I have been working at the bank for more than 3 years now, i started from scratch, from nothing and it was kind of hard to go on without any idea when i am going to start building my life (it’s not like i am working because i am a workaholic!! It’s all about money), beside of wearing the suit that i hate (i still hate it but i am getting used to it), i spent most of my career as a replacement Main Teller which means going form branch to another almost all over the country without a car neither a good way of transportation.
I spent a part of time jumping from post to another in the bank some times with rectification of salary and other times without, until i worked an over time job, the important thing was that i tried to stay positive even though the entourage and most of my colleagues didn’t help me that much (there is lack in optimism), but i worked hard and i achieved my first goal, “buying a car”.
Ok! I took a car loan it wasn’t cash but finally i am a 2001 Toyota Rav4 owner, this car was just like my baby, i treated her with respect and love.
So now i am a car owner and a borrower and the most important to me as a next step is how to pay my debt in the best way and not to be effected negatively, taking into consideration that my debt is a bad debt.
Since debts are divided into categories some of them are the good debts (i will talk about it later), and we have the bad debts.
According to survey more than 53% of workers stress is from having debts (i am talking about the bad ones).
The bad debt (other than the uncollectible) is a debt in which the borrower lend money to own something in which it’s value will be decreased without any benefit in generating money not now nor later. For example having a credit card, car loan, or TV.
The general idea from my bank experience as an employee and a borrower the debt should not exceed 33% from the monthly salary and sometimes it may reach to 43%, any number above that should be considered as a red alert to the borrower.
To be continued with Diary of a BANKER Part- 12
The text published in this post is my original work.
Some images are from different sources click on the link below the image to view the source.