How to Pay Off $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.
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 most of 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.
Walter from Hollywood, FL
“I wish to congratulate and also thank Consolidated Credit for assembling the incredible team of homerun hitters that you have assembled in your customer service department. They are your best representatives and stand as bright shining lights to the debt-besieged public. ”
Where he started:
- Total unsecured debt: $29,397.00
- Estimated interest charges: $16,752.75
- Time to payoff: 13 years, 6 months
- Total monthly payments: $1,175.88
After DMP enrollment:
- Average negotiated interest rate: 4.19%
- Total interest charges: $1,988.74
- Time to payoff: 4 years, 5 months
- Total monthly payment: $594.00
9 years, 1 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 chose to take advantage of the flexibility of Consolidated Credit’s program by leaving a few cards out of the program.
Keeping Accounts Out of a Debt Management Program
This video teaches you how you can keep accounts out of your debt management program, why it’s in your best interest to include everything, and how you can add them in later as you progress through the program.
You can add cards to the program after you’re already on it. You just need to be careful about why that card wasn’t put on the program when you first started. Be aware if you want to leave a card off the program – for whatever reason – it’s extremely important that you talk to your counselor in advance about why you’re leaving that card off the program. If something unfortunate happens after the fact, you can add it to the program.
“For the couple cards that I kept out of the program, I will be putting them into a new program with Consolidated Credit soon, once I’ve built up a reasonable reserve.”
Now, however, Walter knows how to use credit the right way to keep the balances he paid off low. That way, he can continue to manage his debt effectively.
“I only use credit for real emergencies and not for anything that can wait or you can do without. In our household, cash is truly king.”
Walter recommends Consolidated Credit to others in the same situation…
“I look no further than Consolidated Credit,” Walter says, “They helped me transform my life!”
For anyone else wondering how to pay off over $30,000 in credit card debt, Walter recommends picking up the phone.
“Just take the first step and talk to one of Consolidated’s credit counselors. Then you will know that you’ve taken a step in a positive direction. The rest is easy”
Looking for the best way to pay off $30,000 in credit card debt or more? Call us for a free evaluation with a certified credit counselor.
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