the price of debt

A while back I wrote a very long winded post about being under debt review, which is what I am. Basically what that means is that I pay a set amount to an agency every month, and they then distribute that among all of the people that I owe money to; credit cards, personal loans, clothing accounts etc. I started my debt review in August 2009, 2 months before M-L was born. I’m STILL under debt review.

Whilst under debt review, you cannot apply for any credit whatsoever; car finance, cellphone contract, any accounts of any kind (apart from a bank account), credit card, loans etc. This does present a problem, especially when you, for example need to buy a car, but don’t have the R200k for one.

When I started my debt rehabilitation process in 2009, I was almost R100k in debt. For a 23 year old, that’s insane. And the really sad thing, apart from the fact that I’m still paying off my debt 6 years later? I have absolutely NOTHING to show for it. No car, no clothes, no gadgets, nothing.

So what has it all been for?

I want to be debt free. I have about R18k left to go, and I’m done. I am really hoping to have it all paid off within a year, but the agency says that it might take up to 2 years. But once it’s done, I’m free. I can then start rebuilding my credit rating, so that I can eventually buy my own car, look at a home loan etc. And even though this whole process has been a painful one, what a lesson.

But the price of debt hasn’t been cheap. I’ve missed out on holidays, get-together’s, road trips and so much more. All because I just didn’t have the money. I’ve been unable to buy my daughter things that I’ve wanted to, little treats and spoils, all because I just didn’t have the money. The only reason I went to my 10 year high school reunion supper is because a friend gave me her ticket that she’d paid for; I couldn’t afford the ticket myself.

So it’s been an expensive, humbling lesson to learn.

But I consider myself well taught.



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