Unwelcomed Job Promotion

Job promotions oftentimes call for celebration, right? Mine was the opposite. I had many personal reasons to unwelcome my promotion as sales executive in the beginning of this year.

First, I will have less time to write, the career that I really wanted to pursue.

Secondly, my new job requires additional expenses. I have to buy more business suits. I am obliged to have a car. Needless to say, but I do not have savings to buy even second hand car and I cannot get a car loan because I do not have extra money to pay for down payment.

So now, I am forced to rent a car which is very expensive.

On top of that, there are the phone cards and petrol bills. Though my salary comes with a telephone and car allowance, it is still not enough to cover these additional expenses.

My promotion didn’t help me financially. Instead it increases my financial debts.  Sad, but true..


Anatomy of My Financial Debts

My  financial debt hits a toll on me lately. I have difficulty in meeting both ends of my living as the significant portion of my monthly salary ends up in paying my monthly bills (personal loans and credit cards).

So now, I am getting rid of unnecessary expenses (though it is easily said than done) but I am really trying hard.

I took few steps already earlier this year. I approached the HSBC Bank to avail the credit card settlement plan. The total amount of my two HSBC cards reached to a nerve-wrecking amount of US 6,850.00. Since January 2010, I have been paying USD 205 monthly and this burden will go on for the next 3 years when I will completely finish the settlement plan.

My next plan is to avail a settlement plan for my Citibank credit card. I am still gathering all the required documents for this but I should settle this before end of the month.

My personal loan in Citibank is due to finish in July 2011. I cannot wait for July 2011 to come.

Another personal loan with the local bank is due on November 2011. This consumes 40% of my monthly salary and on top of that, I have a credit card amounting to USD 2,740.

Lastly, I have another credit card from another local bank amounting to USD 1,920. Unfortunately, this bank ceased to give settlement plan to their delinquent payers. If I’ll earn extra money, I will settle this bill first.

Right now, my only source of income is my monthly pay check. I am still trying to figure out on other ways and means to earn extra income.

Perhaps you can imagine how mess up is my personal finances. It is and sometimes I feel like giving up because I do not enjoy working anymore. It seems that I am just working hard and not being paid at all because I can no longer enjoy my monthly income.

All of it goes to bill payments.

Well, I am drowning now in my financial predicament and regretting my past decisions will not do any help but rest assure that I learned my lesson in a very hard and painful way.