The Debt Trap That Makes Me Want To Change My Identity

My name is Marcus Johnson, but soon, it may not be so. What goes, you wonder. Well, let me take you back to the very beginning, when I used to work at a small Company, and was pretty well off.

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I won’t be mentioning the name of this company, due to certain reasons, but here’s what you need to know: It was an up and coming company that was showing promising growth, and it was slowly expanding into more regions.

I was getting a pretty good salary, and was able to support myself adequately, and was even able to make vanity purchases to meet my desires, such as a new House, a New Phone, etc. Indeed, as many say, I was living the dream.

Everything was chugging along smoothly, but like all good things, this one too didn’t last. My company wasn’t able to innovate and soon started sinking, and in order to steady itself, it went through a few round of layoffs. I was in the second round, and within the span of a few days, I was jobless. Many of my due bills went unpaid, and my situation was looking more and more dire. Many factors converged, resulting in me taking a step that I never should have: Applying for a loan.


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I put in my house as collateral, and for a while I was able to draw upon these reserves to steady myself, but soon the time came to repay this loan. I wasn’t even able to support myself properly, paying this loan was out of my capabilities, and so soon, the possibility of my home being seized became a very real possibility, and not wanting to lose a home that I had put so much work into, I applied for another loan from another bank, using my Car as collateral.

I used this loan to repay the previous loan, and then some, clearing away previous bills. But again, I had to repay this loan too, and gradually, I started applying for loans from other banks to clear away previous loans, and I started falling into what is commonly known as a debt trap.

What does this mean? It simply means that I started taking loans of bigger and bigger quantities to repay previous debts, and ironically my debts just kept increasing, leading me to go further down the rabbit hole, with no room for escape.

I then applied for a small job, and was able to get a decent income, but couldn’t use it to support myself because most of it went away to repay previous debts. It was impossible to settle all my debts using my current financial capabilities.

I have fallen too far into the debt trap, and any income I got went into settling my debts. My situation is dire. I am not able to support myself, not able to settle my debts, and even as this is happening, I am falling further into the debt trap.

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I want to change my identity, and escape from all this, since my life has become a rut. An unenjoyable sequence of events that keeps repeating again and again.

Of course, that’s probably not possible. I advise everyone to not take a loan, and even if you do, tread carefully, else you will find yourselves in my shoes, and trust me, it is not a place to be in.

Resources:

http://www.usa.gov/topics/money/credit/debt/out-of-control.shtml

http://www.consumercredit.com/financial-education/consumer-resources/government-assistance.aspx

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