How Do We Get Out of Payday Loan Hell? I’m a Navy Veteran. – Monica

“Dear Steve,

We are in payday debt hell, owing a current balance of $7461.92. We have a montly income of over $6,000 with monthly household debt of approximately $3,000. We are in this situation for several reasons, all my fault, bottom line. We should be able to live very comfortably; actually we have a mortgage, a car loan payment, and less than $4,000 credit card debt. Our savings were wiped out. We are young, disabled retirees. I am a 100% disabled Navy veteran, and my husband is not able to touch his pension right now, so his source of income is Social Security Disability.

How can I get out of this vicious cycle without having to get more loans to stay afloat. Our credit is not good enough for an unsecured loan at this time. What do you


Dear Monica,

It’s time to face some hard issues, squarely.

The path you are un is not sustainable. It’s going to either collapse without any planning or input from you or you can deal with it on your terms and lead this process.

We need to break this cycle of debt with some permanent intervention. Based on what you shared, your income is limited and primarily fixed. You also have no financial safety net or savings account to protect you.

Just based on what you’ve shared I think you URGENTLY need to talk to a local bankruptcy attorney and put a legal end to these debts. That will give you a legal fresh start and a second chance to do better.

I’m assigning you some homework. I want you to find a local bankruptcy attorney or you can click here to find a local bankruptcy attorney. Talk to the attorney about your situation and listen to what they have to share with you.

Once you do, come back and update me.

Please post your responses and follow-up messages to me on this in the comments section below.


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.

Do you have a question you'd like to ask me for free? Go ahead and click here.
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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