Holidays
Nurse wins battle with debt
By Ron DeKett
TRIBUNE-TIMES WRITER
Tuesday, January 6, 2004
Shannon Wheeler of Simpsonville knows
what it is like to be crushed under a mountain of debt - the constant worry, bill
collectors calling her at work and home, the awful realization she was in way over
her head.
"I was actually thinking about bankruptcy court,"
said Wheeler, 40, a nurse manager in the pulmonary medicine unit at Greenville Hospital
System. "One day I just laid my head down and cried."
After crying and soul searching she picked herself
up, dusted herself off and decided to quit needless spending on herself and others.
"Cold turkey," she said.
It has taken nine years but she has changed her
attitude about money and her relationships with others, both financial and otherwise.
And she has written a short self-help book, "Finding Financial Peace/Getting Control
of Your Finances and Your Life," which she intends to serve as a beacon of hope
to others burdened by debt.
Wheeler's tale of financial fiasco is not uncommon,
particular following the Christmas shopping season when credit card bills are coming
due
after often excessive spending, debt management specialists said.
"Americans will have racked up slightly more than
$115 billion in retail spending on their credit and debit cards as the holiday shopping
season comes to a close this week," said April Lewis, spokeswoman for Consolidated Credit Counseling Services Inc. in Fort Lauderdale, Fla. "For the first five weeks
of the current shopping season, consumers charged $69.6 billion to major credit
cards and $20.1 billion to signature debit cards."
These figures do not include credit card or debit
card purchases for travel or groceries.
Overall, holiday retail spending on payment cards
is running about 7 percent above last year, she said. According to firms tracking
retail sales, overall holiday sales were running about 4 to 5 percent above 2002
levels, she said.
On a smaller scale, these figures mean the average household owes nearly $9,000 in credit card debt, she said.
Wheeler estimates she was $32,000 in debt.
She attributes her debt to a number of factors,
including a financially draining relationship which has since ended, the compulsion
to help others financially, and overconfidence in her ability to pay her bills based
on her salary.
"I was proud that I was financially independent,
so proud. I wanted to impress, to let people know that 'yes I've made it,'" she
said. "It was like I was buying love."
She finally hit bottom
before she was able to begin
to understand what had happened.
"I was able to step back, make a plan and pull myself
out of debt," she said. "I now look at people differently concerning money questions".
"At first I was angry at the other people for taking
advantage because I would never do that to somebody. And then I said: 'Well you
know I gave them control. I made the choices. I'm the one who signed my name. There
was no gun to my head.' So I was angry at myself for being such an idiot. But then
you grow and you learn."
The path to living a debt-free life can be difficult,
but the payoff in the end is worth the effort, she said.
"You've got to start liking yourself and you've
got to start taking control of your own life," she said. "I've had to learn that
the hard way. But I'll tell you that once you get started and you go on and pick
up other things, your life is so much more enjoyable."
Her 24-page book costs $8 and is available through
online bookstore Web sites, such as amazon.com, barnesandnoble.com and www.dorrancepublishing.com.
Debt management tips
Warning signs
* Your credit cards are maxed out and
you are sending in only the minimum payment.
Failing to settle your bill in full can
lead to huge finance charges.
If you skip a payment you will be charged huge late
fees.
* An increasing amount of income goes to paying your debts. Only 10-15 percent of take-home pay should be spent on credit debt.
* You're using one card to pay off another. Don't
fool yourself into thinking you squaring away your debts. All you're doing is borrowing
more money.
* You decide that your next trip to the doctor will
have to wait.
If you're jeopardizing you health because of money, it's time to re-evaluate your credit situation.
* Bills are paid with money that was intended for
other things.
* Money is borrowed or credit cards are being used
to pay for items, which used to be bought with cash.
* Savings are used to pay current bills.
(Source: Consolidated Credit Counseling Services
Inc.)
