Debt is not the end of the world-and we will find evidence of this in the testimonies of three of our interlocutors. Nicole, Rick and Charlie were in debt and went (or go) straight. In this text we will describe their stories.
“I couldn’t control the budget”
When asked why he got into debt, Michael answered briefly and with a smile: – Because I have a credit rating and I can get payday loan! I am from White Rock, South Carolina and when I moved to the capital I had more and more expenses related to the new residence. At the same time, I couldn’t limit spending on entertainment, travel, or “luxuries.” I didn’t want to ask anyone for help, so I started taking out loans.
Michael first took things in installments, and then cash loans. And, as he admits, they ruined him most of all: – at some point it turned out that I take a cash loan, which will repay the previous loan in cash. I had no control over my budget and fell into a credit trap. Debt grew and grew, and I took out loans for almost everything, more and more plunging.
At some point, the debt of Michael already amounted to several thousands of dollars.
– And one day.”.. it just ended – ” our interlocutor recalls. – I had to find a solution, because notifications about the need for repayment came, and my rating in the BIC was getting worse and worse. More and more it depressed me.
Pinned to the wall
What was Michael’s decision? First of all, he decided to consolidate, that is, combine several debts into one. Monthly contributions were less, but it only helped temporarily. Thus, Michael began to look for additional means of livelihood.
– I got a second job. So I had an extra shot of cash. Also, I asked for debt restructuring to avoid reminders. As soon as I could-I repaid the loans early, in full, to reduce the number of payments. True, I worked very hard at the time, but thanks to this I could afford to pay the debt without giving up the pleasure to the end.
What did this whole situation teach Michael?
Well, Michael-pressed against the wall – with more confidence began to fight for promotion in one of his works, thereby increasing its solvency.
“Parties have to be paid, don’t even know what”
However, it is not only high debts that can cause problems. Some greatly complicate life and smaller amounts. It’s about Nicole and Charlie.
Nicole inherited her debt-owed to organize the funeral of a loved one. The debt was big, but so did that every dollar should be intended to cover the debt. “Every pleasure or extra expense had to be rethought a hundred times and then redeemed,” he recalls.
How does Nicole cope with such debts? – Very accurately plan in advance budget on the entire month. Loan installments are programmed more or less, since the rent has to be paid, do not even know what.
“It dawned on me that what will be needed is to convert”
In turn, Charlie fell into debt… with inattention. – I didn’t even notice when it happened.” I was in College at the time, and the son is a householder of parents. Sometimes I did odd jobs, but I was always inclined to spend money.
It all started when a family member asked Charlie to keep the money in her account.
“He wanted to surprise his wife, and they had the same bill-the translators were in debt. ” I got so used to this increased bill that gradually, month after month, I started to tear up the budget and allow myself more and more. Eventually, I realized I’d have to give it back. In this moment was well $3,500.
How did Charlie start struggling with debt? Sparing: – I rarely went out with friends, rarely ate in the city, I had to abandon the planned trip abroad. When I needed to pay back money that I didn’t have, I got into a series of small debts that, true, were on time, but didn’t feel good with the fact of borrowing them.
Charlie managed to reach zero in six months-a little diligence, but mainly due to the fact that she was able to find a job and start earning more. “If it wasn’t for that, I’d probably be looking for more orders,” he says.
The vicious circle of debt
Debt – even a small one-can be life’s discomfort. Therefore, if we find ourselves in such a situation, we must take certain measures aimed at overcoming the debt burden.