ok my fiance is addicted to payday loans from the first one. and now we owe them and 2 credit cards but not much for them yet. and he keeps spending his money and not watching what he is doing. and just last night he told me that we might have to file for bankruptcy or he goes to the army so i don’t have to work any more. we are freaking too young to be having bad credit and living like this. we have no clue where our money is going to. i check every bank statement and it’s for gas and food mostly. and we barely eat out. and we have our own accounts so he doesnt get my money. even though i have none. now we are moving to a cheaper place i am hoping we have a chance to be a happy cupple.
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you both need to get a grip on your money. this kind of problem can cause great stress in a marriage.
each of you should write down every penny you spend for a week. analyze it and create a budget and stick to it.
Sounds like the same predictament as a lot of folks. Alot of us don’t make a “living wage”. Those paydays loans. Not worth it. Don’t do that. Good luck.
You need professional help. There are many non-profit, no-fee financial assistance programs out there. Start searching the internet in your community.
In the meantime, buy a ledger pad of paper, with columns going across. Then record every cent (and I mean cent) that comes in and goes out. Put each expense in a category.
This will be eye-opening. Either you are spending too much or you need to make more; no other way around it!
As previously stated, Payday loans are bad thing. They suck you into a quagmire of endless debt. Hard to get yourself free of them once they begin to suck away your money with their exorbinantly high interest rates even before you get your paycheck.
Bankruptcy is an even worse option for a young couple. Three years ago Chapter 7 bankruptcy was easy and commonplace. But since the new laws went into place, it makes filing for Chapt 7 bankrupcy much more difficult. It is more likely that you will have ot file Chapt 13 bankruptcy. That is not such a sweet deal becuase you are still obligated for all your accumulated debts and your credit gets gigged for 7 years (minimum). I suggest you avoid filing for bankruptcy at all cost.
My best advise to you is simple and difficult at the same time: reign in your spending at the same time look for ways to improve your income. … sounds to me like you already know that though. Personal discipline is the key! Sounds like you have it but your husband doesn’t!