I am a student of MBA at IIT Kanpur in India.
I was employed and was earning around $ 500 a month. At that time, I got myself a credit card and was happy to have one. I started using it at every occasion but always paid in full each month. The amount each month was not much and was easy to cover.
With time the expenses increased and during that period I ended up paying for parties in restaurants for which people were supposed to pay me back but some didn’t and it increased my debt.
I ended up paying only the minimum amount for a few months. Later, I heard about another credit card which could pay for my first one and give me 3 months’ time to payback. I got it and felt as if I will be relaxed. This did not happen as my girlfriend left me and during the depression I ended up spending more than what was needed to. I also got myself a third credit card. I was in great debt by this time only paying off the minimum amount on all three each month.
One day a friend recommended me to get a loan from the employer, pay everything off and pay the employer slowly with lower interest rates. I got the loan and kept paying the employer.
I was preparing for an admission to MBA and during that time got a call from IIT. I could not reject the offer and my friends told me that they would help me through the finances.
I had to resign and thus has to pay the employer loan in full. I got a personal loan for the same which has an EMI of around $35 each month. Also, I got some more credit card debts as I used them to pay for the applications for MBA.
Now, I have around Rupees 12000 ($176) as credit card debts and Rupees 1,30,000 as personal loan debt.
I would complete my MBA next year around may and am sure that I will get a job which pay me at least Rupees 60,000 ($883) per month. Therefore, I would be able to pay the personal loan after I get the job.
For now, I need Rupees 52,500 ($773) to cover me before I graduate. I have tried asking my friends for some money. One has helped me with one of the EMIs but rest have had their reasons for which they cannot help me now.
I am a good student and really like my studies but I was not able to perform well in my first semester due to the very fact that these debts won’t leave my head and I was only thinking about how to settle them, what would happen if I don’t, would somebody come after me, what would my parents think if they come to know about this.
I hope I can get the amount from any sources possible. I have helped my friends when they were in need and I feel with all my heart that god would help me in my desperate times through you.
P.S. As Loans were not in the list of categories, I have chosen it as Emergency money.