Hi everyone, I'm Rob.
I thought I had hit rock bottom 2 years ago when my credit score was about 580. Boy was I wrong. Recently I have become trapped in a payday loan nightmare, and it caught up to me last month. I went to 7 store front payday loan establishments and racked up $4600.00 total in payday loan debt. I went to one, then the next and so on to keep up on my money. I blew several chances at catching up. I got a $8000.00 settlement and blew right through it without paying anything off. What happened to the money? I don't know. My wife has a gambling problem, I can't say no when she asks for money, we bought a big screen TV, a new bed, the stupid list goes on. This month I missed my mortgage payment. I missed all 5 of my credit card payments, (total amount of $2900.00) and I was 3 months behind on my electric bill until I was forced to pay $350.00 or it would be disconnected. So I got one more payday loan for $700.00 to pay that, my Water bill (which was 1 month behind) and now I have $400.00 of that in the bank to pay for gas for the car, groceries, the necessities. My wife asked to take $100.00 of that to go to the ca$ino, and I finally said no way. I showed her that my credit score had dropped from 550 last month to 444 today because a collection showed up (medical bill) and my late payments on my credit cards showed up. I am getting a $1000.00 refund from school and the stimulus check of $1500.00 (did I mention we have a baby boy 16 months old?) I will pay the late mortgage payment of $1300.00 (my ARM also adjusted 2 months ago so I'm paying $200.00 more for my mortgage payment). Next month my wife's parents are giving her a check of unknown amount (each child gets a "big" check on their 30th birthday and hers is May 16th).
I absolutely have to default on most of the payday loans if not all of them next month because the fees amount to about $675.00 and I'm sorry, but the payday loans are at the bottom of my list of priorities to repay. Anyone who read my novel above...I need tips! Budget tips? What to do? Moral support, anything will help right now because as I said, I've hit rock bottom and I will not sink ANY lower. My wife's gambling problem is a non-issue now because there's no way in hell she will set foot inside a ca$ino again.