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  • FIRST POST
    georgiasmum
    Will you do debt again????
    • #1
    • 10th Dec 06, 8:25 PM
    Will you do debt again???? 10th Dec 06 at 8:25 PM
    I have paid off my unsecured, stupid debt and feel relieved. I have also been supporting a workmate through a debt crisis so I know how it feels to feel trapped by debt. He made an interesting comment to me last week after we had successfully renegotiated with all his creditors - 'I will never have have another credit card, overdraft, personal loan or car loan again. If I don't have the cash then I won't have it...' He really believes that the next time he borrows money it will be for a mortgage (good debt you see)!!!

    It got me thinking - I have cut up my cc, have no loans, an o/d of £100 only on each account and am paying off my mortgage. My catalogue account is closed and I can only use cash or my debit card if the £££ is in the account.
    Will I ever be tempted by debt again? How will I stop it in time if/when the debt free euphoria rubs off???

    Has anyone else who is now a debt free success story been lured back to the dreaded debt??

    Last edited by Former MSE Natasha; 12-12-2006 at 7:55 PM.
Page 1
    • taplady
    • By taplady 10th Dec 06, 8:41 PM
    • 7,155 Posts
    • 73,597 Thanks
    taplady
    • #2
    • 10th Dec 06, 8:41 PM
    • #2
    • 10th Dec 06, 8:41 PM
    Interesting question Georgiasmum!

    I feel the same as your friend - never again! I'll be debt free after a long struggle in August 2010 and there's no way I ever want to owe anything again.I like the feeling of using cash and having the money for everything I buy.However I have a friend who hasn't learnt her lesson. She is in an IVA , owes money all over the place and told me yesterday that she has had a loan from Provident for Christmas
    Every penny saved is a penny saved
  • georgiasmum
    • #3
    • 10th Dec 06, 8:45 PM
    • #3
    • 10th Dec 06, 8:45 PM
    Wow! How much did they lend her if you don't mind me asking? I thought they only lend really small amounts £100-£200 at a time
  • LookingAhead
    • #4
    • 10th Dec 06, 8:53 PM
    • #4
    • 10th Dec 06, 8:53 PM
    I'm the same as your friend G'sMum. I never want all this cr*p again!

    The penny dropped with me recently that I've had dreadful spending habits for the last 16 years (gulp) so things *have* to change. I've clearly failed to learn and have not handled my money well up till now.

    I've hopefully turned a corner in the last few weeks (cut up remaining card, started to budget & stick to it, told family I'm not spending money on them all this Xmas etc etc) and can start to see some light at the end of the tunnel now.

    Right now (and I hope this does not change) I feel like if I go back to my old ways I will let myself down, have taken a huge step backwards and will be scuppering the plans & ideas I have for next year & the year after (...and beyond!...).

    In other words I will be a big fat failure if I screw up again.

    I don't want to be that failure.

    So, in answer to your question........I truly hope not!
    Bank Balance: In the black for the moment.
    Sainsburys Loan: Cleared July 2010
    Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
  • ~evanesco~
    • #5
    • 10th Dec 06, 8:54 PM
    • #5
    • 10th Dec 06, 8:54 PM
    I hope not. I really think this is it this time. I've never ran up this amount of debt before. But this is my forth time of having a LBM. Twice my Dad bailed me out, las time was in 2004, I ended up with an Administration Order. My family circumstances have changed this past year, which is a bit of the reason for the amount we owe, it's shared, not just my own, alotof ot my partner had before we got together, the rest we ran up this summer, living beyond our means. I want to save for our kids future. I would have loved to have gone to uni, but there was no way my parents could help. I'm currently doing my degree at home, so I am getting my wish. I want kids to have that choice. After that I'll save for when I'm old and wrinkley, then I can spend it on bingo and fast cars.

    Evans. xox
    DFW Nerd 357
    • doodah
    • By doodah 10th Dec 06, 8:55 PM
    • 449 Posts
    • 328 Thanks
    doodah
    • #6
    • 10th Dec 06, 8:55 PM
    • #6
    • 10th Dec 06, 8:55 PM
    we won't, no way! i think we are really lucky in a way that we have learnt this lesson at a young age (22 and in £8000 of debt ) the only way we will get in debt again is by having a mortgage
    Last edited by doodah; 10-12-2006 at 8:59 PM.
    31/12/2006 8395, 01/10/2008 5089.73, 19/10/2010 835.00 31/03/2011 0.00
    Pigsback = 9.35 (30 claimed), Quidco = 128.24 claimed
    Official DFW Nerd No. 264

    Debt-free and Proud!
  • Ant84
    • #7
    • 10th Dec 06, 8:55 PM
    • #7
    • 10th Dec 06, 8:55 PM
    Other than a mortgage, never.
  • LookingAhead
    • #8
    • 10th Dec 06, 8:57 PM
    • #8
    • 10th Dec 06, 8:57 PM
    The uncertainty of the future and the financial "health" of this country also scares me a lot. That's another reason why I want to clear debt ASAP.

