Chris M. – Debt after divorce
Divorce changed the financial landscape
After a separation and a divorce that resulted in my children living with me and having to move, I found my family income cut in half and my expenses doubled. I used a credit card to supplement the shortfalls in hopes that I would catch up later. I couldn’t.
Digging a hole
I spent about a year relying on credit cards. I saw fairly quickly that I was digging a hole that I just couldn’t climb out of. I wasn’t spending frivolously but I was still losing ground.
Cutting down on spending
I had to eliminate a lot of things in my life, like cable TV and my home phone. I used a cell phone provided by my job, and my kids used Skype to reach me at work. My children’s grandparents helped out with school lunches.
Time to turn things around
I was up to $10,000 in debt, $6,000 of which was credit card debt. It wasn’t a huge amount, but I just didn’t see any way of keeping it from growing larger. I did a Google search and found Consolidated Credit.
Being treated with respect
I really valued my interaction with Consolidated Credit staff. I went from being treated like I was a bad person by creditors to being treated with respect and told that anyone can go through a bad time resulting in my situation. They were very understanding.
Counselling had great results
I have a new car and a mortgage now. My credit rating has gone from 600 to the high 700’s. I’m not afraid of answering the phone anymore, and I’m currently planning a holiday! I learned that I have to deal with debt problems immediately. I didn’t spend unnecessarily but I often brushed the problem under the rug in hopes it would just go away. It didn’t!
Even though my debt may have seemed small compared to others, the solution is the same – don’t wait til tomorrow, take action today!