My Story – Dude (Consumers) V/s Sharks (Creditors & Collection Agencies)
My name is Dude, I was born as a little fish with small dreams but I was happy. I had a lot of friends. “Happiness is no happiness if not shared” and “Life is one, one should enjoy it fully” were my idea of leading a fun-filled life.
Chapter 1: My last school, first college and first plastic card
Things started changing when I entered school and started with some small demands. My mum and dad loved me a lot and tried their level best to fulfill my demands. When I entered college cash was not tight. I did not have to worry about money like my classmates did. While attending college I started stocking shelves at a nearby bookstore to earn extra cash to spend on weekends! But things took turn for worse when my spending got bigger. I started working hard but the money was never enough. Then I got introduced to the charming world of credit cards. I could make purchases across the world with a small plastic card.. The credit card companies were nice to me, they helped me and answered all my queries. However, the best thing was they asked for a very minimum payment every month for all the purchases I make. I loved my card, it was a free pass to spend.
Chapter 2: Friendly sharks
One fine day, I needed cash urgently and my angel friends introduced me to friendly sharks (known as payday loan companies). They were nice, they agreed to lend me money on the promise that I will pay them back on my payday. I knew, I will pay them and hardly bothered about other conditions.
Chapter 3: Sharks were not that friendly
One payday passed, the other knocked and passed and I was without money to pay my shark friends. The little debt started growing beyond my control. The lovely looking sharks started opening their mouth to devour me. I ran for my life, they kept calling my cell, office phone, family members and everywhere possible. It was humiliating, scary and disturbing. To make the matters worse, my credit card company hired collection agency to make me pay. My life was in a mess.
Chapter 4: I decided to end my life
Enough was enough, nothing was working for me. My financial woes were growing and my life was out of control. I was humiliated, threatened several times. I lost my job and had no option to study further. Lost my lovely chiggy girl. I was no more happy and was labeled hopeless. I decided to end my life.
And in February 2008, Oprah Winfrey featured a woman on her show who had four children with her husband and seemed to be living the high life. They lived in a large home, took luxurious vacations, and shopped constantly. Then her husband got reckless: He bought a motorcycle instead of paying the mortgage and hid the mail so his wife couldn’t keep track of bills. Then one day, she came home and found her husband dead in the garage from suicide. She learned that he canceled his $300,000 life insurance policy three months earlier and stopped paying the mortgage. She was left with $450,000 in mortgage debt, $17,000 in credit card debt in her name, and $40,000 to $50,000 in debt from her husband’s credit cards. She had no idea her husband was in that deep of a hole, or that he was even contemplating suicide.
Chapter 5: My dream and a new beginning
I fell asleep, the sleep was no lesser than the death. I saw a dream, where I was going to forest to kill myself. The time I was about to kill myself, I saw a shining light and a voice emerged: “What are you doing Dude!”. I realized the sound, it was THE CREATOR’s Voice. I replied:“God, I am not earning enough. I am down, look at my friends they are better and wealthy”. “Look around”, God said. “Do you see the fern and the bamboo?” “Yes”, I replied. “When I planted the fern and the bamboo seeds, I took very good care of them. I gave them light.I gave them water. The fern quickly grew from the earth. Its brilliant green covered the floor. Yet nothing came from the bamboo seed. But I did not quit on the bamboo. In the second year the Fern grew more vibrant and plentiful. And again, nothing came from the bamboo seed. But I did not quit on the bamboo. He said. “In year three there was still nothing from the bamboo seed. But I would not quit. In year four, again, there was nothing from the bamboo seed . I would not quit.” He said. “Then in the fifth year a tiny sprout emerged from the earth. Compared to the fern it was seemingly small and insignificant…But just 6 months later the bamboo rose to over 100 feet tall. It had spent the five years growing roots. Those roots made it strong and gave it what it needed to survive. I would not give any of my creations a challenge it could not handle.” He said to me. “Did you know, my child, that all this time you have been struggling, you have actually been growing roots?”
Chapter 6: I was stronger
I came back to life after the dead sleep and decided to take control of my financial problems. I took a paper and pen, recorded every single loan, called up the big and small sharks, negotiated with them. Mortgaged my house for less interest rate loans. I paid off as much I could, settled many and I KNEW EXACTLY what I had to pay. Talked to my friends and family members, they helped and I settled few more loans. I took few more jobs and I paid few more.
Chapter 7: I was debt free
I was debt free in less than 2 years.
- I handled my finances better.
- I knew the best way of settling the debts. I learned the art and the science (AND THE LAW).
- I learned budgeting basics (and the tricks).
- I learned about debt management applications.
- I joined great online communities.
- I made great friends who could offer their expertise for free.
Finally, my Chiggy girl was back. I bought a new house, had a new car, a new job and was much happier.
Chapter 8 – Final chapter and the beginning of new book
I decided to share what I learned with the world so that many more dudes can be saved from sharks. It is not difficult but is not easy either. We will work out together towards a debt free life.
Today’s economic climate is enough to depress anyone:
- A record 272,171 homes foreclosed in July 2008 alone.
- Over the past year, the number of unemployed people increased by 1.6 million — bringing the number of total unemployed to 8.8 million.
- 79 million people are struggling to pay medical debt.
- The average college student graduates with nearly $20,000 in debt.
Fortunately, there is help available. Unfortunately, not all know where to turn.
