How to Pay Off Over $30,000 in Credit Card Debt
When household emergencies drove Walter’s debt up, he called Consolidated Credit for help.
Finding a way to pay off a large volume of debt can be overwhelming. When your credit card balances stack up to $20,000 or $30,000, it can feel like you’ll never find a way to get out of debt. The financial stress takes over your thoughts and the bills take over your budget. So, what is the best way to pay off so much debt? How do you get ahead when you already feel like you’re behind?
Walter had no idea how to pay off over $30,000 in credit card debt…
It was never his intention to run up his balances, but after a series of household emergencies Walter racked up almost $35,000. Between vehicle repairs, home repairs and a few trips, his credit card balances were out of control. And once he paid his mortgage insurance and debts, there was barely anything left over to even feed himself.
So much debt left Walter feeling anxious and overwhelmed. If he could barely afford his bills, how was he supposed to get ahead. He called his financial advisor for advice.
“It was my good fortune that my financial advisor, who was a government-contracted service provider, strongly recommended Consolidated Credit.”
Walter did some research online and found Consolidated Credit was A+ rated with the Better Business Bureau. They’d helped over 6.5 million people facing situations like his. So, he decided to make the call.
The relief came that day…
Walter spoke with a certified credit counselor. Together, they evaluated his debt, credit and budget to see where he stood. This allowed the counselor to recommend the best options to fit his needs. Walter qualified for a debt management program, which is a type of professionally assisted debt consolidation.
“After my initial consultation with my credit counselor, I immediately knew there this was the solution for me. It was a plan that would preserve my credit and if I stuck with the program, I would reap the rewards in the end.”
The debt management program rolled Walter’s seven individual credit card payments into one low monthly payment. Once the credit counseling team negotiated, his creditors reduced his interest rates to less than 4%. As a result, Walter could get out of debt in less than 60 payments, even with lower payments each month.
Five years later, Walter’s debt is under his control…
Although he’s not completely debt free yet, that’s by Walter’s own choice. He choose to take advantage of the flexibility of Consolidated Credit’s program by leaving a few cards out of the program.