Desperately need help
Question: I am desperate for help and don’t know where to turn..who to go to. Suddenly on my own. 59-year-old women, own my mobile home outright. Made the mistake of paying cash. Bank gave me a line of credit when I purchased it..but my interest on that was higher than what my $95,000. was earning…so I just paid it off in full. That left me with no savings and just my jobs income to pay bills and up keep etc. I am now $1000. in overdraft, owe $2000. on my Visa.( only card I have, my phone, heat and hydro bill is all coming up and I haven’t been able to pay for two months. Just sending all of them a little bit so they know I’m trying…I’m sinking. Can’t get caught let alone keep up. Now that I don’t have $95,000 plus sitting in account, bank no longer interested in me…not give me a loan to get caught up. I cut back so much on everything..no frills or extra in my life at all. Monitor car usage for fear of not enough money until next pay to put gas in it. Have $16.00 to do me for 6 days so dare not b is all coming up and I haven’t been able to pay for two months. Want to sell and just get an apartment and have my money for comfort and security. Home owning just is too much stress. But in the meantime what do I do…who do I go to… Should I go to one of those places that loan money to high risk people…? I only work part time…and am going to start cleaning homes to make extra money . I am so embarrassed and humiliated to be in this mess. I can ‘t see a light at the end of the tunnel…each day is just another fear. Afraid to go to the mailbox or answer the phone. Emotionally and physically, this is affecting my health the stress, my stomach in knots. What can I do?
Answer: We suggest you get professional help immediately. You should start by talking to a not for profit credit counsellor, who can explain your options in more detail. Credit counselling may be an option.
As for selling your house, yes, that may be an excellent idea. If you cannot afford the utilities and other monthly expenses, selling and renting is probably the correct answer. You can then use the money to pay off your debts, and live a much less stressful life, which in this day and age is a good idea.
If you can clean homes or get another job to earn extra income it may be possible to keep your home, but again, a credit counsellor can help you review your budget and decide on the best option for you.