This blog is about debt and getting from being in debt to becoming debt free. If you are also in debt, my hope is that you will find some comfort and inspiration here so you too can start to work towards becoming debt free.
To me money was something that had to be spent. I could not hold on to it for very long, instead money would burn a hole in my pocket until I spent it. I think that I have always been this way, so it only made sense that this trait would carry on through to adulthood.
It wouldn’t matter whether the money came from a personal bank loan, or was an available credit limit on a credit card, if it was there then it would be spent. I would always find a way to dispose of the cash and usually quite fast!
This was the source of all my debt problems. Spending money that wasn’t mine.
The first time I got into debt at around the age of 19, I was a little naive and felt bullied by the companies I owed money to. Undeterred I knuckled down and five years later I emerged from the depths of the debt sea, seeing the horizon for the first time and starting to feel good about things again. The biggest problem?
I didn’t learn anything from the previous experience of being in debt, I only got worse.
Here I am again in debt, a lot of it in fact, my partner also has debt which is collateral damage from my irresponsible behaviour. We have been repaying our current debt for around four years now and decided to start a blog about it so others can see that they too can get out of debt.
The Plan for getting out of Debt…
Rather than declare bankruptcy or enter into an IVA, we (because my partners debt is included) will be using a Debt Management Plan. If you are a sane person then you would probably not choose a Debt Management Plan with this amount of debt, especially with how long it could take to repay it, approximately 10 years in our case. You may now be asking the question “How did you get into debt again”? OK I will tell you.
I got into debt through compulsive gambling and an addiction to material possessions. I didn’t learn from my past mistakes.
Thanks for Reading
So there you have it, our debt story in a short form. Over the coming months I will be writing more stories explaining in more depth exactly what went wrong and when. To make sure you don’t miss out, please subscribe so you always know when a new post has been made.
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