I Started Spending More Than I Could Afford and Now I’m Deep in Debt


Dear Steve,

I got myself into debt and am not making it!!! I bought a condo and lost 66 lbs so new clothes and new item for the condo were purchased. And then I could not stop shopping until now! What should I do–???? I will pay the debts but I got into a payday loan and a big loan to pay them off–I was fine until I did that HELP?????

What can I do to help me get the ball rolling on the above mess!mess??



Dear Jamie,

I’m so sorry to hear about the emotional stress you must be going through in dealing with this issue. Congratulations on the weight loss accomplishment.

Your situation is another good example that debt is not the problem here. Rather it is the symptom of the underlying issue.

For whatever reason the shopping turned into a positive experience and has led to the resulting debt and financial issues.

It’s not uncommon for people to wind up in a situation like this. For people who use shopping as a stress reliever they often do it as a way to reduce stress or increase self-esteem. The irony is eventually the opposite happens.

I would suggest you read The Fine Art of Getting Out of Debt to understand the bigger context your situation represents.

In my experience, these painful collisions between reality, the underlying issues, and the debt can often result in a strong teachable moment where intense lessons are learned. In your case you recognize your spending went off the rails and resulted in your current situation. You don’t need me to beat you up over that.

It sounds as if you are now up against the wall from the two loans. You didn’t mention how much you owe but clearly it is too much for you to handle.

The first thing I think you should do is find a good local bankruptcy attorney and have a free discussion about what bankruptcy would mean for you. Bankruptcy is the fastest way to get a fresh start for the least amount of money.

See also  Get Out of Debt

Once you do that, come back and update me in the comments and let’s take it from there.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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