What Got Us Into Debt ?

But what got us into this debt trap? We would like to share this to all of you so that you won’t repeat the mistakes we committed. It is now very clear to us why we had been drawn into our seven figure debts. But, when we were in that rut, or financial black hole, we also could not figure out our way out. We hope this sharing of our experience would enable, better yet, empower those who maybe in similar situation to be debt free. And if you are not inside the debt trap yet, may this guide you to avoid being in it. It is not a pleasurable experience.

We earn very well with six figure income individually as managers in our respective companies. We seem to be the regular successful career people with nice homes, nice cars, nice clothes, and well traveled. But that was what people see from us. But the truth was our net worth was in the negative territory. We had an 8 figure negative net worth, and our cash flow was negative too. Not just by the thousands but by 10 of thousands every month! This is all because of the mistakes we have made; we incurred 7-figure debts. This caused us sleepless nights, and irritations, and fights. It affected our marital relationship. We were financially stupid to say the least. It was good that we were already involved with a Marriage Encounter Community which mitigated our situation. If not for this, we could have been one of the marriage splits due to financial issues.

Our First major Mistake: We bought things that are not necessary or needed. If there are new gadgets, or appliance we bought it even if we don't need it. Every time there is an appliance mid-night madness sale, we were drawn into it to look into the latest gadgets or equipment or appliances. We specially love cameras. We bought one camera after another even if the previous one is still working fine. Same with cell-phones. We buy one after another and we end up not with just one but two to three phones. We also bought television sets one after another. But we seldom watch TV! One night, Fely and I went to a midnight madness sale as if we were hypnotized and magnetized to the mall by the four letter word SALE. In that one night, we purchased on credit, using our favorite credit card appliances and gadgets worth more than 200,000 Php. We spent on things we actually did not need with money we have not yet earned. And we spend big time!

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