Monday, March 4, 2013

Day 1..drowning in debt

 I'm Kay, and to be entirely honest I am swimming in debt of my own making. Mostly because of payday loans. Now I know what you're thinking, how can any one be so stupid to fall into that trap. The answer to that question is very easy to answer. It all started back in October, my roommate had lost her job and I needed to find a way to cover the 725 buck in rent. Now before this I was already living paycheck to paycheck and had already maxed out my loans from bank of mom. So when facing the possibility of eviction what do you do? Borrow 500 hundred bucks from an online cash advance place. (mistake number 1) The problem with most online cash advances, they offer to this neat little plan to renew your loan every other week, so instead of paying the 500 plus finance fees I was only paying 135 every other week. With Christmas being just around the corner I figured I will pay this all back after my Christmas bonus. But guess who gets laid from her highly stressful retail in November? So to add to my financial stress I can no longer pay any of my bills and yet I remained optimistic. And unemployment doesn't cover everything. So what is a broke girl to do? I apply for any job I come across and finally get a job working second shift at a convenience store for a humongous sum of 235 buck a week after taxes. So the time comes to pay off the first payday loan and its a no brainer as to what happened. I didn't have the money not even close, So I borrow more from another website. Only to have to pay that back and it became a vicious cycle that I am now officially trapped in. I have three bank accounts all of which are over drawn. Thankfully I don't have any credit cards and while I am taking classes I do not have any school loans that need to be paid.

So the question is what do I do?

my accounts are as follows
Account # 1: -7.25
Account # 2: -9.48
Account# 3: -49.62

And as of Friday march 8th I will have the following coming out out of my account

135 -OCC
200 -AL
265 - CS
300 - CAA
465 - V

for a total of  (drum roll please)

One thousand two hundred and sixty-five dollars.

For which I have exactly 235 covered. My last hope is that my taxes come in time to cover this financial catastrophe, but I am holding out little hope.

I also have no money for food, no insurance, and to be completely honest not a glimmer hope.