I worked as a professor in a government college for 25 years; the job was stable, but the pay was not very good. So, about 4 years ago, I moved to the private sector and joined an engineering firm.
My salary zoomed, and for the first time in my life I was able to afford things that I never thought possible before.
I have never been careless with money, but this sudden “wealth” let my guards off a little. Since, I joined the engineering firm at a senior management position; a large part of my salary was in the form of quarterly bonuses.
It made no sense for me to wait for a quarterly bonus and then buy a new TV, or get a new car, when I could use my credit card now, and pay when the bonuses came in at the end of the quarter.
I never had much use for a credit card before the new job, so even though I was working for more than two decades, the lure of credit got to me. I never thought I’d run a large balance, but that is just what I did.
I never thought I’d default on my credit card, but it must have been more apparent to others because some of my friends suggested that I take out credit card insurance (you were one of them). At that time I just laughed it off.
About a year ago, I noticed that my outstanding credit card balance was about as much as my annual salary including my bonuses.
That meant that the minimum monthly balance was so high that it took about half of my monthly salary, just to pay it off.
But, paying the monthly balance isn’t helping much and the debt looms large.
Then about six months ago, my company decided to cancel all bonus payments and since a substantial part of my salary was in the form of bonuses – I am in a really tight spot now.
I decide that it is time to get back to my old thrifty ways, but in order to do that; I need to get rid of the credit card balance first.
I have asked five friends to loan me money so that I can pay off my credit card balance completely. I will repay them slowly every month and when the economy rebounds, I can pay them off a bit quicker, because my bonus will be reinstated.
There is a possibility that I am laid off before the economy rebounds and then repaying will be more difficult and right now I don’t know how I would do that.
Without your help, it is quite likely that I will default on my credit card balance.
Will you lend me money?
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Hmm… I think my answer would depend on 2 things….firstly, how close / good a friend you are. If you are just an acquiantance you can forget about getting any loan from me.
; or an amount which i have no problems in you repaying me over the course of some years.
If you are a pretty good friend of mine, i will probably end up lending you some amount. Secondly, this amount would be something on the lines that i can “write – off” in case you never get around to repaying me coz of the job / economic situation / or you just forgot
No. Your habits have gotten sloppy and I don’t want to lose a friend over your non-repayment.
Nope. I would not lend. You are losing because of irresponsible behavior, and no signs of making sincere efforts. You need to demostrate your efforts in going out to find out if you can reduce your debt in other ways, before I think to lending you the money.
Yeah sure !I have very good CREDIT CARD scheme for you Sir.
Dear Mayank,
I was in search of one what you offered. Would u be pleased to give the details of scheme you have?
Thanks
Being a friend, yes, I would lend you a partial batch of money, in a hope that you will show your sincere effort. if yes, you may get more, otherwise you are on your own.
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Hi
Can someone please lend me $4000 within next 1 weeks time, I can repay the same in 10-12 installments. Please neeed this fund immediately please.