My light-bulb moment, need help

mrfoxy · 12 November 2018 at 3:39PM

Thank you so much for the advice given thus far. I’m beginning to think most of you are right. My debt isn’t that bad and now I’ve stopped spending, it should start to come down in size.

As far as looking for other work is concerned, I wasn’t sure what the transferable skills are from working in a supermarket. I don’t work on a customer service desk specifically but do have to help customers from time-to-time and other duties alongside.

I think a lot of my problems stem from a lack of confidence obviously due to the mental health. I’m glad I’m getting some treatment for it, as I should be able to move forward hopefully.

Blackpool_Saver · 12 November 2018 at 3:49PM

My advice would be to move the debt to a 0% card, or a low interest loan so you are paying more off the principal sum and not so much interest each payment, that way you will pay it down more quickly. Can you claim any benefits for your mental health?

sourcrates · 12 November 2018 at 6:48PM

Blackpool_Saver wrote: »

My advice would be to move the debt to a 0% card, or a low interest loan so you are paying more off the principal sum and not so much interest each payment,

0 % card may be an option.

Do not consolidate this debt with a loan, you do not repay debt with further borrowing, it is generally considered a very bad option to take.

Blackpool_Saver · 12 November 2018 at 7:01PM

sourcrates wrote: »

0 % card may be an option.

Do not consolidate this debt with a loan, you do not repay debt with further borrowing, it is generally considered a very bad option to take.

Sorry don't agree, if it is a very high interest card, a 0% card or loan at a low rate is best, especially if you throw all available money at it to pay it off quickly

mrfoxy · 13 November 2018 at 4:32PM

At the moment my balance transfer offer will expire in June 2019, from that point forward I'll be moving the balance to Barclays (they usually offer me 12 months every month). Then obviously, 12 months on from that I'll move it back to HSBC and they usually offer around 18-20 month offers. I'll probably incur fees of around £300 during that time for the transfers, so that would be much less than a loan.

I have actually tried to find a decent loan but as some of you have said, it would mean further borrowing and more money paid back in the long run. I couldn't get a decent enough APR rate on the loan.

Exodi · 13 November 2018 at 5:53PM

mrfoxy wrote: »

I have mental health problems, in particular depression, generalised anxiety, social anxiety and OCD and I’ve suffered with them since

There's not a single thread on the DFW forum that doesn't start with this and it completely undermines culpability. It could be argued that it serves as evidence that having mental health issues make you more likely to be in debt but conversely it then provides a false of normality to the person and offers a scapegoat in their rationalization of their debt.

As you've said yourself, it all boils down to;

mrfoxy wrote: »

My credit card debt is mostly clothes, holidays, overspending on nights outs.

I'm glad you've turned a corner and decided to address your debt, the first step is the hardest.

marco_79 · 14 November 2018 at 6:54AM

Exodi wrote: »

There's not a single thread on the DFW forum that doesn't start with this and it completely undermines culpability. It could be argued that it serves as evidence that having mental health issues make you more likely to be in debt but conversely it then provides a false of normality to the person and offers a scapegoat in their rationalization of their debt.

As you've said yourself, it all boils down to;

I'm glad you've turned a corner and decided to address your debt, the first step is the hardest.

That must be one of the most unhelpful things I've ever heard on these boards. You have no idea what these people are going through or what the circumstances are. Lot to be said for "if you have nothing nice to say , say nothing at all."

Onebrokelady · 14 November 2018 at 11:55AM

Exodi wrote: »

There's not a single thread on the DFW forum that doesn't start with this and it completely undermines culpability. It could be argued that it serves as evidence that having mental health issues make you more likely to be in debt but conversely it then provides a false of normality to the person and offers a scapegoat in their rationalization of their debt.

As you've said yourself, it all boils down to;

I'm glad you've turned a corner and decided to address your debt, the first step is the hardest.

You are talking out of your !!!!,there are plenty of threads on this forum that don't start with this,mind didn't,I got into debt through a combination of things of which some were my fault and which I take ownership of,to say this to someone who is clearly reaching out for help is not helpful at all,mental health problems cause widespread despair and behaviour you might not carry out were you in a more mentally healthy place

mrfoxy · 15 November 2018 at 3:12PM

Exodi wrote: »

There's not a single thread on the DFW forum that doesn't start with this and it completely undermines culpability. It could be argued that it serves as evidence that having mental health issues make you more likely to be in debt but conversely it then provides a false of normality to the person and offers a scapegoat in their rationalization of their debt.

As you've said yourself, it all boils down to;

I'm glad you've turned a corner and decided to address your debt, the first step is the hardest.

I appreciate you taking the time to comment on my post. But I do feel you probably don't understand how mental illness affects someone's judgment in day to day life. I've bought things to fill a void and a lack of happiness. I also have manic spells where I spend a lot of money and crash and realise what I've done. I'm not looking for a scapegoat but I've realised with the help of my friends that I need professional help.

And I agree with you, it's definitely a good idea to stop spending and get help before my life becomes a constant spiral of debt, debt, debt.

Onebrokelady · 15 November 2018 at 10:33PM

mrfoxy wrote: »

I appreciate you taking the time to comment on my post. But I do feel you probably don't understand how mental illness affects someone's judgment in day to day life. I've bought things to fill a void and a lack of happiness. I also have manic spells where I spend a lot of money and crash and realise what I've done. I'm not looking for a scapegoat but I've realised with the help of my friends that I need professional help.

And I agree with you, it's definitely a good idea to stop spending and get help before my life becomes a constant spiral of debt, debt, debt.

You are doing the right thing for yourself now and that is all that matters,I've bought so many things when I've been in the grip of depression just as a desperate attempt to cheer myself up,it's taken me a long time but I've finally realised I can't buy my way out of my periods of depression,I went to my GP and got some treatment and then started to fix my finances,it's going to take a long time to pay back what I owe but it's now being paid back and I am in control for the first time in a long time
While I know that my episodes of depression played a part in my getting into debt I do know that it's also my responsibility much like you,people who dont suffer with mental health problems just don't understand how it can affect someone's behaviour
I think you should be praised for recognising you have a problem and for doing something about it, I wish you good luck with it all

My light-bulb moment, need help

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