Pay Day Loans Are Cuss Words.

Payday loans. Those two words should be inducted into the cuss word hall of fame. 

These lovely little soul-trapping schemes are enough to make a person who is in debt want to scream.

I don’t knock anyone who uses them; I have been there myself-numerous times. But I want to make sure everyone out there is aware that these life-sucking soulless places are not your friend.

I recently had to take out a payday loan for $500. Hey! Don't judge, it was that or not have electric and food. So, when I signed my name 12 times and initialed on the page in 3 spots (not exaggerating) I knew that this was going to be rough. Rough doesn't even begin to describe it.

Somewhere in the fine print I am pretty sure they require a pint of blood and your firstborn as part of their “convenient repayment plan”.

For the $500 I borrowed I now am making 6 payments of $157.50 which totals to $945 at the end of my loan. That should be illegal.

These places prey upon people with bad credit and those who live paycheck to paycheck. I understand that a business is out to make money, but that much???

And what happens when you are late on a payment, oh they just tack a lovely late fee onto the end of your loan. If you miss a payment altogether, you better hope and pray that you have the funds to just move to Mexico.

I wouldn't recommend missing a payment for any reason, not only will they process your check through your bank, which will bounce. Then your bank will come after you for writing bad checks. No joke, you could end up in jail all because you broke down and took out a payday loan.

Here is my advice to anyone who might be considering one of these types of loans…DON’T! See if you can borrow some money from family or friends. Call the places you have bills through and see if you can postpone payments or make smaller ones instead of taking out a loan.

If you don't have these options available to you, don’t be afraid to call around to the different loan places. A lot of them will offer no interest on first time customers, or if you have been there before for returning.

Just remember, your debt does not define who you are. It is just a reminder of bad choices that hopefully you have learned from.

Until next time…

Student Loans...aka THE DEVIL

 (Photo credit: Wikipedia)

Student loans…those two words strike fear in me like no horror movie ever could. I am drowning in student loan debt, and the good thing is, there is no way out and no one wants to help you. 

Let me start by saying that no one did this to me but me. Ok, got that out of the way. I think it should be required that all students in high school take a class on money, loans, college etc. Call it “Get your butt ready for the real world”.

 I wish that someone would have told me as an 18 year old just exactly how harmful credit cards and racking up excessive amounts of loan debt would be to my future. At 31 I am still suffering from mistakes I made at 18. 13 years later, I am now $30,000+ in student loan debt and cannot get help because I don’t qualify. And folks, if you are ever in this position let me just give you a heads up, the government does not care one bit about the cost of living or that I am the only income my family of 5 has. Nope, it is make an unreasonable monthly payment, when I called today the payment option they gave me was $3100/month. I told the woman I was talking to, “Gee, I have that buried in cans in my back yard let me just go dig it up for you”. 

She didn't appreciate my sarcasm. $3100, ARE YOU SERIOUS? I don't know of anyone who can afford that kind of a payment. While I am on the phone, I inquire about my balance because it just isn't adding up correctly. I had an offset in 2010. For those of you who don't know what an offset is let me educate you. If you owe the government money, i.e student loans, and don’t make the payments and they go into default they can and WILL take your tax return.  And let me tell you, us poor folks depend on that tax return like it is nobody’s business. I use mine to catch up on all the payments I have been behind on for the past 12 months. Back to my phone conversation, I ask her why my balance does not reflect the tax offset from 2010. She tells me that I didn't have a credit to my account during that time. EXCUSE ME???  WHERE DID IT GO THEN? 

At this point I am in tears and am getting nowhere. My next plan of action is to contact the IRS and get proof that my return was offset so that I can send a copy to the loan company, aka THE DEVIL. So, 2 hours later I have learned that I need to rob a bank once a week in order to comply with their repayment option and now I have to prove that money was taken and should have been applied to my loan and wasn’t. This week is turning out to be such a great one!! I will say this to anyone going to/ thinking of going to college, borrow responsibly. Realize that one day you are going to have to pay it back. 

Don’t borrow above your budget!! Things I wish someone would have said to me. Until next time, gonna keep my chin up and keep praying that a few million dollars will fall out of the sky. 

~Meghan

Broke Momma Meghan

Hi. My name is Meghan and I have a problem!  No, I am not an alcoholic, but a financially challenged

individual. I am married and have 3 wonderful kids who are my entire world.  I live in the middle of

nowhere Missouri, if anyone ever wants to know where the Boondocks are, I will give you directions.

I was recently approached by my friend to start a blog and talk about being broke all the time. “What

the heck, I already do that as it is”. Therefore, here it is…

I have been poor, broke, lower class; whatever you might, call it my entire adult life.  I do not blame anyone for my circumstances; I just deal with the hand that has been dealt to me.  However, I definitely do not do it quietly.  I do not believe people who think that a person can change their destiny or improve their lives by simply wishing it to be.  I have worked hard my entire life and have very little to show for it. But I have a roof over my head and my kids are clothed and fed and to me that is a lot. I love my life, but I do not love all the financial hardships that I have been through.  I feel like I am a poster child for those get out of debt commercials.

“Are you stressed, have bill collectors calling day and night, can’t see the future because you’re drowning in the present”

YES! I use myself and my situation as an example to my kids.  I am constantly telling them to never do things the way I did them, I only pray they are listening. I am putting this out there because I want others to know that they aren't alone and that there are other normal people out there who have the same problems. Ok, maybe I exaggerated a tad when I called myself normal. This is a sounding board for me, a place to vent my frustrations and trials about debt and being broke. But it is also meant to be healing for me as well. I have the horrible tendency to bottle up and not let any of my problems out.  I realized that by doing this, it is really hurting me. Taking my pride down a notch and sharing these thoughts with you is a step towards coping for me. Therefore, with the hope that you have found a kindred spirit with who you can share your thoughts and emotions, I hope to see ya next time.