Overcoming debt and credit challenges to achieve homeownership.
After immigrating to the United States from Nicaragua, Maria Altamirano and her family captured their slice of the American Dream– buying their first home in spite of challenges caused by credit card debt with the help of Consolidated Credit.
Overcoming Credit Card Debt to Achieve the American Dream
Recently, reports have come out indicating that the American Dream is no longer possible for millions of Americans because they’re struggling to overcome problems with debt, from student loans to credit card debt. While limited income and low credit scores do present challenges, with the right strategy even families struggle to make ends meet can eliminate debt and achieve financial stability and realize the American Dream by buying a first home. Meet Maria Altamirano, a first-generation immigrant from Nicaragua who found relief from credit card debt with the help of Consolidated Credit. Once her debts we’re cleared away, she signed up for a first time homebuyer workshop and started working one-on-one with a HUD-certified housing counselor. Within six months, Maria and her family were able to move into their new home.
Traditionally owning your own home is part of the American Dream, but for many credit card debt can be a barrier to that dream. For Maria and her family, they conquered their credit card debt using Consolidated Credit’s debt management program.
My name is Maria Altamirano. I had like a 29% APR on my credit cards and Consolidated Credit got me a really good APR of 2%. In 3 years, I paid my $20,000 debts. I always wanted to have a new house, but I always knew that in order for me to get the new house I needed to pay off my debts.
After I finished my debt management program and the housing counseling my score credit [sic] went to 790. Through Consolidated Credit they sent me an email – first time homebuyers. Victor was always available, at any time by emails, by phone calls and he helped me in every single step. From the time that I took the class, I got my house in 6 months. Buying a home – it was like a dream – because I always wanted to have a house for me and my family.
If you’re struggling with high interest rate credit card debt, reach out to a credit counselor for a free consultation. And if you’re ready to buy a home or need help staying in your existing home, Consolidated Credit’s HUD-certified counselors are ready to assist you.
Don’t let credit card debt become a barrier to your dreams
Buying a home isn’t the only financial goal that credit card debt can hold you back from achieving. You may be struggling to save money, delaying retirement, putting off a wedding or even holding off on a career change because you have high interest rate credit card debt that’s keeping you from reaching those goals.
The challenge with credit card debt comes when you have high balances with high interest rates applied each month. You can pay month after month, but your balances never seem to go down. That’s because interest charges can eat up two-thirds or more of every payment you make. So even though you pay diligently on time each month, you can’t make any headway.
The good news is that you can significantly improve your financial situation by crafting a strategy to eliminate credit card debt. If traditional payment methods aren’t working and you can’t free up enough money in your budget to reduce debt quickly, then you need to look into alternative methods like debt consolidation. A certified credit counselor can be your most useful resource since they can give you an unbiased, expert opinion on your best option to get out of debt.
During the free consultation with your credit counselor, make sure to mention what financial goals you want to achieve once you’ve eliminated your debt. Your counselor may be able to direct you to additional resources that will help you get a leg up, like the first-time homebuyer workshop that Maria Altamirano attended. Taking things one step at a time, you can eliminate your high interest rate debt and then move immediately into executing a new financial strategy that helps you reach your goals.
If you’re facing challenges caused by high interest rate credit card debt and you need help finding a path to achieve financial stability, call us at (844) 276-1544 or complete an online application to request a confidential debt and budget analysis from a certified credit counselor at no charge.