Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We all hear and read about so many stories of individuals and families who find themselves buried in debt. In some cases, this debt may be a result of truly unfortunate circumstances ranging from health troubles or emergency essential expenses that were not or could not have been planned for. I am interested in hearing, from those willing to share, about what types of purchases landed them in debt that they are hopefully recovering from? Please feel free to share as much or little as each person is comfortable with. In some ways, sharing how unreasonable debts arose could help others make extra effort to avoid the same paths.
Honestly? I was in college and I wanted to go to law school at the time, so I put $1400 of Kaplan fees on my credit card .Worst thing ever. I was fine putting $250 on it and paying it off in 2 months with my minimum wage office job, but that was just way too much, so I kept putting it off, putting it off.
Until last summer when I had only $799 LEFT TO PAY OFF, and then I had to move into an apartment, and the woman didn't except checks, so to secure the apartment, I did a cash advance of $1400. I felt horrible. I still feel horrible.
I now have $2300 on my card. I sometimes want to go broke to pay it off, really. I hate debt so much. Especially when I was so close to paying it off, but life happens, ya know?
I'm still fighting my 'debt'. The insurance company denied a claim, which meant the hospital sent me to collections.... for $270,000. I'm working on it, but my credit is completely shot until I get my insurance company to take care of it like they're supposed to. I think my credit score is -670.
As for 'normal' debt...flight school. It's a hobby, so it's all my fault but I really love flying
I'm still fighting my 'debt'. The insurance company denied a claim, which meant the hospital sent me to collections.... for $270,000. I'm working on it, but my credit is completely shot until I get my insurance company to take care of it like they're supposed to. I think my credit score is -670.
As for 'normal' debt...flight school. It's a hobby, so it's all my fault but I really love flying
WOW!! My heart goes out to you for being blindsided by a greedy Insurance company.
Excepting those who are blindsided by medical debt IMO people go in do deep debt in bit and pieces by spending more than they earn all the time.
Most of my debt was from graduate school ($16K total, still owe close to $9K). But it was worth it since I am in a job now that requires a master's degree.
My credit card debt at one point was around $8K (which I have since paid off) was from stuff like:
*over $1000 CPA exam fees and study program and travel expenses - not worth it b/c I passed the tests but never pursued becoming a CPA since my career took me in an unexpected direction
*clothes and misc items for myself & 3 kids over a period of several years
*a few pieces of furniture such as bunk beds for my kids and mattresses and a kitchen table
My husband (now ex-husband) ran up my credit cards on stuff like haircuts, groceries, a $700 gun, and many other misc items. Oh and I also transfered some of his 30% loans and an unpaid tax bill onto my credit card while we were married. He had his own debt on my cc that was around $8K which he is still paying. Now it's down to around $2K so he has made a lot of progress.
About 8 months into my first full-time job with a real paycheck, I purchased an $8K car with a car loan. That was paid off in 2 years though. I never want to buy another car with a car payment.
That's all that I can remember at the moment. I accumulated my debt over a period of several years, and it took several years of working overtime and 2nd jobs to pay it off.
Sometimes in life you have to learn the hard way Now I don't buy something unless I have the cash for it.
New furniture for apartment - $1100; will be paid of in a month though
Used car - $14,000; owe about $11k on it now, but should be paid off in a year or so.
College - more than average; hopefully will have it paid in 10 years or so. At least I'm not making minimum wage at Taco Bell trying to pay it off though.
I pay off my Capital One card at the end of each month (trying to get airline miles).
Except for medical costs and education costs, I think most people find it is the piddly little "extra" charges which eat them up. Special outfit here, vacation there, eating out too much and before you know it it is out of control. That is why I have one credit card and don't use it unless it is a real emergency like expensive car repairs, tires etc. I don't even try to get miles or points or bonuses cause even that can get out of control.
When I got my first job I actually used the designated envelop plan of budgeting. When it was gone I could borrow for another envelope but when cash was gone, it was gone, My friends laughed at me but they spiraled into the debt abyss while I stayed in budget.
I'm still fighting my 'debt'. The insurance company denied a claim, which meant the hospital sent me to collections.... for $270,000. I'm working on it, but my credit is completely shot until I get my insurance company to take care of it like they're supposed to. I think my credit score is -670.
As for 'normal' debt...flight school. It's a hobby, so it's all my fault but I really love flying
I feel for you on medical debt. I got blindsided by an claim that went unpaid. Unfortunately I had moved and they didnt find me for 4 years. But a simple rehab session was going to cost me 3000$ but I negotiated down to $800, but it was a pain...and I still feel ripped off.
In my early 20s I accummulated a bit of cc debt, mostly from stuff that I thought was really necessary at the time, but was not. Live and learn, I worked a second job to pay it off.
Right now my debt is mortgage (for my home), student loan (for my degree), and I've been carrying a small amount of credit card debt for a couple of months from a medical procedure that came with a high deductible (had to go out of network, my network didn't have the type of specialist I needed). I have the savings to pay it off, but I hate to touch my savings (I'm going to grad school and it's mentally earmarked for that purpose), and I can pay off the credit card debt over the next two months. Not cost effective (savings interest rate < credit card interest rate) but I just can't bring myself to touch my school money.
I hate debt too. I also learned from my experience of accummulating massive student loan debt; I am paying CASH for grad school.
I went into debt for $3,300 for a Sleep Number mattress. We were able to get 18 months no interest but it still feels like bad debt. I try to think about the better sleep I get and I am more productive at work because of it and my husband is no longer having to go to the chiropractor so often for an adjustment.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
