Is anyone NOT worried about their debts

karencks · 17 August 2018 at 11:00AM

Hi,

Is anyone in a high level of debt ( like me) and not worried about it?

I need to do some work on how I am approaching this mentally so I would be keen to know how others avoid feeling stressed. I feel like I have the words 'I am in dent' tattooed to my forehead at the moment!

Willing2Learn · 17 August 2018 at 11:05AM

I used to worry but then learnt about zero-based budgeting method and managed to pay everything off. I get a lot of support from mental health services and take a lot of medication too! I've got a psychiatrist, social worker, and two different support workers, and they help keep everything working smoothly when I'm not well. So I've learnt not to worry.

ReadingTim · 17 August 2018 at 11:26AM

Information is key, knowledge is power.

A lot of people here seem stressed because they literally don't know what they owe and to whom, even what's coming in and going out every month. "Unexpected" bills always land, Christmas comes as a total surprise, despite being on 25th December for the last 2,000+ years....

But find about what you owe, make a budget and plan, and stick to it, and the stress caused by the uncertainty and surprise goes away - you ought to be reducing the amount outstanding, so it's simply a matter of time until it's gone.

Finally, it's not the debt, or the amount of the debt that's the problem - merely the ability to repay!

macman · 17 August 2018 at 11:47AM

Absolutely sound advice above. The mere action of posting an SOA on here does seem to have a positive effect on many people in debt, though for some it seems a psychological hurdle to sit down and do the maths for the first time.
You can't begin to address the problem until you have defined it.

chelseablue · 17 August 2018 at 1:22PM

I do worry about our debt but feel slightly better since I moved it all onto a 0% for 30 months card. Plus setting the Direct Debit to a figure that means it will be cleared in 28 months

One-step-at-a-time · 17 August 2018 at 2:25PM

For several years I bimbled along with my eyes closed, not being worried in the slightest, and that was a huge part of the problem as between 1/4 and 1/3 of our nearly £50k (more than our gross household income!!!) had come from years of ignoring mounting interest charges - eye-watering to think about now!

I did spend a good couple of months worrying and obsessing to a really quite unhealthy level, but now I only have the occasional wobble. I check all of my accounts on an almost daily basis and plan several months ahead, every bit of income has a designated job to do, and any extra earnings go straight to the CCs so I can't think about spending them on anything else. I do my 'thinking out loud' in my diary, and am still (relatively) sane, although possibly now a bit obsessed with snowball calculators

CakeCrusader · 17 August 2018 at 3:04PM

It depends on your circumstances. A high level of debt to some may be 3k, but that may be a drop in the ocean to others. Some may be really struggling to pay off 3k of debt and it may keep them awake, others may have to work a little more but it's not really a problem. It depends on your debt to income ratio. It might help if you posted a SOA so people can take a look to see if you can make any savings etc?

Shashwoo · 17 August 2018 at 3:07PM

Between my husband and I we have approx. £15k of debt. This is of course excluding our mortgage which is £85k.
I personally do not worry as I know it is going to be paid off within the next couple of years.

Debt is not something to lose sleep over, if you are worried, post a SOA on here and people will help you to come up with a plan.

Too many people think that it is the end of the world and this is wrong, there are way too many suicides because of debt. There are many debt help companies out there however there are still way to many people who keep it all hidden and don't ask for help or advice.

Just my 2p worth on the subject.

spadoosh · 17 August 2018 at 3:15PM

I dont worry about debt, its not my money.

sourcrates · 17 August 2018 at 3:50PM

spadoosh wrote: »

I dont worry about debt, its not my money.

Its not the banks money either, most of the money we use comes in digital form, as numbers we see on our bank statements, this money is created by private banks such as Nat west and HSBC when they make loans.

They create it simply by typing numbers into a computer, some might call this magic.

Sounds implausible ? well the Bank of England have confirmed whenever a bank makes a loan, it creates a deposit in the borrowers bank account, thus creating new money.

So the loans, balances on credit cards, whatever debts we have, only really exist in digital format, and as the banks have not loaned their own money, they can afford to take the hit when we cannot repay our debts to them.

You, however, are still chased for every penny of this non existent debt, first by the bank, then by the debt collector, people worry themselves sick, but why should they ?
This money only exists on paper, and there are plenty of solutions for people in debt to use to deal with the matter, all they have to do is ask for help, and the help is there.

All in all we have a very dysfunctional banking system in this country, and reform is long overdue.

DMP_Tiger · 17 August 2018 at 4:08PM

I was worried sick about my debts when the figure was increasing month by month. But now that I have found help on here and taken control of my debt, I am not worried at all

Is anyone NOT worried about their debts

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