Letter from Dad
If I didn't know better, I'd swear Dad had read my blog. Especially this post.
I received a letter from him in the mail yesterday. Yes, an honest-to-God snail mail letter.
Dear Ping,I am writing this to help you see how you have managed to enslave yourself to the credit card company. Financial management is definitely your weak point and it would prove to be your undoing if you do not do something about it. And since it is your in-born weak point, I am afraid you are going to have to learn to keep this weakness in check and exert great effort over it your whole life, else you will keep getting into trouble even without trying.
Please know that I am not censuring you. And also please know that it would be very easy for me to bail you out, but at this point I have no intention of that: I would that you work yourself out and gain some backbone and self-esteem to boot.
Then he went on to make calculations. Starting with a debt of $2,000, supposing I were to pay just the minimum $100 every month (5%), and be charged an interest of 1.5% on the balance, it would take 24 months to clear - providing no new debt is incurred.
I suggest you had better do this:Also consider: a father's love sometimes has to be hard.
- Stop using your credit card. If you cannot resist, I suggest you cut it up and throw it away. There will be future opportunities to own new cards.
- Make monthly payments of $800 until your debt is cleared. I am sure you can live comfortably on $1,700 a month. [He over-estimated my take-home pay.] That works out to $54.84 every day for a 31-day month. Please don't tell me $54.84 every single day is not enough for you to live on. If you do, I would have to with deep regret say that you are even more profligate than the biblical prodigal son. I sure hope you are not. I am sure you are not like Wimpy in the Popeye cartoon who would pay for today's hamburger with money he would earn the day after tomorrow.
Love,
& God bless you,Dad
I got emotional. His letter was full of love...