Personal money

Published on January 3rd, 2011 | by Pete

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How much debt and why?

You might be wondering how much debt I’m in, and frankly, how on earth I got myself into such a mess in the first place. These are perfectly valid and reasonable questions, and as the blog would struggle to have value if I didn’t answer them, so answer them I shall! In terms of debt, I currently personally owe £25,823.76. I believe I just heard you gasp. Unfortunately, that doesn’t include joint debt I have with my wife, or my mortgage.

How did I get into this situation? A student loan was a bad start, followed by a number of ill advised credit cards; dodgy decisions about consolidation, and the perceived need to never miss out on anything ever. The debt started with me wanting to better myself at University, but after that my stupidity and short-sightedness did the rest. Whilst this was not a pleasant realisation, or an enjoyable admission to make to myself, it was vital to pave the way for me to become the reformed man whose words you read today.

If you are in a similar position to me, there may be mistakes and poor decisions you previously made that contributed to your current plight; that you also need to take responsibility for. Go on, you’ll be surprised how liberating it is! Of course there may be other reasons you are in debt (if you are). To be honest, if you are in debt and are reading this, the chances are you have already taken responsibility for your debt. So let’s not waste any more time here and focus on how to get things back into shape…


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2 Responses to How much debt and why?

  1. Hey Pete – glad to see you facing up to your debts and not sinking under the pressure – keep it up!

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