The Reason I Accumulated 4 Million Yen in Debt
My 20s, lived entirely on impulse
At 22, I traveled to South Korea alone for the first time.
My first solo trip, my first time abroad.
I was completely captivated by Korea.
The atmosphere of the city, the kindness of the people, the food—everything was fresh and everything was fun...
I especially loved the environment where I could relax without worrying about what others thought.
I had always been the type to worry about people's gazes, so
Korea, where I could spend my time freely, was a 'place of liberation' for me.
As a temporary employee, it was easy to take time off,
and since I made Korean friends who let me stay at their homes, my accommodation costs were zero.
I only needed money for flights and spending, so I stayed for 4 to 7 nights every time.
Before I knew it, I was visiting Korea every two months.
From the moment I returned home, I was searching, 'When should I go next?'...
If I found out next week's flight was cheap, I booked it without hesitation.
Since I traveled alone often, I didn't need to coordinate with anyone and could go as soon as the thought struck me.
I lived with that kind of momentum.
Besides that, there were drinking parties, group dates, trips with friends...
Enjoying the 'now' was everything, and I never thought about money.
I wasn't interested in high-end brands, but
I loved shopping and would buy new items from my favorite brands whenever they came out.
If it was on sale, I thought, 'It's a loss if I don't buy it.' Lucky bags were an annual tradition.
Before I knew it, clothes I didn't even wear were occupying my closet.
Credit card life
Flight costs went on the credit card.
If I didn't have enough cash, I used the credit card again.
Before I knew it, my card balance was growing like a snowball.
And finally, I learned about 'revolving payments.'
The term 'revolving hell' that I learned about later...
For me, revolving payments were a godsend. They were saving me.
Getting hooked on online side hustles
I changed jobs a few times, my income rose slightly, and
because I couldn't travel due to COVID, my expenses were forcibly reduced.
It was a time when I felt, 'Maybe my life is finally stabilizing.'
That's when I encountered 'online side hustles.'
'You can source products from Korea online!'
'You can make use of your love for Korea!'
Attracted by those words, I took a course.
But, of course, sourcing requires 'capital.'
Just then, a solicitation call for a card loan came at the perfect time, and I signed up for a new card loan without hesitation.
At the time, I thought 'Credit card limit = money I can spend'.
From there, the overspending began again.
COVID restrictions eased, and I visited Korea for the first time in a while.
It cost money to get a visa, and in the blink of an eye, the available limit on the new card loan I had taken out began to shrink.
Approaching my 30s, facing reality
And then, approaching 30. I finally faced reality.
What if I get married? What if my income drops? What if I get sick?
The more I thought about it, the more scared I became.
It was just around the time I started living with my boyfriend and was considering marriage.
I took the plunge and got a 'debt reduction diagnosis,' and decided on debt consolidation.
From there, my life began to change little by little.
After debt consolidation, my life slowly began to get in order
I started keeping a household budget, reviewed my insurance, and began tracking my monthly income and expenses.
Even now, I'm living paycheck to paycheck, but it makes me happy to see the debt decreasing.
I look forward to drawing a line through the balance sheet from the law firm as I steadily pay it off every month.
There are less than two years left. I've finally reached the halfway point.
When it's over, I'd like to put half of the 80,000 yen I'll save into investments...
I've become able to think about a future like that.
I learned to enjoy things within reasonable limits.
I still love traveling and shopping even now.
But now, I have learned to enjoy them within reasonable limits.
I have come to enjoy things by preparing for them rather than acting on impulse.
I have become comfortable with enjoying things slowly and carefully.
That was my past.
Repayment is tough, but I don't regret it because thanks to having credit cards, I was able to spend my 20s living a full life.
However, from now on, I intend to stop impulse buying and impulse traveling.
I am reflecting on it...
Thank you for reading until the end!
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I have written about debt consolidation in detail in another article.
I would be happy if you could read that as well ♡.