Why I Hated Being in Debt
You know, being in debt is no fun. I’m ecstatic to share with you that for the first time in six years, I’m starting this month without owing a dime. You bet it feels amazing! So, I thought I’d vent about the downside of being in debt, using a character I’ve named ‘Pete’ to illustrate my points.
1. Imagine a pet that needs constant feeding – that was Pete. He demanded my attention (and cash) every month, sometimes even more than I needed for myself.
2. Pete was a secret insomniac in disguise, constantly keeping me awake and anxious about payment dates.
3. Pete forced me to stick with a job I despised because I needed the money to keep him happy.
4. Even when I landed an even crummier job, I couldn’t leave because Pete needed my paycheck.
5. Paying Pete off was never fulfilling. Due to the inflating interest, it felt like a never-ending loop of feeding him, month after month with no satisfaction.
6. While stuck with Pete, amassing savings felt as impossible as “squeezing blood from a stone.”
7. Pete single-handedly canceled my dream vacation to Thailand with my cousin.
8. Helping dad with his cool invention project? Nope. Pete said no.
9. Thanks to Pete, I’ve lost countless investing opportunities.
10. Pete was a smooth talker, coaxing me into buying those pricey shoes every time I saved a bit.
Here’s my metaphorical representation of Pete. Yes, he does kinda look like Jabba the Hutt.
Well, sayonara Pete! Kicking you out of my life and off my finance app Mint was the most gratifying thing ever. Although Pete wasn’t all bad. Before him, I didn’t realize the need to manage my own finances. Hence, I’d unwittingly fall into his trap (debt, that is). Debt, sometimes referred to as “good debt,” is a bit misleading. Anyone who owes money knows none of it feels good.
Over the course of the month, I’m going to share more about Pete and how other people have struggled with their debts. As we prepare for the new year, it’s a good time to plan how to attain financial freedom. If you’re seeking some expert advice, try your luck to win “The Money Book for the Young, Fabulous & Broke” by Suze Orman, a renowned authority on financial matters. Don’t wait up, the contest ends on December 31st.
Finally, I’d like to hear from you. If your debts had a persona, what would it be?