I always had a fantasy of owning a good sports car but with my limited funds buying a sports car was nothing but an extravagant thing for me. They day that at times, the heart wins over the mind and that’s exactly what happened with me once. This tale is about that experience of my life which taught me the hard lesson of not to make expenses on credit. I learnt, and I learnt it well that if you have to make a personal investment, do it without borrowing, else you will be put into my shoes wherein I had to take debt management loans to clear off all the stains that were impacting my credit score.
My dream came true!
One of my very close friends had purchased a sports car and showed it off to all of us. What a beauty the car was! I being already a lover of sport cars just fell for it and wanted to get one for myself as well, but I knew that my pocket would ot be able to handle it. As luck would have it, I got a bonus of quite a good amount at my work and the desire to buy the sports car got reignited. I knew that the bonus amount was not enough to lay your hands on a sports car, but the desire was insatiable by then. I took loans from banks and finally got a sports car for myself.
Life takes a sudden twist
I had calculated that whatever loan amount I had taken and whatever monthly install I will have to pay would be okay to be given away from my monthly salary. Little did I knew what luck had in stores for me! Just a couple of months after I had got my dream driven into my garage, something happened time which left me completely shattered. My dad fell ill very seriously and I had to spend a lot of money on his treatment. The medical expenses were so high that I had to take loans and borrow money from professional money lenders. As a result in a couple of month’s time, a huge debt piled up against my name.
The amount of debts was so high that I had no clue how would I pay off so many debts at the same time. My auto loan, the personal loans, the unsecured loans all were ready to eat up my peace of mind and my credit score. That is when the idea of going for debt management loans came to my mind.
Debt management loan helped me out
I contacted a reputed credit counseling agency and applied for debt management loans through them. With the debt management loan which was taken for tenure of five years I knew I had time to repay the loan back with the affordable monthly installment that I had to pay. I cleared off all the debts including my auto loan with the amount that I got from the debt management loan and then steadily paid off that debt as well over the next five years. The loan did help me come out of the financial crunch, but also taught me the very good lesson that I should not have spent my entire bonus amount on chasing a dream which I could not afford.