I Had a Rent Check Bounce, Owe the Cable Company, and Student Loans. – Tina

“Dear Steve,

Have student loan which I currently owe $1000 dollars on because I have not been able to pay it, just had a rent check bounce and owe another one right away, also owe the cable company (though this is in collections now too) ~$500. I would make enough to support myself if I could just get caught up.

I did not have to pay rent until recently and I had been helping my mother out, unfortunately that situation changed on me at a bad time, a huge cycle started from a few dollars over with the bank, they took out several overdraft fees then, and I feel like I’m in over my head now! I have been bouncing checks and overdrawing left and right just because well, for one, my bank allows this, but puts a $35 fee on it, but also, I have no other means of getting money at the moment, so I have to take advantage of the bank’s system in order to support myself.

How do I get out of this cycle? All of my money that comes is starting to go straight to very high over draft fees, the bank won’t do anything about it and seems to manipulate the funds so that they overdraft as much as possible, but at this point even when I get a paycheck, it all goes to my overdraft fees! I don’t know what to do!

Tina”

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  • http://TheDebtDance.com Morgan at TheDebtDance.com

    Hi Tina, many years ago I was in your shoes. I actually owed the bank hundreds in overdraft fees. It was a vicious cycle of bouncing a check, getting hit with fees which caused another check to bounce…
    The only way I could stop it was to get a firm hold on myself and force myself to deal with the issues.
    In today’s world of online banking it is much easier to keep track of what’s going out.
    If you want this nightmare to end this is the first thing you must do.
    Since you are having a lack of funds in general you need to do an honest analysis about what your income truly allows you to do. What do you need to change? Move? Change jobs? Take in a roommate? Find the holes in your budget and see how you can fill them.
    In terms of your rent I would write a letter (so that you have documentation) asking your landlord if you can send a payment with half or a third of the payment you are now behind on`and then promise to pay this amount until you are caught up.
    Try to negotiate your other debts. But maintain your “take care of yourself” expenses (rent, insurance, MINIMUM payments on debt) before you consider some of the lesser bills.
    Also consider earning more money with a side job, business, or endeavor. It sounds like you are very stressed so you need to choose something you would really enjoy!!
    Many blessings to you.
    Morgan

    Morgan at TheDebtDance.coms last blog post..Inch by Inch-How to Reach those Long Term Goals with Ease

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