I Need to Re-Write Everything. (Hating on Your Old Writing)

MOOOO. Maybe not everything, but my two stories on hiatus, yea, definitely.

Today, I started reading the two stories I started with out of boredom and also I wanted to check if I had did something with the plot that could affect the plot of the other story. But when I started reading, I found myself cringing and hating myself.

Oh dear gosh there are so many things that drove me nuts. Did I really think I did a good job on those chapters?!

I think the main problem is, I tried to put in too much. Like too much elements that it's a bit crazy and congested. I feel like much of what made up some of the chapters were unnecessary to the plot and character development. It's like I'm shoving words down my readers throat.
Another thing I think changes things is that the characters' personality is changed. Obviously, a good story development would change the characters but that's not what I mean. Now that I have gotten used to my characters and have a good feel for who each of them are, I can see that some of the earlier portrayal of them are sooooo out of their personality character that it's jarring.

This whole thing...kinda makes me somewhat depressed. But I am gonna fix it.
Should I re-write it and start it as a new story or just edit the standing one?

Guys,
Have you ever gone back and read something that you were so proud of, and disliked what you read?
If you hate your "old writing" what about it bothered you the most?

I want some waffle fries. Waffle fries with some accidental curly's. Dang it, I'm hungry.