In the last year I have noticed as much as I hate say this, Money Talks, Money makes the world go round.
I sat down with a financial advisor last year and my 2 options were:
File for bankruptcy at the age 24
Or file for a DMP
Regardless of what I filed for my credit was screwed and so was I, at the age of 24 i have already completely black listed myself.
By the time I decided what to do. We totaled everything up I was looking at $16,000 of debt with a $28,000 a year job. Plus my other loans that were secure, car loan and personal loan. Which the final total was 22G.
I cried for about a month about it. My advisor told me "it wasnt THAT bad and she'd seen worse". We had been living well beyond our means, if I remember correctly she said we were over spending by about $3000 a month. Which came from the many paid loans we took out every other week.
I started the program at the lowest possible payments I think that was $150.00 a month.
Here was my break down:
ROYAL VISA 10.50% $5568.25
WELLS FARGO FUTURE SHOP 0.00% $788.67
WELLS FARGO MDG 30.00% $1628.49
ROGERS WIRELESS 0.00% $460.82
HBC/COLLECT CANADA 0.00% $805.73
BOARDWALK 6.5% $2285.72
PAYDAY LOANS 28.5% $2354.39
PARENTS 0.00% 2800.00
Plus my car loan and personal loan.