Another Delay

Posted by mindy on 10 July, 2011
Category Academics

I had hoped that I would be able to resume my college courses this fall. I had registered for a class that Iíve been wanting, checked out the prices of the text book. And I even told some of the teachers and faculty that I was coming back. Unfortunately the debts are not going to allow this.

The collectors donít care what progress we want to make in our lives; unless itís paying the money we owe. Sometimes I wonder if they even care whether or not weíre choosing to pay them vs. food. Sometimes I feel like Iím at the mercy of the collectors. It would be nice if they had leniency and patience for those wanting to and trying to pay their debts.

For me, I spend over $300 a month on my debts. This includes credit cards, past due amount, debt caused by frivolous spending, and stupid decisions. One of the dumbest things I ever did was to take a direct deposit advance.

It started with needing the money to make the move from Denver to Sioux. And it became a nasty trap. I made this move in 2002 and have felt trapped in the unending cycle of this DDA ever since. Itís been a vicious cycle. When I think about all of the money that Iíve wasted by doing this it makes me sick. My bank is graciously working with me to get out of it.

Before in paying back it would be paying back in full, and then Iíd borrow again with less and less each month. The problem with this is the sacrifice of not paying on other bills or debts. There were times when I could not pay either my electric or communications package. There were times when I couldnít pay both.

Recently I learned that my back Wells Fargo has an alternate payback method. And I jumped on it. Now, instead of pay-back in full and borrowing the less and less each month- itís been flipped in a way. The payments are set up to withhold $100 a month until the DDA is paid in full. This works for me.

And this is why my academics will be put off with another delay- possibly for another year. There are other debts to pay off as well. And those are different stories for other posts.

If youíre stuck with a Direct Deposit Advance- check with your bank to see if they have this pay back method. Itís so much easier than continuously borrowing.