Many, many years ago when I had moved out and finding my own feet I got myself into alot of debt. I genuinely had no clue about the consequences of spending on credit cards and I just continued to spend and spend until my minimum payments left me crippled and I ignored phone calls and demand letters asking me to meet these payments. It is not a situation I wish to repeat. One thing I wish is that when I was at school there was much more education on looking after finance's and money matters, I've no idea what it's like at schools now but I hope that when my two are old enough to understand the value of money that we'll be able to educate them in spending and saving wisely.
Fortunately for me my parents were able to bail me out (god love them!) and they got me out of a very dark time in my life and although my money management isn't as good as it should be I'm responsible for my finance's and feel I learnt alot. However, with my late payments and struggling to pay the minimum payments on my cards my credit rating took a right bashing. It took several months of dedication to ensure that I got my credit rating back to good, it wasn't an easy thing to do and there were credit card companies that didn't want to touch me further down the line making it harder to continue to build upon my rating. Nowadays there are more options available if you have bad credit and want to try and rebuild it, for example something like the vanquis card can assist with this. This care enables someone with a bad credit rating to slowly and responsibly spend on it, staying within the set credit limit and repaying the monthly payments on time to build upon the rating. This is a really positive idea and hopefully will help anyone who had a situation similar to my own.
I'm just going to leave you this popular quote as truly believe it speaks volumes. 'Look after the pennies and the pounds will take care of themselves'.