The Debt Trap I Have Experienced
Most experts say that having debts or loans is just normal for business and for ordinary people. I believed in it until my current situation proved that I have already gone overboard.
My debt story began when I was about to enter college. I have dreamed of pursuing an art degree since I was in high school. But to be able to get the best training and attend to the best schools, I had to sign up and avail a student loan. The loan also provided that needed financial help because my family didn’t have enough money to send me to college. The grant accorded to me at that time was $75,000. That amount paid for my tuition and some minute expenses related to school.
While studying, I have constantly looked for a part time job which would ease my schooling’s financial burden. My job search at that time has its own lucks and failures. There are times when I was luckily hired as a helper in a convenience shop, server at food stalls, etc. But most of the time, my early job searches failed. I eventually had to loan from friends and relatives during the entire 4 years of my stay in college.
Just before I graduated, credit card offers came. I was interested in availing because of the possible cash help it could provide. I was also hoping to get a job though, so I didn’t think of it twice. After graduation, I have spent a couple of months looking for a job. But since most of the jobs available are not really related to my field or profession, I ended up becoming a manufacturing employee. Although I have worked on a different field, there was that feeling of happiness and contentment because I was already earning.
Receiving my paycheck was always a great feeling. I spent a lot using my credit card, took a car loan, and finally managed to apply for a house mortgage. I have fully enjoyed life and spending. I have eventually met a girl and because of trying to impress her, I have spent even more.
During these “prosperous” months and years, I totally forgot about my loans, I was then only paying the minimum due for my credits cards and other loans. I have only started checking my debt record when I noticed paying higher minimum dues than what I used to pay.
Then the trouble begins. Almost the entire bulk of my salary goes to loan payments and various financing. I could no longer buy the items and luxuries I used to enjoy. I had to live and make purchases through the use of credit cards. My girlfriend noticed the sudden changes and started to ask and discuss the matter to me. When she has learned about my huge debt, she began to have doubts and hesitations on my personality and behavior. She left me. But I guess she was only afraid of the possible burden or problem she will get into.
Recently; since I have failed paying most of my loans and debts particularly my credit card, collectors and several agents have been bugging me on my office particularly at home. It has affected my work and my daily routine and lifestyle. These collectors are hunting me, and, my car and house is now in danger of being foreclosed. Old friends whom I have been indebted to are also constantly bugging me but I can do nothing.
Among the things that I have thought of doing is to file for bankruptcy or perhaps, change my identity.
But I am afraid of filing for bankruptcy because of the further financial depression I may experience in the future. Now, I constantly hide from collectors and just would pretend that I was not the person they are looking for in the telephone. No one has been jailed because of debt anyway.