This is my personal story of how I started accumulating debts and I will serve as a warning to those who could be following some of these trends.
We normally start spending unreasonable because we are being led by answers of some of these questions or even more questions I did not ask myself.
1. Why should I not drive a good expensive car like my peers?
2. Why should my subordinates dress designer clothes and I do not?
3. Why should I not furnish my house like my sister or my friend?
4. Why should children of my friends or my brother wear designer clothes and my do not?
Those are some of the questions which were in my mind and each question I had the same answer that I should do all these things.
That was the very beginning of my spending spree and these are the things I embarked on:
1. I bought a SUV car on a 5 year payment plan where I was paying equivalent of $1000 per month..
2. I opened accounts in four department stores so that I could buy clothes.
3. I started buying my children designer label clothes.
4. I started entertaining my friends every week very expensively
5. I stopped packing sandwiches and every lunch time I was in a restaurant
6. I bought very expensive furniture for my house.
7. I forgot about the word called budgeting and I stopped making a list of what I need for my grocery. I was just buying what I wanted and not what I needed.
Those are my warning signs and I welcome any other warning signs of dipping ourselves in unmanageable debts.