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I am sure there are times when you have felt like you are so broke the world is coming to an end. Maybe you feel like you are not going to make it to your next payday. Have you thought about getting a personal loan? Don’t do it. I can tell you from experience it is a downward battle of money.
I think I was not really taught in a matter of how to handle money in life. My husband and I did not really communicate very well regarding money. I looked at my credit report, and this loan goes back to 2007. That is horrible. I can’t believe I had it that long. At the time I handled all the money. There were many times that my husband did not tell what he bought or when he spent money. So my checkbook was off. I had forgotten to pay bills and they become larger than I could handle or afford. I ended up getting the personal loan to pay off a bunch of things at the time. The loan started at around $800 or so. Things changed with the company one time and myself so the loan had went up. I paid around an average of $117 each month. There were many, many times that I had taken the opportunity to refinance the loan. After you pay on it for a number of months they off you this opportunity. Our money was not great many times and I could use the money. Sometimes it worked out just because I didn’t have the payment amount for that month so you refinance and you don’t pay that month. They make it so easy to refinance and get more money. So these last so many months I had paying on the loan very good. They offered the chances to get money and I turned them down even though there were a couple times I really could have used the money desperately. I consistently said no to getting more money. I knew in my head I was going to pay this off. On July 15, I paid it off. Even though I could have used that money they were offering me that day. That loan is out of my hair and my life. If I did not have that loan all those years I could have had around an extra $12,864. Oh WOW. I can’t believe that number. It probably is higher than that with interest. I had never calculated it before.
Time to Learn
** Communication can help your finances in your marriage. My husband and I have different bank accounts now. We talk about money and our finances our better than they have been in the past. Figure out what expenses you can do without to have extra money.
** Talk to your parents about your financial situation. They may see something you may not to help you. They may be able to loan money to you. My parents were not happy once when they found out I had a loan. Or talk to a financial counselor at a bank about your money/budget for your family.
** Maybe there is items around your house you can sell to give you extra money.
** Time to learn how use a budget in your house.
** Time to cut back on foods you don’t need to buy.
I hope that whoever reads this can learn that there is ways not to get a personal loan. I have had tough times. I had multiple loans at one time. All a loan can do is dig you deeper into a hole. You will have to pay that payment and your regular monthly bills too. I have learned my lesson.