33 and owed £40k...

I've just found this forum on Gumtree and thought I'd tell my 'debt journey' so far....

I'm 33 and about 2 years ago, was £39,000 in debt (yes, I know pretty horrendous).

With a salary of just short of £28k coming in, I realised things were going to get rapidly worse if I didn't sort something out. But, as with most people (I guess) things were going from bad to worse and I was just getting deeper in debt and further up the creek without a paddle.

It finally got to the point of no return when 0% interest rate on a card with £7000 on it ended. Like a pillock, I was only paying off the minimum payment (£5.00. Yes, FIVE pounds) and because I'm a bit fogetful and busy, I didnt swap it over before it ended.

I applied for a store card...and was declined and suddenly found myself stuck with an extra £190 a month of debt, which I couldn't repay. In other words, time to finally deal with the problem, instead of sticking my head in the sand.

Thankfully I have a supportive family, and although they knew I was in debt, they didn't realise how bad it was, so we had a bit of a crisis meeting, where I took all my paperwork and worked out how bad things were. I was in a real state. My mum is better than me at budgeting and although pretty horrified with my debt levels, she helped me work out how much was left over. I opened up a new account, seperate from my bills account and each month, started putting £320 in there, which was my living money, for petrol and food. Once that was gone, that was it, there was no more....no more credit cards...and they even made sure that my bank statements went to their address, to help keep me accountable. What a horrendous, painful experience, but I knew the only way was to get an IVA or go bust and I couldn't bear the thought of that.

So, 18 months down the line, things are looking a bit brighter. I have paid off £11k of debt in that time and am just waiting for this month's pay, so I can see my debt finally reduce to £28k ! Amazing how good it can feel to 'only owe' £28k !!!!

I tell the story because a) it's not yet over and there's a long way to go, but b) to kinda hopefully give anyone else a boost who's facing a financial nightmare. The point is that with some determination and rigid budgeting, it is possible to fight your way out of a big black hole. Forums on the web have been really helpful....and it's amazing how my thinking has changed. I used to never look at prices in the supermarket, nor tot up my three-times-weekly trips to the cashpoint....or think twice about spending £100 on a whim. Now I can't do such things...but I value every fiver extra that I have. I have a piggy bank and whenever I have spare silver, in it goes (I try to forget about it and then surprise myself to discover I have £20 more one week than I thought I did). I drive less, I shop at Aldi and I no longer spend £15 on a bottle of wine. It's nowhere near as much fun, but actually, life feels more in control. Course, this credit crunch business is quite frightening....but I think you kinda just have to keep your head down, do your bit and brace yourself till the storm is over.

But...my goodness...if only I'd known in my 20s, what I now know in my 30s...how easier life would be now! But hey ho! Live and learn.

Good luck guys....feel free to post your own debt stories here too!