Catherine Morgan spent years “quietly” spending more than she could afford on clothes whenever she felt low or insecure – eventually netting £30,000 in overdraft, credit cards and loans
Mother-of-two Catherine Morgan, 40, has spent years “quietly” spending more than she can afford on high-end streetwear whenever she feels low or insecure. whole.
At first, she found herself running into an overdraft each month – but this quickly increased to a maximum outlay credit and personal loans.
It wasn’t until Catherine turned 27 that she decided to control her spending, after she was surrounded by 15 bags full of unused clothes.
“I didn’t splurge on luxury goods,” she said Daily mail.
“My problem is quantity, not quality, and most of my clothes are from high-end chains like Topshop and New Look.”
Catherine says she is unable to manage her own money, despite having worked in a bank since she was 18 and having her first home in Milton Keynes at age 20.
She started out as a banker before moving on to advising clients on mortgages, savings and investments – eventually earning £50,000 by her late 20s.
But the now-savvy mother says her financial troubles stemmed from money “never discussed” as a child, combined with self-esteem issues she had covered up. by buying new clothes.
“So while some people might turn to food or alcohol for comfort, I went shopping,” she said.
“But witnessing garbage bags stacked high is something I need to deal with to tackle my demons and regain control of my finances.”
How to settle your debt
There are many different methods and supports available when dealing with debt – all about figuring out what works best for you and your income.
It’s important to deal with your debt and not let it get out of control. Talk to people close to you and don’t bury your head in the sand.
Catherine, author of the book Financial Aid for Women It’s Not About Money, was supported throughout her journey into debt by her husband Gareth, who also works in the financial sector. The couple has two children together.
Have you managed to clear your £1,000 debt and want to share your story? Let us know: email@example.com
She used the “snowball method” to get back to the clear, where you start with the smallest debt first and work your way up.
The idea is that by writing off small debts first, you’ll start to feel more satisfied with your debt journey and be more motivated to move on to larger debts.
Catherine said she signed up with Starling Bank to help with her financial institution, turning it into her new checking account by moving all her direct debits and earnings into it.
She says this means she doesn’t feel like she’s “stuck” on an overdraft and starts paying it off in small installments, erasing it entirely for four months, before switching to a credit card. use.
For her credit card, Catherine downloaded an app called Debt Payoff Planner, which it says keeps her “motivated” by reminding her of “debt-free days” she could hit. achieved by complying with monthly payments.
Reducing spending, introducing a clearance period before each purchase, and increasing income through a monetization blogger business also helped Catherine clear her debt.
Catherine is now debt-free for five years, after she had to turn her finances around once again as she began to “go back” to her old spending habits after developing Post-Traumatic Stress Disorder. (PTSD).
Her PTSD is activated after her son has a 50/50 chance of surviving the disease meningitis when he was only five weeks old.
Where to get free debt help
There are free organizations that will help you clear your debt if you’re really stuck:
Always be wary of companies that try to charge you for debt help, as you can get advice without paying a dime.
https://www.mirror.co.uk/money/mum-who-30000-debt-explains-26311117 Mother who owes £30,000 explains the 'snowball throwing' method she uses to get the hang of it