In 2019, Daniel had no money and no idea how to save any. What he did have: a wife, two children, and $40,000 in credit card debt.
“My finances were going nowhere fast,” Daniel recalls. “I remember switching jobs and getting a $14,000 raise – and when I went to pay my bills, it was still not enough.”
How did Daniel get $40,000 in debt?
It wasn’t any one thing. “Just bad financial intelligence,” he says. “I never missed a credit card payment. But I made minimum payments and never realized I wouldn’t be able to pay it all back.”
That’s because making minimum payments can take decades to pay off. Daniel didn’t realize that until he got a raise.
“I remember switching jobs and getting a $14,000 raise – and when I went to pay my bills, it was still not enough,” he recalls. “I knew I had to change.”
It was soon after that he called Consolidated Credit…
“Consolidated Credit was a godsend.”
When he spoke with a certified credit counselor, Daniel’s credit card minimums were almost $1,000 per month.
“The biggest problem was that while paying these minimums, I would still use the cards every now and then,” he says. “I was working against myself.”
His counselor worked for him…
“They were able to get me on a payment plan that cut my credit card interest rates,” he says. “My new monthly payment was $605 a month – saving me approximately $400 per month.”
Now Daniel’s future is bright…
“Now we’re debt free and have established healthy financial habits that – prayerfully – will never send us down that road again,” Daniel says. “Consolidated Credit was at the beginning of my journey, and if it weren’t for a jumpstart, I don’t know where I would be today.”
Get maximum help for those minimum payments.
If you’re trapped in minimum-payment purgatory like Daniel, Consolidated Credit may be able to help you, too. Talk to a certified credit counselor today.
