It was always Jessica’s* dream to run her own business. She had spent her childhood in a small town and loved the sense of community she felt living there so when it was time, it was an easy decision for her to pick the location for her business.
She ran a small convenience store and business was great. Her prime location and loyal customers made the business a success. Her dream had come true.
An advantage of running a business in a small town is that competition is limited. For a long time, the big retailers never even considered entering Jessica’s town. But the town grew and then one day, the big retailers came.
The business started to change. Business dropped and even the loyal customers couldn’t resist the low prices and convenience the big retailer offered. Jessica’s over-extended line of credit became the working capital and pretty soon, her multiple credit cards were maxed out. Her own income disappeared at a time when she needed it the most. Every month became a juggling act of making rent and minimum payments. She was afraid to answer the phone, open her mail or even see her family and friends for fear they would ask how business was going.
Financially, Jessica knew she was in trouble but the hardest part was accepting that she had to let go of her dream. The mounting debt and the stress of trying to figure it all out by herself finally made her ask for help.
When debt starts mounting, the situation can quickly spin out of control. To avoid a speed debting problem like Jessica’s, talk to the counsellors at Creditaid.