Your Black World: Managing Your Debts

17 Aug

Mary Pollack has fallen into a hole and she’s not sure how to start digging out — or even where to find a shovel. After two divorces, one bankruptcy and a round of credit counseling, she hasn’t been able to bring her balance sheet into positive territory.

Mary earns an after-tax weekly salary of $675 and gets weekly child support of $142; her income averages $3,462 a month.

Her monthly expenses: $1,485 for rent, $175 for utilities, $275 for a car payment, $361 for car insurance, gasoline and maintenance, $415 for her son’s college tuition, $124 for cable television and Internet service, $350 for grocery bills and $100 for dining out. That’s a total of $3,285 — and it doesn’t include incidental costs for clothing, hair care, gifts or entertainment.

She’s also overdue on several bills, including $282 for medical costs, $233 for a student loan and $80 for 2-year-old phone charges.


Click to Read.



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