This is a featured post: the words, thoughts and opinions expressed in this post are my own.
Our financial situation sucks at the moment, we have little money month by month and the week leading up to payday generally means simply making ends meet. We are not paying off a great deal of debt but living costs have risen hugely. We don’t have much debt because I learned my lesson years ago when I made the mistake of getting into debt. I was 18, in full time employment and banks, credit card companies and stores were throwing money at me. I was not exactly responsible, I mean I was not world wise… and had not been given the financial responsibility of managing my own money. Each time I paid for something on one of my (numerous) store cards or credit cards, I conveniently failed to acknowledge that, at some point, I would have to pay every penny back. 9 years later, I can look back and wish I did not rack up the £££’s then but what is done is done.
At its highest, the debt was still fairly low in comparison to others but when I fell on hard times it was difficult to pay it back. I looked into using an IVA debt plan to help me pay it off but unfortunately I was under the threshold to get one. This gave me only one option… to contact the companies I owed money myself. It was a tough few days but I eventually gathered all the relevant contact details for the companies and cut up my cards. Once the letters were posted, I knew this was going to be the start of the rest of my life.
7 years on and I have now paid 99% of my debts off, with just the smallest ones remaining. I do have 2 mail order catalogues but as I regularly use them and pay them on a monthly basis it isn’t a huge issue and the bills are manageable. I often wonder if I would be in a better financial situation now if I hadn’t racked up debt as a teenager. I guess that is something I will never really know the answer to.