earning very good .. but still in a huge debt
By coolsid2007
@coolsid2007 (1030)
India
February 5, 2007 12:09pm CST
i am earning around 40000 rs. per month but hardly manage to save anything from this salary ... i am a 23 yr old male from ahmedabad and i dont do drugs nor am i alcoholic, nor am i a shopaholic but still the fact is that i am drowned with my personal debts
my credit card outstandings have piled upto 39000 rs with 12000 as a minimum payment, my dad had taken some loans from private lenders at high rate of interest of 10% every month, which proves to be costly now... he is retired now and i am the only earning member of the family
right now 65% of my income goes in paying off these days, its been 1.5 yrs now since i m paying these debts - still there is 2.5 lacs to be payed to these lenders - my monthly expenses comprise of rent, phone bills, internet bills, mobile exps, electricity bills, petrol expense, bike loan, insurance, credit card payments, electricity bills and grocery items and left out amount in clearing dad's debts
also tried to take a personal loans but was rejected because of defaulted payments on my credit card payments
life has been dreadfull since last 2 years, although i am earning 40000 rs a month its difficult to even spend 1000 rs for my own self, its been 2.5 years now since i went to a theatre/movie hall or got some new clothes/shoes for myself or went to some nice restaurant/hotel for some good meal ... only thing i do is watch movies on T.V or be on the internet that is it ... life has been no fun for me since last 2 years
1 person likes this
2 responses
@coolsid2007 (1030)
• India
5 Feb 07
thanks for your response... but the truth is that i try to save every singly penny of what i can ,,, so i have started investing in Guranteed growth fund insurance atleast this way i can save some of it ... though i have never had any liquid money to spend for my self ... i maintain an excel sheet for my expenses to be met every month ... i think its still 6 month or so for me to be completely out of debt
@ag_abscruzmd (2282)
• United States
5 Feb 07
Now that's a very difficult problem. Somehow, I could say that I experienced a similar situation several years ago. I wasn't able to save money even if I was earning very high because of credit card bills and my financial support to the family. I was only able to overcome it when I invoked help from my other family members. I told them that I'm already financially distressed. We sat down and made a compromise that I had to pay my personal bills for a while,and if we could help divide between ourselves the other bills and groceries. Now, even if I couldn't save still, at least I was able to pay my credit card bills, and the rest of the family members are working to help each other out. Oh, another thing. You can still have fun without spending too much. I have friends and we could just hang out and talk. My priorities have changed since the financial downfall but I still tried to keep my zest in life.
