Too Good to Be True — Getting Funds to Your Door in Manchester
It started out innocently enough. It was my first time living on my own, and I had failed to see how expensive supporting myself would be. I earned just enough money to pay my bills, and rarely had enough to put into savings. One week I had an emergency with my car that was going to cost a lot more to fix than I had in my account. I had borrowed money from my parents one too many times, and knew that I needed to get out of this one on my own. I couldn’t think of anyone I could borrow the money from, and I didn’t have anything I felt was worthwhile to sell. Then someone at work told me about paycheck loans.
I walked into the place, apprehensive and somewhat embarrassed. I mean, I should know how to limit my spending, right? I was also afraid that I would be turned down. To my surprise, I was approved, and I walked out of the place with $500.00 in my hand ready to pay the mechanic.
When it came time to pay back what I had borrowed, I realized that I did not have enough to cover the additional $575.00 that it would cost to pay back the loan. So I extended it. And so the cycle began. It was so easy to just walk in and get money that I rarely paid attention to the toll it was taking on my bank account. For one thing, payday loans charge large interest rates, and you have to have extra money to cover the fees. For another, I borrowed a lot more than I could pay back, and I became trapped in a vicious ciricle of borrowing and owing more money. It got so bad at one point that I had four payday loans out at the same time, and my check was not enough to cover all of them. I was stressed out, I couldn’t sleep and I kept wondering how I was going to pay all of this money back.
That was when I knew that it was time to face reality and fix this situation instead of worrying about it. Fortunately, I was at the point where my car was just about paid off, so I was able to take the $200.00 a month that i had been paying to the car and put it toward paying back my payday loans. In addition, I also decided that I needed a second job. I ponied up and got a second job at a book store. You see, one of my problems is that I love to shop, so I knew that if I were to get a job at a clothing store, I would have been tempted to spend the extra money. I like books as much as anyone, but I also like the library, so a book store seemed like the perfect solution.
I knew I had gotten myself into this mess, and I was determined to get myself out of it. I worked nearly 70 hours per week and rarely went out. I learned how to say no to my friends when they asked me if I wanted to go out with them. Part of my initial problem was that I never wrote down how much money I spent and before I knew it, my account was nearly overdrawn. To combat this, I confronted my checkbook, and I kept track of every penny that I spent. I was shocked to find out what exactly I had been spending my money on. By tracking my expenses, I was able to see where I could cut corners and save some money.
After I was finally able to pay back all of my paycheck loans without taking them, I decided to open a savings account. And I paid off my overdraft protection account as well, so that the next time I was in this situation, I would not have to resort to borrowing the money. Only then ccould I feel like a truly independent person. I was proud of myself for earning the money back instead of looking for a quick fix. Do not get me wrong, doorstep loans have many benefits and when used correctly they can be a fantastic asset.
Payday loans may seem like a good idea, and they can be a quick fix, but they need to be handled responsibly, because one too many people end up in situations like mine, and they may not have the option to work two jobs. Here is some advice to avoid getting stuck in payday loan hell. First, always try to keep at least $300.00 in your savings account for a rainy day. Add overdraft protection to your checking account, that way you won’t have to worry about not having enough money. Be honest about what you spend your money on. You can not fix waht you refuse to see. Acknowledge where your money problems lie. If you are a shop a holic, then don’t go to places that will tempt you to spend your money. Realize that there are no quick fixes. Buying lottery tickets or taking weekly trips to the casino are not going to help you, and they may end up putting you deeper into debt than you were before. Try to live within your means. If you can’t live within your means, then find a way to extend your means. Get another job, or find one that pays more. Finally, realize that it is okay to admit that you have a problem. It is not embarrassing to admit that you have lost control of your finances. It makes you human. I am sure that there are a lot more people out there in this situation than you realize. Don’t be so hard on yourself. And always remember, you got yourself into this mess, and you can always get yourself out of it with the right level of determination.