Down Memory Lane
Posted on April 21, 2008 - Filed Under Business |
Last week, Allison’s inaugural entry sent me down the path of memories. Long before I was purchasing duplexes, handling $50,000 renovations, jetting off to Paris two or three times a year . . . a time existed when I was stupid.
Ten years ago my diet consisted of shake n bake and instant potatoes. Surfer dude appearance, though I never surfed. My entire life was dedicated to working for the man, giving up 10 to 12 hours a day. My existence was for that next promotion or pay raise. My objective: Work until Death came knocking at my door.
My financial intelligence: if a dollar was earned, two were spent.
I was a completely different person.
Immigrating to California back in 1998, my student loan and car loan accompanied my $18,000 credit card debt. A year and a half later, my credit card debt reached $28,000.
One month, I sat down to pay the bills. When the money was all gone, a stack of unpaid bills remained. A horrible feeling came over me. Which bill gets paid and which gets ignored? Try as I might, some bills went unpaid.
Then it started. Phone calls. Threatening letters.
Sleepless nights were nothing new to me. In college, many nights passed, filled with fret over final exams, final presentations . . . but having a “Debt Night” . . . those were longest nights of my life. The following morning was always around the corner. With it came a new barrage of phone calls and letters.
Letters piled up from a dozen collection agencies. Each saying the same thing: Your ass belongs to me.
The bank called one day. My account had been overdrawn. Overdraft fees piled up. By the time my paycheck made it into my account, nearly $100 would be off to pay these fees. Every payday morning, a $40 withdrawal was required. I couldn’t take the chance my debit card wouldn’t work at the gas pump that same afternoon.
Terrible thing, living in fear. Desperation drove me to believe everything the collections people told me. I stopped answering the phone. Letters went unopened.
There was a harsh truth to face: No way was I going to make it.
That’s how it came to pass that in the 9th month of the year 2000, my 18 month crawl out of the debt hole started.
Until tomorrow.
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5 Responses to “Down Memory Lane”
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Very good entry. You know, I bet there are many, many people out there that can empathize with this specific situation. Most of them keep it hidden from their family and friends as well. It’s not an easy topic to discuss when you are in the drivers seat in that position.
I write from experience as well. I’m still haunted by some of those problems of the past. It’s not fun at all.
Kudos to you for bringing up this topic!
“Debt nights” suck- that’s for sure. Especially when there are many, many of them all in a row.
Congrats to you for figuring your way out of it.
It’s always cool to see how people have changed and where they’ve been. Very California-y picture too
bluntmoneys last blog post..Declare independence from discontent
@all: Yes, it was an extremely tough period. For certain. And one period that I’m glad will never be repeated.
Debt Nights are simply the worst.
Thanks for the shout-out
Great entry — I had no idea you went through all of that too.
Here’s to a great future!
Alisons last blog post..Just Over Broke