Thanks for stopping by to read about my story of debt. It all started when I could get credit, and snowballed from there really. When I turned 18 this world of what I thought was easy money opened up to me.
It was not long after that point that I learned something about myself. I have a problem with money. I want it yes, who doesn’t but I also want to spend it. It was this desire to spend, spend, spend that landed me in trouble the first time.
No that wasn’t a mistake. I did indeed write that sentence. The first time I got into debt, I racked up just shy of £20,000 on credit cards and personal loans. Eventually after much struggling I paid all of that off and emerged debt free. At the same time I also became credit worthy again.
History Repeats itself
This new found credit worthiness was to be a recipe for disaster. Why you ask? Because I only went and did the same thing again. Only this time things were much worse. Try £60,000 of debt for starters. A new way to get into debt, ahem online gambling and well what a complete mess.
So one we thing we know is this, I did not learn anything last time and made the same mistakes. Only looking back can I understand how I arrived where I am today which in case you are wondering, is in around £30,000 worth of debt at the time of writing.
Yes things are moving in the right direction albeit quite slowly but when you are just about breaking even each and every month financially. there isn’t much wiggle room to pay off debts except in those months where I am a bit more flush.
Oh and the £30,000 progress in paying this off may look like things are moving in the right direction. However when you consider that most of this debt is from 2010 well you can probably see that progress is just slow. This simply cannot continue.
So now it’s time to really sit down and think about how to move forward with this mess and begin to pick up the pieces of a shattered financial future. There is only one thing for it and that is to start looking at some of the things I have that cost me money and to get rid of them. Details of these cuts will of course be discussed in this blog.
Only by freeing up additional income can I begin to start tackling this mess.
As for how long it will take to escape this debt, I do not yet know but it needs to start making progress faster than previously otherwise all the things such as buying a home are never going to happen.
If you are also in debt and are reading this, I wish you the best of luck on your journey. Please be sure to get in touch or leave a comment.
Image: Dan / FreeDigitalPhotos.net