I had a fairly uneventful childhood, graduated high school and went to college. Of course, during college, I racked up my share of student debt, but I expected to pay it off quickly after I got out of school and found my first job.
I met my wife while I was in college as well. She was an English Major. I was studying in the library when I first saw her and it was practically love at first sight. I finished up my business degree and we were quickly married. Unfortunately, she also had racked up quite a few student loans, so that didn’t help any.
After we were married, we quickly fell into life as most people our age do. Two car payments, eventually a mortgage, added a couple of dogs to the mix and finally two kids. The job that I had been able to get wasn’t quite everything that I had imagined; especially in the salary department.
Plus, since my wife was an English major, her job as a teacher really didn’t pay all that great either. Six years after graduating college, we still had the majority of our student loans remaining and were just barely managing to scrape by from one month to the next.
Another mistake that my wife and I made early on in our marriage was to turn to credit cards. With credit cards we were able to get everything that we needed or wanted. We bought new furniture for our house, upgraded all of our electronics and relied on them heavily when we first had our kids.
Needless to say, we were never very frugal. This lack of financial discipline finally reached a head when we were forced to begin paying minimum payments on our credit cards just so we could pay the mortgage and the electric bill each month. If you have ever looked at paying the minimum payment, then you know that it takes an eternity to pay it off this way.
At this point, I’m at my last straw. I have nowhere else to turn and no more cash to drain out of anything that I own. I’ve even started working an extra evening and weekend job just to make ends meet.
I think that the best option that I have at this moment is to start over. I know that a bankruptcy will follow me for seven years, so I have decided that a better option is in order. Instead of going through the legal hassle of filing for bankruptcy, I will simply change my identity.
You see, this will offer me the chance to start fresh, without the past holding me back. to go about changing my identity than it would to pay all my debt off or to file bankruptcy. Of course, my wife isn’t thrilled about the idea, but I think that she will get used to it eventually.