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Hi Great Minds at SA!
I originally wrote a long post and for some reason it stated that it couldn't post.
I will try to be as brief and to the point as possible:
In late 2011 I became very ill, resulting in multiple days off from work and being short in my paycheck. As my illness was not related to worker's comp, I was not eligible for any financial assistance. I was not eligible for disability (to the best of my knowledge) as I worked sporadically. Prior to my illness, I had utilized my savings to pay for some necessary repairs (I had additional repairs that I had to also pay during the months of my illness).
As a result of my illness, I ended up getting behind in bills which resulted in dings on my credit report. My friends and family were not able to help me at this time, due to the economy, their own bills, etc. I ended up turning to payday loans and a couple of high interest loans (130%) to pay for living expenses, my hospital and medicine co-pays, etc. Prior to this, my budget was pretty tight and did not have much room for short paychecks, emergency expenses, etc.
I had never thought I would ever borrow money from a pay day loan as I dislike their practices, high interest, being primarily located in poorer neighborhoods, etc. I just felt that I had no other option. Also, due to my illness, I was not able to work a 2nd job (as I have often done to support myself---I make a good living, but have a high amount of debt incurred during taking care of a sick relative who has passed away, and helping a friend with rent, etc.).
I feel so very ashamed and embarrassed about my situation. I have had friends that I used to see often sort of drift away once I got sick (it hurts even more because I helped a friend in many ways, including financially, during their own illness, but when I needed help, they were not around). I am also saddened because I grew up poor and had managed to overcome it with love from my parents (now deceased) and community members. Their support resulted in my beginning to work at age 14 (the earliest I could work in my state), being the first person in my family to attend and graduate from college, often working 2 jobs (not because I needed to, but because I was a workaholic---being sick also greatly affected my work sense of self-esteem), and being an emotional and financial support for my younger siblings, who are now grown, but have still reached out to me for help from time to time. Sadly, when I have asked them for help, they have not been as eager to help.
I am greatly worried about my work situation, due to my illness. It seems unstable and I am just having some difficulties. I feel very afraid about the stability of my job, even though I am a good employee and this illness was the first I have ever incurred in my life. There is too much to go into now about the situation, I just wanted to note the worry and fear I am having in this aspect.
I will be hopefully receiving some money (under $5,000) soon and for the first time, my mind is considering not paying down a bill (in other words, being what most would call financially responsible). As I have more loan debt and past due bills debt than the actual amount of money I am receiving, I am contemplating saving that money for my emergency savings, as I currently do not have any sort of savings---no 401k, no accrued comp time or vacation time, etc. I also do not have any sort of collateral or anything I could pawn to get needed money. During my illness I faced not having enough food, not being able to pay some utilities, not having enough gas to drive to work, having to borrow feminine toiletries from a friend, etc. I am so fearful of ever being in that position again and I feel that having an emergency savings would greatly help to alleviate this stress. The money I will be receiving would be about 3 months of rent, food, car note, insurance, and gas.
What would you do in this situation? I am thinking of researching debt consolidation as a way to repay my bills. I also feel like after a couple of months of using my current income to add to my emergency savings and take care of car related items (registration, etc.), then I can work out repaying the pay day loans and high interest loans.
I do not want to file for bankruptcy and am not sure what to do. I receive at least 10 calls a day from the credit card companies and pay day loan companies---I have had to turn off my ringer just because of the constant calling---which I totally understand they have a right to do. My goal is to have a family and to own a house in another 10 years. I am so saddened that my illness has left me in this financial difficulty and that some friends and family seem to not understand what I am going through (it could be because I have never been in this situation and the role has always been that I helped them, I was the person they could turn to, etc.).
What would you do in this situation? I am not 100% well yet, and part-time work in the evenings and weekends is very hard to find right now. Once I am better I WANT to be able to work a 2nd job so that I can get ahead financially and pay off all of my debt. Right now, I am trying to focus on surviving as I really do not have anyone I can turn to for help, and I feel so embarrassed asking for help in the first place. Please understand that I do not want to be considered as someone who just doesn't pay their bills...that isn't me. I am just trying to focus on either having money for hard times, or risk being in a situation where I don't have money for the necessities....I went through that recently and found myself just avoiding family, friends, etc., as I felt stressed and despondent about the situation.
Please help! Your advice is greatly appreciated.
