Debt Diaries

Debt diaries 007

Anonymous
May 24, 2023

🎂  Age?

28

🌎  Location?

London

🫥  Source ?

Anonymous

💸  Debt balance?

£15,439.49

👂 What will you be sharing?

Spending regret story

📖  What would you like to share?

"My relationship with money was bad from the age of 17.

At the age of 21/22 I became a lot better and didn’t want to get back into debt.

Unfortunately, I was sucked into taking out credit cards to improve my credit score and then I “relapsed”. This was fairly manageable because the credit card limits was £200-300 on two of the cards.

I took out a car on hire purchase (£13000) in April 2017 and kept up with all the payments until I left my full time job to pursue my business. I then started making late payments, but I’m now £3800 away from clearing the whole debt off.

Whilst setting up my business I took out a personal loan to help fund the business (£7500), I defaulted on the payment as I wasn’t able to pay back the monthly amounts due to low income.The low income caused me to take out short term loans. And then the vicious cycle then began. And now I’m here."

❓ What happened for you to be in your current debt situation?

"Taking out multiple credit cards in aim to build my credit score and then getting sucked into overspending and not paying off the credit cards."

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