    I just have this feeling that within a year the poop is gonna hit the fan big style in some way that affects us all.

    Sorry - don't mean to be a harbinger of doom!
    Bank Balance: In the black for the moment.
    Sainsburys Loan: Cleared July 2010
    Credit cards: AMEX Airmiles Card: direct debit set to clear balance monthly
    • matt4504
    • By matt4504 10th Dec 06, 8:58 PM
    • 230 Posts
    • 56 Thanks
    matt4504
    • #9
    • 10th Dec 06, 8:58 PM
    • #9
    • 10th Dec 06, 8:58 PM
    I think I will just have a mortgage and that's it. I wanna look at my bank account and know the money is mine, not waiting to go to a credit card company.

    Matt
    • yung
    • By yung 10th Dec 06, 8:59 PM
    • 674 Posts
    • 423 Thanks
    yung
    The only Debt I ever had were those one I could afford when I was working.I have always tend to live within my mean, that is why with careful planning I manage to take early retirement and enjoy life.
    Yung
    Early Retiree debt & stress free. and Joined the SKI club

  • georgiasmum
    I agree about the financial health of the economy. I am aware of how much debt some people have and it is terrifying. That was my goal as well - to survive an economic downturn.
  • saintly
    as soon as this debt is cleared, there is not a chance in hell i am gonna get dragged back into debt, apart from no 1 will give me credit i want to own everything i have an not be paying out for it. im 25 in a few days, still at home with parents, couple of years time i wud like to be living with my boyf and cant do it in debt.
    Married my amazing hubby on 8th September 2012
  • nicola1982
    My dream is to be debt free and I hope I'd stay that way forever. At the moment I'm still not sensible enough, but I'm learning!

    Lets hope 2007 is the year for me!
  • Phoenix79
    Clearing my 'stupid debt' (credit cards, loans etc) so i can have a 'sensible debt' (a mortgage!)
  • Sammz
    I very likely will and it may be very soon after I've paid this lot off. I have no problems with loans and before circumstances meant I had to use my card I had no problems in not using a credit card. Once this debt is clear I will save some and take out a loan to do up my flat. I figure that I'd rather get the benefit of it for longer even if it means a (managable) debt. My issue was I wasn't paying off enough each month.
    OD Girls On Tour
    Barcelona 2008 - Dublin 2009
    • piggeh
    • By piggeh 10th Dec 06, 9:20 PM
    • 1,679 Posts
    • 1,300 Thanks
    piggeh
    Well - I have debt again, so I guess the answer is yes. ;p

    Although, it is to my dad, and kind of pays for itself as I save about £60 a month in fuel. If I'm out of a job, my dad will let me suspend payments. I am hoping to get it paid off sooner than is needed though.

    I also have credit for paying my insurance monthly, rather than all in one go, and have a U-fix tariff of £15 a month, which I guess is credit.
    matched betting: 879.63
  • postingalwaysposting
    i like doodah got into and out of debt at a young age... never age... except maybe a mortgage :rolleyes:

  • jillie1974
    other than the mortgage- if we cant afford it.. we dont have it is my new motto! never want to be in debt again. i know its a few years of yet but hopefully in 2007 will be able to pay more off!
    it will be a nice feeling to save up for something and pay cash!! know its all ours and not paying it off for 3 years or how long it takes!!
    'Children are not things to be moulded, but are people to be unfolded'
    • clarab
    • By clarab 10th Dec 06, 9:25 PM
    • 673 Posts
    • 480 Thanks
    clarab
    When my credit is better, I will have to say, Yes, I will have a credit card. I often work away from home and claim expenses to cover it so getting a cashback creditcard and paying it off in full with the expenses every month. There is no othe rway for me to afford last minute trips efficiently, much as I would like to.
    • lynsayjane
    • By lynsayjane 10th Dec 06, 9:25 PM
    • 3,308 Posts
    • 5,762 Thanks
    lynsayjane
    i'm not going to say i'll never have a cc again, cause i know i will. what i'm hoping to do is take up with a cashback credit card and try to make them work to my advantage. i think to be safe i should stay cash/maestro only for a short while till i feel i won't slip. i'll also keep coming on here to make sure if i wobble someone can kick my butt!
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