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Money Talk > Credit & Loans

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plzhelp
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Need advice  Reply with quote  

I've gotten into this cycle of getting payday loans but, I am now to the point where the payments are taking over my paycheck. Crying or Very sad

I just need simple advice as right now my account is in the red about $200 because I paid off an $1800 pdl and a $300 fee from another loan. Now, b/c my car payment is due and I have to retain a lawyer for my divorce, I feel like I need to get another loan to pay those things.

My question is: How can I get out of this cycle? My lawyer is going to withdraw from my case due to nonpayment but, the only way I can pay is to get another loan. I need to either let the lawyer go and just ride the wave until I get paid again, get the loan to secure the lawyer, or get the loan and pay other bills that are past due and at least get my acct out of the red (i.e. daycare, car pymt, ccs, phone, etc.).

Thanks in advance for any advice.
Post Tue Sep 17, 2013 6:32 pm
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oldguy
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quote:
my car payment is due and I have to retain a lawyer for my divorce, I feel like I need to get another loan to pay those things.


Well, obviously that won't break the cycle, it will add to it. You have more "things" than can afford. So the answer is to get rid of stuff that you can live without. The car is probably the big one - eg, if your car payment is $4000/yr, that $4000 could be used to kill the cycle - sell the car, get an older one. And so on. Is there a less expensive way to care for the children? Relatives for a short while? How about the lawyer? Can you stay separated for a few months before you go thru with the process. OTOH, if the divorce is going to result in cash to you, go fwd with it.

Do you have a good income? Can you get Overtime work? Are the kids in school now?
Post Tue Sep 17, 2013 9:12 pm
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coaster
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Re: Need advice  Reply with quote  

quote:
Originally posted by plzhelp
I feel like I need to get another loan to pay those things.

Separate your feelings from the facts. Your feelings tell you that you feel more secure having the money to pay the bills and so you borrow the money. However, the facts are that borrowing the money at should-be criminal interest rates are making you *less* secure by putting you further and further behind. Go with the facts and not the feelings. Stop borrowing the money. Pay the bills as you earn the money. You may have to let some of these things wait, or go, like the lawyer, for example.

~Tim~
Post Wed Sep 18, 2013 4:46 am
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