4 journeys back from debt hell

MSN Money:

A familial solution
Danielle Rhoades still remembers the taste of debt: peanut butter and jelly sandwiches and tuna fish. That's mainly what she subsisted on for a year -- after living more extravagantly during her first year in New York and racking up a $10,000 balance on her credit card.
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A counselor's care
Vige Barrie recalls the endless phone calls from collectors. They were coming after the $60,000 she owed on more than 10 credit cards. The worst part: She hadn't even been the one saying "Charge it!"
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Crunched by college credit
Thousands of young adults could tell a story much like Paul Canady's: "I got my first credit card by filling out an application at the university center because they were giving away free T-shirts. I didn't think I'd actually get the credit card, and lo and behold, not only did I get it, but it also came with a $2,000 limit . . . In retrospect, that's just absolutely ridiculous.
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The 12-step approach
Owing roughly $100,000 was not Susan's biggest problem. Underlying her distress was the shame of not being able to support herself and her daughter, despite having a doctorate and nursing and medical degrees.

Posted by Tim on May 25, 2005 | 0 Comments

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