I’m appreciative of the $1,400 stimulus check we recently received. Yet, if I’m honest, it doesn’t compare to the debts I’ve accumulated trying to survive amid the pandemic. When the country shut down, my personal finances took a hit. My significant other lost their job, which meant I had to compensate. On top of that, the kids were home more, which caused everything from groceries to utilities to increase.
Needless to say, I ended up relying on credit cards to tide us over. I was careful only to charge things that we really needed. I also did my best to ensure that I was making at least the minimum payment to avoid late fees. Yet, it wasn’t enough. Eventually, my credit cards were maxed out, and the payments I was making only covered the interest. My credit utilization and debt to income ratio increased, causing my credit score to decline. I realized it was time to do something about it before things go out of control.
I Consolidated My Debts
After doing some research, I decided to try debt consolidation. I visited Bricecapital.com, a group of financial advisors that offer debt consolidation for high-interest high-balance credit cards. I consulted with a representative that asked me a few questions about my credit card accounts. I was then offered a low-interest consolidation loan to cover the balances. Though I still had a financial obligation, it was a lot easier to manage one payment that fit in my budget. Brice Capital had reasonable repayment options that saved me money, enabling me to continue providing for my family while paying off my debts.
I Sold Some Things
Remembering that I still had a loan to repay, I looked into other strategies to ensure I didn’t fall behind. One concept was to sell things I didn’t need. I went through every room in the house and found items to sell. I placed an ad in the online classifieds and even held a neighborhood yard sale. Believe it or not, I generated a decent amount of money. I simply applied the proceeds to my loan balance to speed up the process.
I Got A Side Gig
My lifestyle amid the pandemic has changed so much. I don’t have the same availability to dedicate to a second job. So, I decided to look for a side gig. It’s something I could do in my spare time to bring in extra income. There were plenty of options to choose from, but I ultimately decided to join a rideshare service. My significant other was home at night, and the kids were out of school by 3 pm, so I was free to accept a few jobs before bedtime. After expenses, I ended up making enough money to cover the utilities every month. This freed up cash that I could apply to my debt consolidation loan with Brice Capital and other financial obligations.
I Used Income Tax Refund
Typically, I used our income tax refund to invest in a home improvement project or go on a family vacation, but this year was different. I was so consumed with the amount of debt my household accumulated that it was causing physical and emotional strain. So, this year, I used the refund to cover outstanding balances on other expenses. I got the utilities caught up and purchased a month’s worth of non-perishable grocery items for the house.
It’s a great thing that the federal government continues to provide aid for families in need during the pandemic. That $1,400 stimulus check certainly came in handy. Be that as it may, it wasn’t enough to dig me out of the hole I dug when this national crisis began. Rather than allow things to get out of control, I used solutions like a debt consolidation loan from Brice Capital and other debt reduction practices to get back on track.