What did you do to get into debt?
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I realise I never shared what got me into debt. I accrued some debt whilst at university, student overdraft, but as I always had jobs throughout university it wasn't too bad until I met a total turd of a boyfriend. It turns out he was a gambler and regularly used to steal money from me, I lost count of how many bank cards got swallowed because I used to keep changing my PIN during a lunch break or just any time he wasn't looking over my shoulder at an ATM. Then there was his share of the rent and utilities which he wasn't being paid plus the final wage from a bar job I had was to be collected in person in cash rather than be paid by BACS for some reason and as he worked in the same bar they gave him my money which he then put on a 3-legged-tin-of-dog-meat at the bookies. A very good friend very kindly gave me an interest free loan which I paid back and I was able to get some catalogue debt (he opened a catalogue in my name which I knew nothing about) written off thanks to a solicitor via the Student Union.
Then I got into debt once again when I bought my first home. Thankfully it was at 0% through balance transfers and HP for the sofas. I was spinning too many plates but after selling my car, nothing fancy I only got £900 for it, to reduce my outgoings plus better budgeting I managed to get it all paid off without a DMP or being charged interest. Never again shall I let the wolf get so close to my door.0 -
trailingspouse wrote: »When I taught a Y3 class, I did a little thought experiment with them.
They had to imagine that they got £5 per week in pocket money. They were going round the shops with their Mam, and they saw a computer game that they really wanted. It was £10 (this was a while ago!!). I asked them what they would do? The answers were as follows -- ask Mam for £5
- if Mam didn't have £5 on her, get her to go to the cashpoint for it
I then suggested that there was another computer game on the shelf - it wasn't as good, in fact it was pretty rubbish, but it was only £5 and so they could afford it. What would they do? Quick as a flash one of the kids said he would buy it.
I pointed out that if he did that, he would end up with a computer game that he didn't want, and no money...
I'll never know if the lesson made any difference to any of them, but you can only hope.
7 and 8 year olds struggle with shoelaces. Teach them something more worthwhile.0 -
Getting married and losing weight for said wedding. The latter had implications of requiring a separate 'gym wardrobe' and then smaller sized clothing as I lost weight.
Paid that all off within a year of the wedding and didn't carry debt.
Then last May we moved to our forever home and had to top up the shortfall ourselves. Borrowed money off family which we paid back after completion via money transfer cards.
The debt is about 4k so I'm not too fussed about it, as we have budgeted to pay it off during the interest free term.0 -
Worked a series of seasonal jobs, hours all over the place (sometimes 55 a week, others 6), struggled to pay rent, gas/electricity, council tax etc., took out credit cards and doorstep loans to keep head above water, until eventually the watertable won.0
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I was offered my first credit card at 19 when I went to uni. I immediately spent up to the limit in the belief that I would get a well paid job after leaving uni. Ha!
Then I carried on building up debt due to low paid jobs, not knowing how to budget, and banks keeping on raising my credit limit every time I reached it.
I've finally learnt my lesson and learnt how to budget, so no more credit for me.Finally Debt Free After 34 Years, But Still Need to Live Frugally
Debt in July 2017 = £58,766 😱 DEBT FREE 31 OCTOBER 2017 :T 🎉
EMERGENCY FUND 1 = £50/£5,000. EMERGENCY FUND 2 = £10/£5,000.
CHRISTMAS SAVINGS = £0/£500. SEF = £1,400/£12,000 PREMIUM BONDS ME = £350. PREMIUM BONDS DH = £300.
HOLIDAY MONEY = £0 TIME LEFT TO PAY OFF MORTGAGE = 5 YEARS 1 MONTHS0 -
"If you sign up Sir and open a store card with us today you get another 10% on top of the reduction."
Got hooked...
People talk about prestige with Apple products but for me it was store cards for House of Fraser, Harvey Nichols etc...Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0 -
Went to uni at 18... overdraft...credit card.... oooh free money and it all went downhill from there.*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.200
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Deleted_User wrote: »Age 18 years and 1 day old gets a call from my bank, how would you like a £1000 loan. My immature brain, why yes that would be great!
That spiralled, 1 loan turned into more loans and credit cards.
Loans again to consolidate but still spending over my means.
Night out this weekend and no money, lets call the bank to extend my overdraft cos that is a great idea.
Holidays, theatre tickets, concert tickets etc etc etc.
Basically I was living way over my means for a long time and because I was able to make the monthly payments didn't see an issue with it.
Now I am trying to be more sensible with money.
I am 35 years old with no savings but on Friday I will be debt free.
Wish they had taught me more about being a financially secure person in school, would have preferred to know about money than knowing how to make an upside down pineapple cake :p:p
Dxxx
Seems to be a very common theme here and same story for me no financial education at school then far too much credit available as soon as you hit 18. I have been in debt at various levels since I was 18 and will hopefully be debt free in 2 years just as I hit 40. Having suffered from depression on and off over the years I found that spending was a temporary relief but the worry and stress debt brings has cost me friendships and relationships.Total Unsecured Debt at October 2018 £29,411
02/20 £ 6,374:j0 -
zippygeorgeandben wrote: »"If you sign up Sir and open a store card with us today you get another 10% on top of the reduction."
Got hooked...
People talk about prestige with Apple products but for me it was store cards for House of Fraser, Harvey Nichols etc...
Ha! I remember being in Dorothy Perkins a few years ago, arguing with the young Sales Assistant, telling her it was a credit card, her insisting it was a 'loyalty' card.'0 -
Potbellypig wrote: »7 and 8 year olds struggle with shoelaces. Teach them something more worthwhile.No longer a spouse, or trailing, but MSE won't allow me to change my username...0
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