“Dear Steve,
About one year ago, my parents announced that they would be cutting me off because they did not approve of my boyfriend. I come from an upper middle class family, and up until this point I had my college, car, insurance, sorority, rent, clothes, etc. completely paid for, so I was devastated and had no idea what to do.
I ended up taking out four credit cards, a payday loan, and now I have 3 payday loans out recently. I am swimming in debt. I work 46 hours a week, and I can’t sleep at night. I’ve scoured the Internet for possible solutions for consolidating.
How do I go about getting out of this debt? I cannot eat because I’m making the payments on these payday loans, meanwhile letting all the other debts just sit in collections. I’m only 21, and I cannot sleep, I’m constantly stressed, and I have no idea of how to get out of this situation. I can’t keep paying these three payday loans and support myself. My credit is horrible, and I am at a loss. I spend my life completely miserable. I just don’t know how to fix it?
Chantel”
Dear Chantel,
So why isn’t your boyfriend helping to make ends meet? Is he still around?
Unfortunately there is no magic solution when expenses exceed income. The only ways to deal with that are to lower expenses to free up money to repay debt, increase income, or intervene in your debt using a debt relief option.
You can use the free How to Get Out of Debt Calculator to review your options.
To best advise you on the path to follow I need to know what your goal is you’d like to achieve. Is it to just deal with the debt or to head back to your previous life?
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.
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