year that although the beginning of my slide into debt was not all my fault the fact it carried on and got so out of hand is totally my fault
    I had the mentality of I work hard so why shouldn't I buy things when I want to and why should my children go without ,we never went on any holidays or bought a car or anything like that it was just lots of small items that very soon add up to a debt that's unmanageable,the saying" look after the pennies and the pounds will look after themselves"is soooo true

    I'm now in a DMP with SC and will be paying off this debt for a loooong time but over the first year I have learned a lot about myself and what makes me spend and how to avoid that happening,I've learned how to budget and stick to it, I'm saving an emergency fund andnivd saved for Xmas, this year I have done Xmas on a budget with cash and come January there won't be any credit card bills falling on my mat,I don't spend much at all now and despite suffering from intermittent depressive episodes I am mostly the happiest I've been in a long time
    Just keep swimming
    Original Debt Owed Jan 18 = 17,630 Paid To Date = 1,519 Total Now Owed = 16,111
    Emergency Fund = 300 Xmas savings = 190
    • Mulberrygirl1234
    • By Mulberrygirl1234 14th Dec 18, 11:34 PM
    • 9 Posts
    • 2 Thanks
    The bank literally put a credit card through my door when I was 20 with a 7k limit
    • burnleylad1882
    • By burnleylad1882 15th Dec 18, 6:35 AM
    • 7 Posts
    • 8 Thanks
    Gambling. Been attending GA meetings since St, Georges day and not had a bet since. 33k of debt which I am now paying off with the help of my mrs who holds all my cards and gives me spending money. My debt is now 28k and without getting carried away I am in a really good place at the minute, mentally if not financially. but that is only going in one direction if I don't gamble. Even now though my cards are sending me credit limit increases even though I maxed them all out gambling.
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