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I was just thinking today that since I closed my old bank account and opened a new one with no overdraft privileges, have defaulted on all my payday loans, that I don't know what I will do if I get in a bind again. What kind of mindset do I need to have? Do I just need to keep plugging away at my other debts and try to put something in savings for emergencies? What do you veterans consider doing to prepare for financial emergencies, since you no longer use payday loans? My credit stinks to high heaven, so conventional loans are not an option.

Posted: Tue Sep 18, 2007 6:55 pm Subject:

First off, are these payday loans internet or storefront loans?

Posted: Tue Sep 18, 2007 7:01 pm Subject:

Hi srow-Reading what you posted, we have all been there or are there now working hard to manage debt and gain freedom.

As Anthony posted, tell us more about your payday loans. Also, take a deep breath....one thing at a time. Smile

I want to thank you guys for such compassion. I have previously posted all my loans and payments, under the name Payday trouble--I had trouble logging in so that was a guest name--but now I finally can log in alright. I just wanted to know what kind of a plan you have for "life after pay day loans" in case of a financial emergency?

Posted: Tue Sep 18, 2007 7:15 pm Subject:

Look at how much you were sending them every two weeks?? Use some of that money to put back. In my case I was spending some $300 a week keeping up with my loans, I think I can save some money so I don't get myself back into this situation.

Posted: Tue Sep 18, 2007 9:17 pm Subject: reply

srown, it's hard. I know exactly what you're talking about. But do you see what's happened? You considered pdl's your "lifeline". You even posted that. The only thing that can help your "mind frame" is to think back about how much money they were sucking out of you. You do not want that to happen again. Think about how scared you were once you realized how deep you were in. Think about all the money that went towards these companies that you could have been putting in the bank. Add it up. You'll be surprised at how much the "fees" add up to that you paid them that you could have actually spent or put into savings. It sucks. I know what you're saying though. If an emergency arises, what to do? Pray to God that someone will come through for you. A family member? A friend? Someone who can help you with a loan (without debiting your checking account for $1000) that you can pay them back in payments? Beg someone to help you. Believe me. I've had a friend pay my rent for me one month. I'm still paying her back. I've had my family pay some of my bills. I've still got to pay them back. But what I'm paying back is what I borrowed and no one is sucking my bank account dry. As I said above, it sucks.

Posted: Wed Sep 19, 2007 5:01 pm Subject:

Don't push all your other debts aside. I got behind on almost all my monthly bills because of the pdls I had. Now that I have found this site I have gotten rid of 4 of them and I am paying the last 3 just what I borrowed and nothing more because they are illegal.
They can harass me all they want but if I don't have the money after I pay my bills then they will have to wait till my next payday. I am not going to let these pdls rule my life anymore! Just stick in there and as you get things paid down at a payment you can afford, you will start to see that extra money and then you can start that emergency fund. I have been at this for almost 2 months and things keep getting better! Remember one thing- Don't Let Them Get To You! Take one day at a time and we are here if you need us

Posted: Wed Sep 19, 2007 5:20 pm Subject: reply

Thank you, stanner. You're post was wonderful. There is always hope. I have to admit, I have down moments and the "mind frame" sneaks back to pdl's. However, it takes strength to fight the urge. It takes strength not get the "quick fix". And, I'm telling everyone right now, this site is the place to find that strength. If you feel as though you're falling into the "hole of dispair", come here. Ask for help. Ask for support. Post what your feeling. There is so much support and care here that it's unbelievable. If you have a weak moment, come here. We are all together and we will all stand together to help.

Posted: Wed Sep 19, 2007 5:53 pm Subject:

It is hard. Start setting a little aside for emergencies. Even if at first it is only $5 a paycheck. Don't touch it unless it is an emergency. As you pay catch back up on your bills you can start pulling more out to go into the emergency funds. What I did was I sat down and figured my bills and my weekly expenses. I cut my expenses down to the bare minimum. I pulled out in cash for my expenses like gas and groceries and such. When I had no cash That was it. It is so easy to use your debit card and overspend. It was tight but three paychecks later I am caught up on bills, I have a little in savings, and now I can start paying off my PDLs. It is a tough road, but you have to stick to the path that you choose. PDLS are the "easy way out" but like all other "easy way outs" it ends up backfiring on you. I would rather eat peanut butter sandwiches a couple of nights than fall into the trap again.

Posted: Wed Sep 19, 2007 6:18 pm Subject: reply

Good plan, pyb! Too true about the debit card usage. Way to easy to overspend. I hope others read your words on how you handled your situation. And only three paychecks later you were caught up on your bills. That's doing a great job!

Posted: Wed Sep 19, 2007 10:09 pm Subject:

I totally agree I would rather eat Ramen Noodles then get another PDL....actually my cat's canned food smells pretty good, if I get hunry enough I might eat his food (LOL). Hang in there it will get better with time.

ladybug

Posted: Wed Sep 19, 2007 10:19 pm Subject:

I have had 2 full paychecks so far since closing my account and becoming a regular on this site. I was FINALLY able to catch my car payment up with the last check and this one. And for once in a long while, it felt good knowing that the $$ went to acutal bills and not PDL fees! I left myself a little allowance, take my lunch to work and cook more meals at home. We empty our spare change into a jar every day. It adds up!!

Soon we will be able to save more...if i only have a few bucks in my pocket because I paid my "real bills", then I feel totally okay with that!

Posted: Thu Sep 20, 2007 4:21 am Subject: reply

volley, congratulations to you. To have two full paychecks. To be able to pay "real" bills. How awesome is that?
P.S. Going to change your avatar today? Wink

Posted: Thu Sep 20, 2007 5:12 am Subject:

I could not agree more. It is a wonerdful feeling to have your full paycheck. I also try to save where ever I can. Rather than buy lunch (its so expensive in NYC) I do bring it to work with me. Because I am alone , it is easy to cook dinner for myself. I harrdly ever order dinner in. It is a good feeling to have a bit of money.
I think we are all doing very well . The climb uphill is long and tiring but one step at a time we will reach the top.

Posted: Thu Sep 20, 2007 10:00 am Subject:

Even if you eat checken for a week. Laughing

I have learned to read all the ads and price match at the grocery store. I generally wind up saving quite a few $$. I also got heavy into coupons before the stores started getting stupid and not taking the ones off the computer...I have an old stein that is about three feet tall that all change goes into and we cash it in before christmas. everyone donates and we buy a family gift with it...but it is there for emergencies.