"The Urge to Spend"

Getting Out of Debt Stories

I had a very good job that paid very well. I received many credit offers which I accepted. Some of these offers were absolutely crazy! I'm talking about $20,000 worth of unsecured credit from a single source. I used my credits cards and charged way too much useless stuff.

I took cash advances to "help" out my son. If I wanted something, out came the charge card.

I was current on all my cards and had no trouble making monthly payments UNTIL I lost my job. I was downsized and started paying monthly balances on one card with another card.

As you can imagine, eventually I had to come clean with the credit card companies. One was very understanding and willing to work with me - but the others wanted money - NOW!

I withdrew money from my IRA which helped pay some credit cards but that left me unable to pay my taxes. Eventually, I had to file personal bankruptcy. When I had my hearing the judge asked what did I have to show for $60K in debt - I really had nothing to show for it.

The IRS was willing to work with me and I eventually got them paid off.

The debt was gone, the IRS was getting paid back a little at a time, I had another good job so things were better - right? Nope. The urge to spend was still there. That took a long time to go away.

I found that I had to turn to a very close friend for help. He actually took control of my paycheck and gave me $100 a month as mad money. He knew I had to be able to spend SOMETHING.

So here's my advice - stop using credit unless you pay if off each month, don't fall for "debt consolidation" - unless you do so through a lawyer. Have something - even if it's $20 THAT IS YOURS TO SPEND ON WHAT YOU WANT.

Good Luck!

Contributed Anonymously