[On-screen text] Do you use credit cards to “get by” when you don’t have enough cash?Narrator: People often use credit cards to make ends meet when they have a limited cash flow.[On-screen text] But that can lead to problems with DEBT
Narrator: High interest rates on credit cards can double the cost of items if you’re only paying the minimum amount due each month.
[On-screen text] Renee amassed over $19,000 in credit card debt
Narrator: For Renee, getting by on credit cards during graduate school put her on a treadmill of debt.
[On-screen text] Her credit card interest rates were between 15-20%
Narrator: She was shelling out over $1,200 a month to her creditors, but getting nowhere fast
[On-screen quote from Renee] “I talked to a few companies first. Consolidated Credit stood out because I was still in control of my finances.”
Narrator: Luckily, Renee found Consolidated Credit and enrolled in a debt management program.
[On-screen text] Debt Management Program: Before $1,200 per month; After $500 per month!
Narrator: The program reduced her total monthly payments by almost 60 percent.
[On-screen quote from Renee] “The experience of living without credit cards really changed my mindset. It changed how I budget and spend my money now.”
Narrator: The monthly savings meant she didn’t need credit cards to get by anymore, because her budget was balanced.
[On-screen text] After her interest rates were reduced to 1%, Renee was debt free in 4 years!
Narrator: And she could use part of that monthly savings to save up for a new house. Renee had this to say in closing:
[On-screen quote from Renee] It was a great feeling that I was no longer using credit to get by.
If you feel like you’re barely keeping your head above water, pay your credit cards off. And there’s nothing wrong with asking for help!