I developed crushing debt because I was unsophisticated in financial and risk management. I worked hard for many years and saved enough money to make a down payment on the full-service restaurant where I was the chef. Business was good, and I was able to retain my customers and grow until I became disabled without any health insurance or insurance against personal disability to work. The debts became overwhelming, and I lost the restaurant but kept all the bills. I was finally called by 866-262-5061, and the financial counselors helped me manage my debts so that I could move on with my life without crushing financial worries.
Debts are easy to get and hard to pay off because of high interest. My problems were compounded because I qualified for credit based on a high gross income from the restaurant. Once I lost the business, I had only about 20% of the cash that I used to get to pay my bills. I know that many people struggle with large debts.
The counselors helped me create a budget to pay off my bills and cover living expenses, which I was able to cut drastically. If you monitor every penny that you spend, you’ll probably discover that you waste a lot of money on unnecessary luxuries. I was able to save enough money on living expenses to cover my largest loan debt. After 6 months, I noticed the first uptick in my credit rating. I hope to open another restaurant within 5 or 6 years while I’m still young enough to build a financial future.
I’ve learned my lesson and understand how important it is to plan for the future with insurance coverage and savings accounts during the productive years. I’ve also learned not to borrow money that I don’t really need. I qualified for a lot of credit cards while I owned the restaurant, but I never used them until my business was failing. The counselors at 866-262-5061 know about debts and financial planning, and the advice they gave me was able to give me renewed hope and freedom from financial stress.