Internet's first get-out-of-debt community - 135,000 members

Posted: Mon Sep 22, 2008 11:08 am Subject: 6 years of disaster

My story is typical, I started getting credit cards when I went to college. The first one was a mastercard where all you had to do was send a copy of your class schedule and you were automatically approved. From there it blossomed into store cards and other credit cards. I still have a Sears card that I am paying on from a computer I purchased in 1993 for $2800. I've been paying on that card for 15 years now...I enrolled in a debt consolidation program about 7 years ago to get rid of all of my cards, I stopped for a little while & then went back to them. Right now the sears card is the only one left with them.
I had never heard of payday loans about 6 years ago. I was living on my own, making decent money and was getting by.
My sister and her 6 month old son moved in with me and within a few months we started having money problems. To make ends meet and stop borrowing from Mom, I started searching on the internet for ways to make "easy" money and came across the add's for the pdl's. Needless to say, to me it seemed to good to be true, but I applied for and got a loan. As the months went by 1 turned to 2, etc until I had about 14 at one point and my entire month's paycheck was going to fees.
The first time my mother helped me out of the cycle, almost $5000 worth...unfortunately a year or so later I started again and ended up with about 8 more loans...I was able to work those out and swore that I wouldn't do it ever again, for a second time.
I've worked my way out of the pdl cycle 3 times in the last 6 years. This final time, May 08, I finally got to the point where I didn't know what to do, I had car payments coming due and about $1200 in fee's coming out as well and was actually considering another loan to bridge the money gap. I finally said enough is enough and started doing serious research, drafted my letters, revoked authorizations for my account and broke out of the cycle on my own. I did end up closing my account because the bank I use changed their policy & made it mandatory, but it was for the better.
Now I need to work on bringing my credit back up and getting everything else caught up so I can eventually purchase a house, my goal is to buy one before I turn 40 so I have a few years to straighten that mess out...

Posted: Mon Sep 22, 2008 11:28 am Subject:

Sometimes we don't learn our lessons the first time around . . . and I include myself in that statement. Crying or Very sad

I hope I've learned mine this time, and it sounds like you've learned yours and are now on the right track! Good luck!! Smile

Posted: Mon Sep 22, 2008 1:40 pm Subject:

Thank you, yes I certainly have. It will be nice to end this year with some money in the bank for a change. It will also make the holiday a little better Very Happy

Posted: Mon Sep 22, 2008 1:43 pm Subject: reply

my exprience was with storefronts until 2006.that is when i racked up 12 ipdl's in 6 months.all clear now,but those internet pdl's are worse than loansharks on halsted street.good to see ya out of it for good hopefully.

Posted: Mon Sep 22, 2008 1:56 pm Subject:

I can't say that I'm not tempted once in a great while, but I just think of all the grief I went through and talk myself out of it.

Posted: Tue Sep 23, 2008 4:01 pm Subject:

Its very hard to stay away from the pdl's when money is very low. Just keep it in back of your head how hard it was to get out of it. I had 13 store front pdl's before I found this site. When money is tight I remember the mess I got myself into and its not worth it. Its been over a year and I'm still paying on these places. I am very proud of myself in a few short months, I will be done with the PDL's and accounts I had in collections. Just hang in there, it will get better down the road!

It is nice at the end of the year being able to buy christmas gifts out of your pocket instead of getting a PDL to buy christmas.

Posted: Wed Sep 24, 2008 7:56 am Subject:

I can't wait, I may actually have a savings account again Very Happy

charbo62 · Posted: Thu Sep 25, 2008 12:50 pm Subject:

Credit cards and PDL's are like drugs IMO. Ever now and then I still wish I had a card I could charge on because of something I may want or need....Then I remember what has happened and the mess I am in now. My car is getting behind now and I now know I've hit rock bottom on the money front.I keep hoping I will win money to help me out, but you have to do this yourself and quit dreaming all the time.

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