The year was 2002. My credit card had a debt of $19,455. I got into the debt while still studying in college. It all started when as a young adult I fell in love with a beautiful girl. I thought that the only way I could win her love was to continuously spend on her. I, therefore, took her out for dinners at fine restaurants and lavished her with expensive gifts. I did all these for my girlfriend even though it was way beyond my capability as a college student.
By the time I was graduating from college, I had accumulated more than enough debt. I did not get employment immediately. Being jobless and broke made me very miserable, and that is when depression set in. I started buying things that I never quite needed and this got me deep into the debt hole.
How I got out of debt
Nearly a year after graduating from college, I got a part-time job at a local fast food joint. The pay was not much, though. Luckily, not many months after my first job, I got another offer. This time, round it was a full-time job in finance. But I never left my part-time job.
With the second job, the debt payment journey had received a boost. Now, I could channel a bigger chunk of my pay towards clearing my credit card debt. Unfortunately, I only worked at my second job for about six months before losing it. But the mission of ensuring that I was debt free remained steady.
Eventually, I got a full-time job which was permanent. I never quite left my other part-time job, to help pay off debt faster. The two sources of income helped me get out of debt completely. To cut a long story short, I took slightly more than one year to clear my credit card debt.
The challenges I faced when trying to get out of debt
In my endeavour towards gaining freedom from debt, it was never without challenges. To start with, I was so furious with my situation that I was looking for any available avenue to enable me to clear the debt. An opportunity presented itself in the form of a bank loan. After careful analysis, I decided against it because as a finance student I knew getting a loan would pile more pressure to an already critical situation.
A second stab at the clearing of the debt came in the form of credit transfers. As a matter fact, I managed to acquire a second credit card with zero balance in the hope that I will be able to transfer the debt from my original credit card. But the plan backfired terribly. Despite all these challenges, I never lost focus of what I wanted to achieve at the end of it all.
Effects on debts on personal well-being
The loss of self-worth
I totally felt worthless. I used to fear to check my mailbox because of the anticipated statements from the credit card company. Sometimes I made an effort to pay the smallest amount I could afford but many times I could not raise any amount.
Relationships
My girlfriend from college left me. I remained single during the period I was managing my debt crisis. However, I met another girl towards the end of the debt management period. I believe that the mistake that I had made during the relationship with my college girlfriend had taught me a lesson for a lifetime. I am thankful that I had picked up critical lessons from my first relationship.
Picking up the pieces
The post debt period was characterised by the realisation that people can achieve anything as long as they are willing to work it. Paying off the debt and being free once again was an awesome experience. And I regained my self-esteem and started feeling life was worth it. I cannot lie to you that it was easy. Truth is, those were some of my most trying moments but I was able to triumph over them.
Once I had settled all my debt, I got a statement in the mailbox from the credit card company. The statement indicated that I had zero balance and that I owed the company nothing. Words cannot describe how I felt that day. I can only say that that was the happiest day of my life for I had succeeded in chuck out the monster that had bothered me for more than four years.
Simple steps to follow to help you get out of debt
For starters, you need to take some time to find out what the genesis of your trouble is. I used to believe that my problem was spending money without a budget. But I later discovered the issue was beyond being a spendthrift. I never really addressed the root cause of my debt burden which turned to be depression and low self-esteem.
Secondly, you need, to be honest with yourself and admit that you have a problem. Even it is hard it is normally hard to admit your weaknesses; it is the only sure way to finding an effective solution. Had I failed to acknowledge the real problem in my life, I would probably be stuck with credit card debt.
Thirdly, you need to find someone to talk to. It really helps to find somebody to walk the journey with you. I talked to my best friend regarding my situation. He was very supportive and always encouraged me to keep going.
Lastly, once you start the journey, you should not quit. I failed in my previous attempts at redemption. But I never gave up. If I did it, you too can manage it. You will realize, as I did, that every failure is a learning opportunity. All you need is a strong conviction that you can do it and you are halfway there.
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