Debt Diaries

Debt diaries 015

January 16, 2024

🎂  Age?


🌎  Location?


🫥  Source ?


💸  Debt balance?


👂 What will you be sharing?

Spending regret story

📖  What would you like to share?

"My biggest regret was not acknowledging the cycle that had been created. My credit cards become almost an extension of my current account. If I wanted a takeaway, wanted extra clothing or even just to cover basics I would just use my credit card until it snowballed during covid. In that time it became almost habitual purchases through lockdowns for things I just couldn’t afford. Although I have the regret of getting into this position I am positive I can make the change to get to a place of no debt before I am 30 as I am acknowledging these issues and looking for a solution rather than perpetuating the debt cycle."

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

"I got a credit card when I went to uni thinking it would help my credit score but it just became a second source of funds which I continued to behave like even till recently. I used it to buy food, clothing, everyday items but then also big purchases and I realized that I had created a situation where my paycheck was basically getting an extra tax on top, a debt tax. I was always going to use the card because I was also about £300 to £400 worse off each month trying to pay it back. The biggest struggle now is trying to stabilise each month's pay to ensure I get the payments out so that I get it gone before I am 30."