Thought horror stories revolved around ghosts, vampires, demons and witches only? You may change your mind after reading this.
Black magic, vampires, werewolves, evil spirits and witches are old school stories. Financial horror stories are all the rage now. From evil Credit Cards to debt demons, financial monsters are giving cold shivers to people across the world, that too in broad daylight.
Here are four real-life financial horror stories that literally sent shivers down our spines.
Ghosts Of Bills Past – Rachel George
This is the story of Rachel George, a 27-year old working in a reputed private company in Bangalore. Rachel started working four years back and has been quite good at saving money. However, despite being good at saving money, Rachel had one really bad habit. She loved seeing a huge balance in her bank account. So, she never used to pay her bills, especially her Credit Card bills and loan EMIs, on time. And because of this, she ended up paying a lot of penalty as late payment fees. These slowly ate into her savings and soon she didn’t have any savings left. Gosh!
While it’s good to maintain a full bank account, it doesn’t mean that you ignore paying your bills just to keep it that way. Ignoring bill payments lead to high late payment charges which in turn will slowly eat up all your savings. And you’ll be left with nothing, just like what happened to Rachel.
Additional Reading: 6 Terrible Consequences Of Procrastinating Credit Card Payments
Under My Skin – Roger Fernandes
Roger Fernandes, a 34-year old businessman from Goa, was totally into the plastic way of life. He was completely dependent on his Credit Card. Of course, he did make payments within the due date always. So, what horrifying experience did he face, you ask? Well, he fell victim to the online scam demon. Roger used to provide his card details on various websites without even checking if they are secure or not. And he also used to transact online when using public Wi-Fi networks. And since he didn’t ever check his card statements, he didn’t realise that someone was using his card till it was late. Poor Roger!
Do NOT provide your Credit Card details online without checking the authenticity of the website/payment gateways. And never ever make payments when you’re using public networks unless you want to fall prey to the online scam demon.
Additional Reading: Hit And Run By Credit Card Fraud? Here’s What To Do
A Nightmare On Tax Street – Manisha Sharma
Manisha Sharma, a 26-year old IT executive from Mumbai, never understood the ABCs of taxes. Hence, she always used to avoid declaring her taxes. It was all fine till the tax monster finally caught hold of her. Those evading taxes end up having a hard time. One could end up paying hefty penalties or even face imprisonment. Manisha, thanks to her laziness, ended up shelling out a large chunk of her income as penalty.
Stick to timelines when it comes to paying taxes and filing your returns if you want to avoid the taxman’s axe.
Additional Reading: Missed The Deadline For Tax-saving Proofs Submission? Here’s What You Can Do
They Know What I Did Last Summer – Bobby Merchant
Two things that 25-year old Bobby couldn’t live without were alcohol and Tinder. He was constantly swiping right on the app and going on dates almost every other day. And these dates weren’t simple affairs either. They involved fancy restaurants or pubs and a lot of exquisite foods and drinks. Whoa! Envious much? Don’t be! Coz what happened next will send shivers down your spine.
Bobby used to spend more than thrice his income every month and he used to charge his rather-expensive lifestyle to his three Credit Cards. Well, you can imagine the outcome. He was left without a penny in his bank account and three maxed-out Credit Cards. Banks refused to give him a Personal Loan too since his Credit Score was extremely poor. Finally, Bobby had to ask his parents for financial help and get his life sorted. Scary!
Always live within your means. It is okay to enjoy the little pleasures in life occasionally. But don’t let it ruin your life, especially your financial life.
Additional Reading: How To Maintain A Low Credit Utilisation Ratio
Are you facing any financial trouble? We’ve got your back. Just click the link below to explore our wide variety of products.