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I am at a loss. I don't have that much actual debt, but I have a payday loan, that I have to keep borrowing month to month to make ends meet. I can't pay that off and leave it or I can't pay my other bills. I am 61 and need to start saving, anyone have any suggestions. It is hard to get a consolidation loan because I rent and don't own a home.
By Punkin50 from Oklahoma City, OK
I used to use payday loans occasionally. However, I never borrowed more than I knew I could afford to pay off out of my next paycheck and still have enough left over to squeak by on my other necessities. I also only borrowed about 2 or 3 times a year. Besides monthly bills what do you buy that you can get by without? Things like magazines, newspapers, books, movies, fast food, etc. I know a person doesn't think much about the cost of these things but they do add up.
You are actually better off paying late fees to bills such as heat and electricity instead of getting a payday loan. The 3 or 4 dollar late fees are substantially lower than the interest rates on the payday loans.
Have you tried to see if you qualify for food stamps or energy assistance? You could also check to see if they have an Angel Food ministries in your area where you can buy food really cheap, or look to see if there is a food bank near you. The best way to save money is to not spend it.
One other idea: Do you have a full life insurance policy that you can borrow against? This should be a last resort, and only borrow the amount you need to pay off your payday loan.
Oh sweetheart, you are definitely not alone! Someone suggested paying the late fees if not paying your phone, etc. on time. If you talk with your phone and electric people and explain that you're having a hard time this month, they may let you make a partial payment with no fees.
I was reading on here earlier that the AT&T has a discounted rate for seniors. You may want to look at any discounts available on your regular bills. My mother always said to pay your housing costs first, and always pay cash. We always ran out of money before the end of the month, but at least we had food and shelter. Other than food and shelter, everything else is a want not a need.
There are a lot of ideas on how to save money on groceries and soaps on here. There may be ways in your community to help with shelter and food. Then pay off the pay day loan.
If you live alone is there any way you could get a roommate? A relative and I share a two bedroom, two bath duplex. Our schedules are such that it works out wonderfully.
Please don't be ashamed to ask for help. We've done it more than once when necessary. If you're a military veteran, contact your local Veterans' Affairs office. They live to help vets in need. There are guidelines they'll explain, and will give you the list of things to bring to an appointment. Since I keep a running budget sheet and didn't mind showing my check register for the month, and was organized, I believe we got better results.
Other alternatives for non-vets are St Vincents and Salvation Army. You can also try your local Catholic Charities and other church-based and social-service organizations. Again, there will be guidelines they'll explain. But please, do whatever you can to avoid falling back into the payday loan trap, once you're out of it! Outside help was the only way we got out of it at all. Best to you... Jo
How do I get out of big mess? Not thinking very clearly I got 3 payday loans in 20 days plus the 3 loans with another company. I now find myself owing 1340 in loans plus rent. I pay 2064 month with 1690 SSD.