Is there a way to change identity? Because in my current financial situation, I think it’s by far the best solution rather than filing for bankruptcy, constantly hide from debt collectors, and of course paying my debt which is now close to $200,000.
When I was still at school, I had literally no financial problem because I was supported by my parents. I was even using an extension of my daddy’s credit card. As everyone knows, you really get enticed to shop using a card. Since I was still young that time, I was less responsible in terms of my finances. When my daddy started to notice the huge amounts of purchases I made, he cut my extension card and told me that it would be best for me to learn to become financially independent.Although my parents are still supporting me until my last year in college, I started looking for a part time work. My workmates at that time had suggested that I should apply for my own credit card because it could really come in handy when I had a financial emergency. Then I applied and finally got my own card.
After graduation, I immediately applied for a job and landed as a marketing assistant. Although I was already financially capable, I always used my card in almost every purchase or order I make. Because online shopping became popular a few years ago, I was also hooked into it. It’s not long until I noticed that my credit card bills are already taking more than 50% of my monthly income.
But instead of cutting on my expenses, I simply reduced my monthly credit card payments to the minimum amount due. If you would ask an expert, he/she will certainly tell you that this is a risky trap. And eventually, I feel into that trap and there were times when I couldn’t pay my card bills anymore. Actually this was the first time I thought to change identity.
Credit card collectors threatened that I could face legal cases if I hadn’t pay at least the months I have skipped. Eventually, the solution I found was to finance this debt with another; short term loans which bear high interest rates and few personal loans.
During this time, I was also paying my condo’s mortgage in the city center. Every month when my salary arrives, I ensure that my monthly amortizations are paid first because I didn’t want to lose my home. There are instances that I also missed or have been late in paying my amortizations. As what I have done with my credit card dues, I resorted to debt and loans to settle my monthly payments.
Today, almost 100% of my salary now goes to interest and loan payments. I had too many personal and contractual obligations that it’s already affecting my regular work. Those darn collectors had even showed up in my workplace. My supervisor started to notice this and tells me that it could risk my work if I couldn’t solve my financial problems. So now I’m searching for ways to get rid of my huge debt, maybe a change identity, or simply just vanishing from this world.