Throughout Financial Literacy Month, the blog will give voice to consumers who have overcome financial challenges. Through their own words, these consumers will tell you about what it was like to be in and repay unmanageable debt. They will also share inspiring words about the many ways their lives have changed as a result of their debt repayment efforts.
Following is Alice's personal debt story.
First I have to start with I am a spending money junky. I liked to go shopping every time I got depressed about not having things that other people had. I would use my charge cards (I had 3 Mastercard ,Visa, Lane Bryant and Gas cards) and buy something for my apartment or myself. I even got into a bad habit by using them to pay my monthly payments on each other.
I tried to buy a mobile home and my credit was so bad from paying late payments and being so far in debt for what my income was. I had to have my home put in someone else’s name. I worried so much about making the payment so that I didn’t mess up their credit.
I finally heard an advertisement about MMI and decided that it was time for some help. They were very nice and didn’t tell me that I was a bad person for getting myself in so much debt.
It was a wonderful day when I called MMI to get my payoff amount and the guy that answered was so excited that he was the one that was talking to someone that was able to pay off the last of their debt. The best day came when I was able to apply to get my mobile home in my name and the loan was approved.
It has been about 2 or 3 years since I paid off my debts and it feels wonderful. It is still a struggle to not get another credit card. After you pay off your debts, the companies love to send you pre-approved cards. DO NOT SEND FOR THEM. That is what got me in so much trouble and I would hate for anyone else to get that way. It is so discouraging to apply for a loan and be turned down because you have too much debt or pay late payments.
With me my health also suffered because I worried so much about where I was going to get my monthly payment for my bills and if I would ever get them paid off.
I recommend that anyone that finds themselves in so much debt, get help. There are companies out there that will help you find a payment that you can make each month and then you will feel better about yourself like I do. The struggle will probably never end for me, but at least I do not have bad credit now and NO CREDIT CARDS.
Thank you for listening to me, or at least I hope you do.
Check back often for more stories about real people who have overcome the burden of debt. And don't forget to visit FinancialLiteracyMonth.com for a wealth of information about improving your own financial situation.