Posts: 76
Joined: 08 Sep 2016
Location: Mansfield, MA
My advice to most people who get into debt way over their head is:
1) Rip up your credit cards. Pay everything with cash or by debit card.
2) Strictly track - with a ledger - where you spend every cent. Also a good time to track your food & calories and eat better too.
3) If possible, avoid housing costs by moving in with friends or family until you are above water again. Or take on a boarder.
4) Avoid loans in the future. They are not for everybody.
5) Do NOT gamble. Do not even play the lottery.
Fri Dec 09, 2016 1:58 pm
oldguy Senior Member
Cash: $ 748.65
Posts: 3640
Joined: 21 May 2006
Location: arizona
quote: I then got a new payday loan so I could pay that one off. Well then that one started to take its toll. During this time I needed to get another because the one I had was taking all of my extra spending cash. Put it this way. Two months later, I got even two more to help keep up with those original two. What do I do? Can I file bankruptsy!
You'd file bk over $500?? LOL.
I looked at your other 7 posts - you bought a house, you are trying to buy the rental house next door, your real estate venture investment that crashed in Sept, - your job as a Financial Professional in Ontario. Do you really want us to believe that you got trapped by PayDay loans and that you don't understand what to do?
Fri Dec 09, 2016 4:45 pm
Paul@GFS New Member
Cash: $ 1.80
Posts: 9
Joined: 18 Oct 2016
quote: Two months later, I got even two more to help keep up with those original two.
This is how the Payday lender make money. It's very important for a loan applicant to analyze his true potential for repaying a loan prior to submitting his loan application. You can't repay a loan with another and expect the situation to improve before the due debt of the latter. Bankruptcy is the lender of last resort; get your situation analyzed by a financial counselor just to ascertain if you still have a chance to plan your repayments before you file for bankruptcy.
