Debt Diaries

Debt dairies 005

January 16, 2024

🎂  Age?


🌎  Location?

West Midlands

🫥  Source ?


💸  Debt balance?


👂 What will you be sharing?

Spending regret story

📖  What would you like to share?

"There have been too many to mention but my debt journey started with buying a car on finance. The car I had was fine but I wanted a new one. I couldn't get finance but my family got the finance in their name. A few months later my partner and I bought a new house. We couldn't afford both which started the debt snowball.

15 years later and £25,000 down (was at £42,000 at one point) and I'm still paying for my mistakes.

The next 10 years we ping ponged between cars, paying 2k deposits each time to get out of finance deals. I've had my current car since 2017 and it's the first time since passing my test in 2005 that I've had a car for longer than 2 years!

This is the biggest regret but my ongoing spending habits have culminated in the total debt, most of which was a secret from my husband until recently. The car and secret spending are my major regrets."

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

"There have been a number of factors which have resulted in our debt. The main issue is lack of financial awareness, lack of planning, lifestyle creep and secret spending. Spending beyond our means and not openly communicating with each other."