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How will I ever get out of this mess?

by Melissa

I have always struggled to manage my money. I am single with no dependents (except pets). I am falling behind now because I am over my head in payday loans and overdraft fees. I have consolidated my pay day loans but am still behind from all the fees. I owe my former banks money approximately 1200.00 total.

I am running about 2 paychecks behind and I can't catch up because of all the fees. It's a vicious cycle and I feel overwhelmed and panicked. I don't want to file Bankruptcy but I don't know how I will ever get out of this mess! Any advice and/or encouragement is appreciated.

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Jun 23, 2011
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Don't Give Up!
by: David Kimball

Hi Melissa. My best and most succinct advice is what this website and my mission is all about: you need to immediately start a written personal budget plan (spending plan) to see where your money is going so you can stop the hemorrhaging.

There are only two solutions to get out of debt and the threat of bankruptcy: increase income or decrease expenses. I understand the feeling of being overwhelmed as years ago I was in debt while being single.

I simply got tired of it, stopped ALL unnecessary spending until the debt was paid and never looked back since.

In 99% of the cases, bankruptcy is NOT the answer. Self discipline and/or a change of lifestyle usually is.

From the despair I hear in your question, get some personal financial coaching or counseling from someone you trust is really needed right now. Getting an outside perspective works wonders to relieve the stress.

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