I was working in retail filling shelves at night and I got promoted to assistant business manager. It was a huge jump in income. I went up from about $30,000 to about $60,000. Six weeks later, I got a new car, a top-of-the-line Toyota Camry. I was like, “It’s the next thing to do, you buy a new car when you get a new job”. So I had $2,000 for the deposit and it was a $33,000 loan through the seller’s financing company. I assumed that every year my salary would go up with inflation and I thought I could pay it off within two or three years. I don’t have the car anymore, it was taken off me when I went bankrupt.
I had a single bed. I thought, “Well, I’m meeting people, so I’m going to buy some furniture”. I bought a bedroom suite from Domayne a few months after the car. It was a queen bed, mattress, bedside table, tallboy, and lamps. It cost $6,500. I got an interest-free credit card with a $10,000 limit. I paid $150 a month on a fixed five-year term.
My Dad has never been good with money. He’s a truck driver, an owner-trader. For one of his loans to buy a truck, the security was my grandparents’ house. He was about to default on that loan, which means that my grandparents would have lost the house. I was the only one who was financially viable at that point, so Dad expected me to help. I took out a $15,000 loan to pay off his loan.