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Sliding into Debt: An Immigrant’s Story

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This is a true story of innocence, honest living and an unconscious slide into the pit of deep debt. You have the chance to meet the regular host of the Immigrant Life podcast, Nigeria-born Canadian citizen, Dapo Bankole in a truly altruistic form – this time, the story shared is his and he lays it all bare. He found himself neck-deep in debt, unwittingly, and he ended up dragging his wife and children along in the swamp.

It is a compelling story but a true one. This tale can be the compass for anyone willing to stay on a positive financial track for which routes to take or avoid. Any person with good conscience desires to fulfil financial responsibility with ease and good intentions irrespective of their creed, race, color, profession, origin or placement. Yet, this path is laced with pitfalls and landmines for the unsuspecting. How can you recognize the pitfalls? How can you jump over or clear the landmines?

This is Dapo’s story.

I was born and raised in a country with an undeveloped credit system unlike we have it here. I came into Canada, like most other immigrants, on a clean slate – no bad record, no financial issue, no criminal record, etc. My wife and I were determined to make it without getting into debt. Our first year in Canada was a smooth one. We didn’t owe; we borrowed only occasionally as a stop-gap and paid up almost immediately. I had a good job and my wife was both in school and in business; our credit score was high and we were even pre-qualified for a half million dollar mortgage but we decided to be circumspect and go for a lower mortgage and a cheaper house in a cheaper neighborhood. We bought our first car in cash! (Never mind that it was only $1500). Things could only get better?

How could they get worse?

Then life got in the way and I lost my job.

This new phase of my life opened my eyes to issue that I wasn’t aware or prepared for.

Read the article Dump the Debt for how you can avoid this debt-ridden path.

This article was carefully developed from Episode 48 of the Immigrant Life podcast. Listen here

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