Debtor’s commandments, or how to get out of the loop of obligations

Our hero is 30 years old, works as a salesman selling advertising space in one of the Polish publishing houses. He is employed on the basis of an employment contract, but a large part of his salary is bonuses and bonuses for implementing sales plans. His earnings twice exceed the national average, thanks to which he receives a monthly salary of 7,000. USD.

High work efficiency makes him forget that his fixed salary is only 2,000. USD net and the remaining amount are bonuses and bonuses. He lives in the capital, in an apartment he inherited from his grandmother. Thanks to high earnings, he managed to collect several thousand savings, which he placed on the bank deposit. He decided that they would be secure if he lost his job.

First credit card …

First credit card ...

The credit adventure begins innocently. First, as a reward for a client internship, the bank grants our hero a credit card with a limit equal to his monthly net income. Without hesitating, the card accepts and immediately finances the purchase of a trip to Majorca.

I am glad that he will not have to pay back the card immediately, and the bank will require that he repay only 5% of the debt every month. He does so too, leaving the repayment for later. He considers that USD 250 of the monthly installment will not affect his monthly budget.

First installment purchases


Returning from vacation, our hero dreams of buying a new TV. He finds a large-screen LCD TV worth 3000 USD, which he buys in installments. The store receives a proposal to spread the purchase over 20 installments, to which interest will be added monthly in the amount of 1% of the value of the purchased equipment. So he believes that it is better not to touch the savings since the store has such an interesting offer.

A month after the first repayment (USD 180), the bank that granted the installment loan sends our hero another credit card, with the limit set at 5,000. USD. With this help, the hero immediately buys a home theater and spends the remaining limit on the card for grocery shopping. He decides to pay them back later.


Our hero, encouraged by current expenses and dreams realized thanks to them, decides to buy a car. He decides to buy a two-year Opel Astra for 40,000 USD. He considers that the formalities related to taking a car loan are too complicated and his bank provides promotional cash loans.

The monthly installment will be 50 zlotys more, but you will not have to establish a car loan collateral, which will speed up the purchase and will not be an obstacle to any resale of the car. This loan, with an interest rate of 15% per annum, taken for 5 years will cost it USD 1040 every month.

Stairs appear, no bonus is paid

Stairs appear, no bonus is paid

Our hero’s employer is in financial trouble. Due to the fact that our hero is the best salesman in the department, he is not afraid of losing his job. However, it turns out that the bonuses paid out on a monthly basis were determined on a discretionary basis.

By the decision of the board, all bonuses are withheld, and our hero’s monthly income is reduced by USD 1,000. As a result, his income “on-hand” falls from 5 thousand. USD to 4 USD.

The bonus also down

The atmosphere at work sits down. Our hero begins to look for another job, distracted. He still receives bonuses for the result, but it is just USD 1,000. As a result, his monthly net income fell to 3,000. USD. It is enough in installments, but for the first time, our hero realizes that this month he will have to leave the car in the garage, because shopping and rent are still enough, but not for gas.

Looking for another job

Our hero is already getting closer to signing an employment contract in a new company. It is to start in three months, and its income is expected to return to its pre-crisis level, thanks to which it will calmly return to last year’s standard of living. Calls are dragging on so he has not yet given notice. But because he has already “almost” signed a contract in a new company, he will decide to take one more loan.

This is a cash loan, based on a statement, from the bank that financed the purchase of the TV and a second credit card. Both liabilities are repaid by our hero out of textbooks, so the bank grants a new loan. USD goes to the account, and the next monthly installment is USD 130.

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