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Learning from your mistakes

For those who have experienced debt and what it feels like to not know how the monthly bills will be paid, how the family will be fed or whether their creditor commitments will be met may be looking for where it went wrong and ensure they learn from their mistakes. Here is a Payplan client talking about her experience:

“My problem with debt began when I became a student aged 18. I opened a student bank account and was “sold” an interest free credit card and got a huge student overdraft by a cashier in the bank. It seemed like a good idea to buy in books and help when I was short on cash but then I started living beyond my means and mis-spending. I then got into a relationship with someone who earned a lot more than me and he encouraged credit cards in order to live a lifestyle of social events, eating out and luxury holidays. I felt under lots of pressure to match and keep up with his lifestyle so the credit cards got out of control. When one was maxed out, I got a new one and another and another. I also supported my family financially when they were in times of financial difficulties and would use my credit card to withdraw money. When I split from my partner I was left with a lot of debt to repay on my own and I became much stressed and under pressure regarding money, I was struggling to pay debts. I was only making minimal payments but the debt wasn’t reducing that’s when I decided I had to take action and after a lot of research and recommendations I chose PayPlan to help me. Now my debts are being dealt with and I am much more assured about my finances and can live my life without the financial worry hanging over me.”

You could try writing down how you got into debt and what lead you to getting in the situation where you could no longer afford to pay it back. We often ask a lot of our clients to do the same and many say that this helps them reflect and learn from their past experiences.

Written by Gemma on December 12th, 2011

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