I used to be a big fan of instalment payments. I thought I had the power of money at my fingertips and I could buy anything I wanted.
Loaning
Little did I know that I was digging myself into a deep hole of debt.
It started out small. I bought a new phone, a laptop, and a new car. All using instalment payments. I thought I was doing the right thing: I was taking advantage of the lower prices, the convenience of paying over time, and I was taking advantage of the offers that I got.
Little did I know that I was slowly building up a mountain of debt. The longer I kept going with the instalment payments, the more debt I had. I started to get emails and calls from creditors asking for money. I tried to make payments but it was never enough and the interest kept piling up.
I was stuck in a vicious cycle. I was desperately trying to pay off my debt but I just couldn’t keep up with the payments. I was maxing out my credit cards and taking out more loans. It felt like I was never going to get out of this mess.
The final straw was when I got a notice from the bank that I was in default on my loan. That’s when I knew I had to make a change.
I started by cutting back on my expenses. I stopped using my credit cards and I started paying off my debt in full each month. I also started using cash instead of credit and I made sure to only buy things I could afford.
It was hard at first, but I kept pushing through. I made a budget and stuck to it. I started tracking my expenses and I prioritized my debt payments.
Slowly but surely, I started to make progress. I paid off my loans and credit cards and slowly but surely my debt started to shrink.
Alot of shops out there offer installment plans and it makes it look easy to afford, but end up all die.