Update

So I have a little update on yesterday's blog post.

I started to look into payday loan consolidation, and the more I read, the more it made sense. They negotiate with the creditors, get interest rates lowered and get payment plans in place.

I got a reply from a query, the person sending me the information urged me to research other companies and find out what they could do (always a good sign - when any professional balks at a second opinion, I run, when they encourage it, I almost feel like it's a sign from God).

I had planned to suck it up this month. I asked my father to let me slide on money I give him each month. He agreed. I called my car loan company and asked them for an extension, it's still pending, but even if it's approved, only principal is waived for one month. Will need to pay interest and the full amount next month, but it's a help. I was still going to be underwater.

I slept on it and decided it was the right move. I called the consolidation company this morning and the woman asked me why I was waiting a month. I explained to her that I thought since it was already close to the end of the month, I had missed my opportunity. She explained that most of their clients call right before they get paid and they realize they are in trouble and they could help.

I quickly sped over to my bank to make arrangements - the person who helped me was wonderful. Non-judgemental, understanding, we bonded over running (we're both running in the Philadelphia Marathon - her the full, me the half). She helped me block payments, change accounts, begin the process of getting my house in order.

When I returned to the office, I faxed over the paperwork to the consolidation company, and as I understand it, they are already calling my creditors and faxing over letters.

It all feels too good to be true.

My internal pessimist wonders if it is. I'm holding my breath, but I feel like a weight has been lifted. I huge $6k one.

I've vowed to live within my means. No more loans, cash only. This can't happen again, it won't happen again. Much like my weight and exercise, I need to be healthy financially.

Austerity is the new black.