Ever been in debt?

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I kind of am. I've already spent $300+ for Nov. and $200+ for Dec. so my parents revoked my Credit cards and limited me to $140 (we're doing a balance transfer thing) to pay off my Credit cards. Overall it's about $2000 so I'll have ONE credit card with $2000 debt on it.

Yea.. I was in a really bad relationship where I was very much taken advantage of financially.. They said that since I'm disabled and would never have money anyways, my credit didn't matter. So now I'm in a whole sea of debt and I just kinda ignore it cause I don't really know what to do about it.. I don't think there's really much I CAN do about it. I don't even know how much it is, or who all I owe, 'cause during that period of time, I just didn't deal with financial issues.. which was how I got so taken advantage of. It's not like I could have said no to any of it, though. Big mess.

I was in debit (not including a mortgage) when I was about 30 years old. I owed approximately $6,000 (CDN).

I was working full time and took the opportunity to take stock of how I was spending. I budgeted for the necessities (mortgage, maintenance payment, utilities). I turned down the heat and wore a sweater in my apartment. I stopped going out to movies, buying beer/wine and didn't buy ANYTHING that wasn't necessary. I made do with the clothes I had, I borrowed movies from the library (Free) and watched movies on TV. I borrowed out books from the library and went for walks in the evening (I am lucky, I live in a really nice city and walking in my area was a pleasure). In addition, I collected bottles/cans on my walks. I would return the cans at the liquor store and grocery store and then buy eggs and milk (so my grocery bill went down).

I payed it off after about 10 months.

It is fantastic that you are taking stock when you are in your twenties and putting some good money management principles in place. The mess is not as big as it seems. Just keep chipping away at that debt and you will have it payed off.

Thank You Canadian Rose. That's a good way of looking at it I have 2 $60 games I want but I have plenty of videogames I haven't beaten not to mention within 6months 1 game will probably be about $40 NOT $60. Plus I can always buy books instead (alot cheaper) Thanks.

Daddy's plastic, huh? At least you have a good family to watch out for you. Count yourself lucky.

Never been in debt.

I hate being in debt. I paid all my bills (once I figured out how) and didn't spend money I didn't have, until my ex found out (before we were married) I had good credit and convinced me to buy him a bunch of stuff. my debt level has been a see-saw ever since because of him. he owes me about $13k right now, plus I hope the court makes him pay my legal fees because he keeps jerking me around. then I can pay off the money I borrowed to pay my lawyer.

I can't wait to get out of debt again.

That's pretty much exactly what happened to me.. but I won't be able to get anything back on it. Probably have to declare bankruptcy, but I don't really know how. I think my ex planned it that way.. I was just a disposable way of getting things. I never mattered, I was just kept around as long as I had something that could be taken, then I was thrown away. I was too desperate to believe that I was loved, too desperate to be loved that I let them take everything I might have ever had.

man, I hate users

bankruptcy sucks. I've fought my way back to good credit 3 times after the ball and chain pulled me down, and this time I'm absolutely sure he did it to destroy my credit. he refused to pay child support when I told him I'd lose my house if he didn't. I think it made him feel good to have power over my welfare after I'd divorced him, even if it meant the kids would end up homeless too, or maybe he thought he'd get to swoop in and be their hero if I lost my house and couldn't take care of them.

he's probably the only person on this planet whose death would make me feel happy.

Anyone who lives in a house he has mortgaged is in debt. Anyone who owes money on a car is in debt. Anyone who has a non-zero balance on his credit card is in debt.

The issue is how much debt. Is one earning enough money to make the payments and have enough left to live on. If the answer is no, then one is no only in debut but in deep sh*t.

ruveyn

Yep, am in debt. A fair bit for the mortgage, 2 cars (1 new, 1 old), and some on the credit cards ($3k).

Its definitely maneagable and all pretty much for assets, but I would of course prefer no debt. However, in this city theres little choice but to take on a fair debt to own property. So far so good.

yes, true. I see mortgage debt and car debt as a bit different than cool-shit-my-ex-is-too-lazy-to-work-for credit card debt. my mortgage was an investment in my future, which is why he did what he could to undermine it. my car loan was an investment in my comfort and safety. I've owned the car free and clear for 2 years which makes 7 years of dealing with minimal car issues as opposed to the constant string of lemons my ex bought me. all debt is not equal.

You might also give the retro-scene some thought. Games and emulators are freely available under public licence for any retro-system you care to mention (Atari, Sega, Nintendo, Commodore et al.). See my thread in the games forum for more info:
http://www.wrongplanet.net/postt108745.html

I have never been in debt.

Never been in debt but I live at home and my parents pay for my university. But I have to pay for everything I buy and trips and such. I never spend more money than I have and I try to keep 2000$ish in a savings account in case I ever need emergency money. My credit card has monthly payments in full setup every month and I would never spend money I didn't have unless it was really necessary.`
Also everything I buy I make sure I find the best deal possible and when I'm done using things I sell them on ebay or local classifieds and get as much as I can from it.


And since your on a tight budget you should try to find a site like red flag deals (its Canadian) , it`s a website where people post deals and sales. Like today I found that Call Of Duty MW2 preorders are 20$ off tomorrow

Yes. I had trouble finding a job after graduation (right during the stock market crash), so I had to borrow money from my parents- about $3000 in total, plus I had a few hundred dollars in credit card debt. I lived very frugally however (same as someone else mentioned above- no movies, no eating out, etc.), and paid my parents back about 4-5 months after finding a job. Now, 9 months after finding a job, I actually have over four thousand dollars saved. I spend very little money aside from groceries and rent (since I never go out), so I don't have too much trouble saving money. I mainly have to be careful not to buy DVDs/movies, etc except for small, planned purchases. I get my books from the library and don't buy many.

I hated being in debt. I felt like I couldn't spend money on anything not strictly necessary, even begruding small expenditures like pens or paper. It was such a relief when I sent that last check. I felt like the money in my checking account was mine again.