Last year, I made a commitment to myself to stop borrowing for other people. It’s all because of several experiences that brought me to a rude awakening.
Let me do a flash back.
Admittedly, there were instances when I was asked to apply for a personal loan. And I was also asked to renew a personal loan. There were also times in the past when people related to me asked me to use my credit card for some of their purchases for daily living.
Yes, it was difficult for me to say no. I have to admit there were times I was so stressed that I did not want to look at my credit card statement. I was promised that the person would pay what he purchased using my credit card. The due date came and the bank called me to remind me of my payment due for that month. Well, of course, the credit card was in my name and it was me that the bank had to remind, not the person who rode on my credit card.
Then, there were times, that I had to foot the monthly amortization for the personal loan when the person promised that he would pay the monthly dues. That happened more than twice. I recall the instance when it was two succeeding months that I paid for the monthly due for the personal loan. And then, my daughter had to be confined in the hospital. After my daughter’s confinement, I called the person who owed me money and politely requested for it. The reason was I took some money from the envelope that was supposed to cover my daughter’s tuition fee in order to pay the hospital bill. The person said, “Wala!!!” Ouch. That hurt. But later that day, a certain amount of money suddenly was reflected on my savings account.
It did not feel good living life like that. Honestly, I felt so overburdened. I am trying to stand on my own two feet and survive. I do pay my bills on time, send my daughter to a good, private school and finance everything on my own. It is a burden too heavy to keep.
At some point last year, I reached my threshold. I finally decided to stop applying for personal loans for other people in my name. I also stopped letting people use my credit card for their needs.
Since May 2017, I have been debt free. I even told the person this year to stop borrowing money from financial institutions because of the high interest rates. I also advised him that it is not good to keep on borrowing money.
I feel so relieved. It feels good to be debt free at 40. Well, it is not just good. It is wise to be prudent in our finances.