Patsys personal debt story

Throughout Financial Literacy Month, the blog has given voice to consumers who have overcome financial challenges. Through their own words, these consumers have told you about what it was like to be in and repay unmanageable debt. They also shared inspiring words about the many ways their lives have changed as a result of their debt repayment efforts.

Following is Patsy's personal debt story.

I was drowning in calls from creditors and having the creditors make me feel guilt, worthless and inadequate because I was unable to make my required payments. My blood pressure was high for the first time in my life, I packed on pounds, and couldn't sleep. I got where I wouldn't answer my phone and didn't want to open my mail.

Over the past several years, my financial obligations increased, while my income decreased. I had lost my second job and couldn't find another, and on my full time job, they cut my salary, my vacation and my benefits.

One of my creditors told me about MMI. I called MMI, and they listened without condemnation and helped me work out a plan to pay off all of my bills in a manner I could afford and not rack up a million dollars in interest. MMI also required me to discontinue using those credit cards and this provided me with the the discipline I needed to stop living on credit.

I am now living on the cash I make and have even started using my bank's bill payment option to take care of my household and medical bills. With a few minutes a month on my computer, I can take care of myself and my obligations...there are NO harrassing phone calls, and I am feeling considerably better. Thank YOU for helping me through this difficult time.

Patsy

If you liked this story, check out some of the other great consumer-submitted stories we published during the month. If you have a story to share, please do!  And don't forget to visit FinancialLiteracyMonth.com for a wealth of information about improving your own financial situation.

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

  • The Consumer Federation of America (CFA) is an association of nonprofit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education. Today, nearly 300 of these groups participate in the federation and govern it through their representatives on the organization's Board of Directors.
  • The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.

  • Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.

  • The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.

  • The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.

  • The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.