Blogging for Change

Between a rock and a hard place

by Kim McGrigg on
6/19/2008
in Personal Finance
Last night at dinner, I overheard a man say that the high price of gas was forcing him to start charging for his once free in-home repair estimates.  Since I was eavesdropping, it didn’t seem appropriate to tell him that I thought he was making a huge mistake.  I would never pay someone to give me a repair estimate—would you?  Even if there are only a fraction of us who wouldn’t pay for an estimate, I am guessing that he can’t afford to lose that fraction of business.  Don’t get me wrong, I understand where he is coming from; we are all trying to think of ways to better our situation.  It just made me realize that there are a lot of financial situations where you are darned-if-you-do and darned-if-you-don’t.  Here are a few financial catch 22s that come to mind.
  • Being asked by a grown child to cosign a loan so that he can move out of your basement.
  • Needing credit to prove that you are creditworthy enough to qualify for credit.
  • Not being able to afford insurance.
  • Cashing your long-term savings to solve a short-term need.
  • Needing a car to get to work and work to afford a car.
  • Being upside down on a house that you can’t afford to live in.
  • Spending money in the hopes of making money.
If you have an example of a financial conundrum, please share it through the comments section.  The folks at the AARP would also like to hear about your dilemma.  In fact, AARP magazine editors are seeking readers with knotty financial situations willing to serve as subjects for upcoming money columns.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.