I originally wrote a long post and for some reason it stated that it couldn't post.
I will try to be as brief and to the point as possible:
In late 2011 I became very ill, resulting in multiple days off from work and being short in my paycheck. As my illness was not related to worker's comp, I was not eligible for any financial assistance. I was not eligible for disability (to the best of my knowledge) as I worked sporadically. Prior to my illness, I had utilized my savings to pay for some necessary repairs (I had additional repairs that I had to also pay during the months of my illness).
As a result of my illness, I ended up getting behind in bills which resulted in dings on my credit report. My friends and family were not able to help me at this time, due to the economy, their own bills, etc. I ended up turning to payday loans and a couple of high interest loans (130%) to pay for living expenses, my hospital and medicine co-pays, etc. Prior to this, my budget was pretty tight and did not have much room for short paychecks, emergency expenses, etc.
I had never thought I would ever borrow money from a pay day loan as I dislike their practices, high interest, being primarily located in poorer neighborhoods, etc. I just felt that I had no other option. Also, due to my illness, I was not able to work a 2nd job (as I have often done to support myself---I make a good living, but have a high amount of debt incurred during taking care of a sick relative who has passed away, and helping a friend with rent, etc.).
I feel so very ashamed and embarrassed about my situation. I have had friends that I used to see often sort of drift away once I got sick (it hurts even more because I helped a friend in many ways, including financially, during their own illness, but when I needed help, they were not around). I am also saddened because I grew up poor and had managed to overcome it with love from my parents (now deceased) and community members. Their support resulted in my beginning to work at age 14 (the earliest I could work in my state), being the first person in my family to attend and graduate from college, often working 2 jobs (not because I needed to, but because I was a workaholic---being sick also greatly affected my work sense of self-esteem), and being an emotional and financial support for my younger siblings, who are now grown, but have still reached out to me for help from time to time. Sadly, when I have asked them for help, they have not been as eager to help.
I am greatly worried about my work situation, due to my illness. It seems unstable and I am just having some difficulties. I feel very afraid about the stability of my job, even though I am a good employee and this illness was the first I have ever incurred in my life. There is too much to go into now about the situation, I just wanted to note the worry and fear I am having in this aspect.
I will be hopefully receiving some money (under $5,000) soon and for the first time, my mind is considering not paying down a bill (in other words, being what most would call financially responsible). As I have more loan debt and past due bills debt than the actual amount of money I am receiving, I am contemplating saving that money for my emergency savings, as I currently do not have any sort of savings---no 401k, no accrued comp time or vacation time, etc. I also do not have any sort of collateral or anything I could pawn to get needed money. During my illness I faced not having enough food, not being able to pay some utilities, not having enough gas to drive to work, having to borrow feminine toiletries from a friend, etc. I am so fearful of ever being in that position again and I feel that having an emergency savings would greatly help to alleviate this stress. The money I will be receiving would be about 3 months of rent, food, car note, insurance, and gas.
What would you do in this situation? I am thinking of researching debt consolidation as a way to repay my bills. I also feel like after a couple of months of using my current income to add to my emergency savings and take care of car related items (registration, etc.), then I can work out repaying the pay day loans and high interest loans.
I do not want to file for bankruptcy and am not sure what to do. I receive at least 10 calls a day from the credit card companies and pay day loan companies---I have had to turn off my ringer just because of the constant calling---which I totally understand they have a right to do. My goal is to have a family and to own a house in another 10 years. I am so saddened that my illness has left me in this financial difficulty and that some friends and family seem to not understand what I am going through (it could be because I have never been in this situation and the role has always been that I helped them, I was the person they could turn to, etc.).
What would you do in this situation? I am not 100% well yet, and part-time work in the evenings and weekends is very hard to find right now. Once I am better I WANT to be able to work a 2nd job so that I can get ahead financially and pay off all of my debt. Right now, I am trying to focus on surviving as I really do not have anyone I can turn to for help, and I feel so embarrassed asking for help in the first place. Please understand that I do not want to be considered as someone who just doesn't pay their bills...that isn't me. I am just trying to focus on either having money for hard times, or risk being in a situation where I don't have money for the necessities....I went through that recently and found myself just avoiding family, friends, etc., as I felt stressed and despondent about the situation.
Please help! Your advice is greatly appreciated.
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