How can we escape this payday advance ferris wheel?
Got into an unexpected financial bind and had to resort to a payday advance. Now it’s like we can’t escape it! Please give some advice on how to pay these people back and not have to reborrow again to cover current expenses. We make $85,000 between the both of us. This shouldn’t be happening!
Help!
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you need to “catch up” to whre you were when you fell behind in order to break the cycle. On 85 K a year , you are right this shouldnt be happening. it sounds like you might be living well beyond your means. why dont you get Dave Ramseys financial peace unvieristy, no offense but it sounds like you need it.
ps im not trying to sound snotty u can see im in a financial bind myself ( my bankrtupcy question) but im learning i barrowed my sisters dave rmsey cds and wont make the same mistakes again. im really tryint to be helpful not judgmental
Live below your means.
i want you to call credit counseling in your area and see what they say i had to lessen the amount by 50.00 everytime i borrowed and it took some time but it worked and you have to cut corners and eventually it this does work been there and done that
Reduce your bills as much as possible. Even to a painful degree. What are you paying for that you can live without? Most everyone have stuff that falls into this category. Cable, internet, cell phone, phone extras, club memberships, eating out, entertainment extras, and the list goes on and on. Figure out everything that you spent money on last month. Ask yourself, is there some way that I can eliminate this or reduce it. If so then do it. Every dime that you can squeeze together you put towards paying off the payday loan debt. You may have to really cut back to do this. You may have a month or two that are kind of boring. However, get thru it and pay off the debt and then you can start to bring the extras back into your life. You have to get this payday loan squashed as soon as possible or else it will grow big and nasty.
One note, when cancelling services, make sure that you are not locked in a service contract that has a penalty for early cancelation. In those events, contact the company and see if you can suspend the service for a period of time. Sometimes, they are willing to do that.
you need to reduce your expenses, i know 85,000 annually is not a lot of money but you should be able to live comfortably.
While it may seem simplistic, this is the correct financial advice: When you find yourself in a hole, the first order of business is to STOP DIGGING!
The only way out is to strictly budget your money until you have expenditures to the bare minimum. (that includes expensive coffees or eating out). If you have to eat baloney sandwiches for dinner for a while then that is what you do.
If there still isn’t enough to cover expenses then a second part time job is in order. Around this time of year many retailers are seeking temporary help. This has the added bonus of not only increasing your income but preventing you from spending more.
Good luck! you are not alone.
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I hate those places!!!! I got into the never ending cycle many years ago and while I wont tell you to do what I did (said screw em basically) this is my advice. Next week when you have to pay it back, just pay it. Thats it. Boom! DO NOT RENEW THE LOAN!! Go with out for a week. Trust me it will be a mother but it will work.
You will have to cut your current expenses to a minimum and use your income to pay them back. Consider selling some items, getting a part-time job, borrowing from family to get out of this hole.
Before buying anything ask yourselves – is this absolutely necessary right now? If not, don’t buy it. Don’t buy expensive presents for Christmas.
Buy less expensive food – cook from scratch rather than buying pre-prepared stuff. (It’s better for you anyhow). Don’t buy booze or luxuries. Cut down on driving. Don’t go out.
Just the bare essentials until it is paid off and never use this payday advance again. I know that this sounds like no fun at all, but you were living beyond your means and now must face the consequences.
If this doesn’t work for you there may be some agencies in your area that help people get out of debt – there are in Toronto. Check them out.
You need to cut your spending waaaaaayyyy back that is key
Follow these steps
1) write a budget
2) follow the budget
3) cut out stuff you don’t need from the budget.
Write down the amount the two of you make together in a month, label it income.
Write down essential bills in one column call it needs
The NEEDS column will include only the following
Mortgage, utilities, insurance, food, gas make sure you
have savings listed as a bill here, start with $5 if you can’t afford anymore.
Write down stuff that is able to be paid off in another column
The FINITE BILLS column will include the following
auto loans, payday loans, student loans, anything else that can be paid off.
Write down stuff that can’t be paid off that are not necessarily needs as INFINITE BILLS this column will include the following
Cell phone bills, cable bills, high speed internet bills etc.
list the minimum payments by all of your bills and sort all of the bill columns from lowest amount to highest.
add all of the minimum payments together and subtract from your income. You will now see how much money you can play with each month. Take half of that money and put it towards the lowest dollar amount in the FINITE BILLS column. Look at the infinite bills column is there stuff there that you could live without (at least until your bills are paid off?) do you need a home phone and cell phone? do you need that extra cable package? do you need to be eating out so much? can you reduce the amount of trips you take in a week?
Your goals for now are the following
1) Make savings goals and stick with them
2) Pay off FINITE BILLS as quickly as possible
3) Look for ways to reduce NEEDS
4) Look for ways to reduce or remove INFINITE BILLS
Wait for one of them looong months where u get one extra paycheck, or when you get your taxes back.