I Lost My Overtime and I’m Falling Behind With Bills. – Kirk


“Dear Steve,

I lost all my overtime at work and I’m falling behind on payments.

I’m $50,000 in debt and need help.


Dear Kirk,

Overtime. Here is where I think most people get it wrong when it comes to overtime. When overtime is regular they tend to let their financial lives expand to fill the money coming in from overtime but overtime pay really isn’t dependable enough to commit yourself to go into debt with.

You see overtime pay is money earned from work above and beyond your base pay. It is much smarter to base your financial commitments on your base pay and as you earn overtime, put it in a savings account or use it to pay cash for things, not credit.

The problem is that in difficult economic times, overtime gets cut exactly when you need it most. Building your financial life and commitments based on hoping that overtime pay continues is like building a beach house on hard sand and hoping it never erodes. Don’t do it.

Kirk, unfortunately you didn’t give me enough information about your debt so I’d suggest that you click here for debt management information and ask a debt management company for a review of your situation to see if they can help. If they can’t, then come back, give me an update, and I’ll be happy to help you further.


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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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