Fausto Ramos says his debt story was boring – until it got terrifying.
Fausto’s credit card balances crept up on him over time, then smacked him in the face all at once
At 24 years old, Fausto worked in Oregon. “I had a full-time job, and I was getting paid every two weeks. I had three or four credit cards, and I was using them infrequently for little things like gas, oil changes, and treating myself every so often.”
Fausto was smart. He signed up for credit cards with zero-percent introductory rates. But then he did something that many people do: He didn’t change his spending after the introductory rates ended. Over time, he started paying steep interest rates on those cards.
“I was getting used to using them, and they started getting close to their maxes,” Fausto says. “You get started on a credit card, and it’s zero percent for 8 to 10 months, and then that interest starts to accrue, and those minimum payments don’t work.”
One day, it dawned on him: “I realized my income was disappearing before I did anything for myself. I had 80 bucks left for groceries.”
He tried to fix things on his own, but that was “a lot of stress and anxiety.” Still, he needed to feel that way for a while, because, “It took all of that for me to call Consolidated Credit. I was determined to do it myself.”
When his anxiety became “kind of a minor depression,” Fausto picked up the phone. He regrets not doing it sooner.
Calling Consolidated Credit
When his anxiety became “kind of a minor depression,” Fausto picked up the phone. He regrets not doing it sooner.
“It was very non-guilt, which was the biggest impact for me,” he says. “They made everything real for me. It was simple and it made sense. As soon as I got off the phone, I felt a weight lifted off my shoulders. I wasn’t drowning anymore.”
Two aspects of Consolidated Credit’s program really appealed to him. First…
When everything turned into one payment a month, that was a relief. I didn’t have to worry about multiple payments – like this one’s on the third, this one’s on the 15th, this one’s on the 17th. The single payment opportunity was huge.
Second…
When they told me they were taking over all the communications with my creditors, that was a relief. It came with a lot of shame. I mean, how do you call someone and say, ‘Hey, I borrowed all this money from you and now I can’t pay it back?’ When they said they would do all the phone calls and emailing, I was blown away.
In 20 minutes, Fausto says he went from “being very afraid to this is gonna be OK.” His life changed that fast. He’s since finished the program.
“I’ve actually started investing,” he says. “I have a stocks folder. I have a simple IRA. I realize there are benefits to credit cards, and I still have a credit card. But I balance it better.”
Now, instead of treating himself every so often on his credit card, Fausto saves money to “visit somewhere I haven’t visited every year. So far, he’s been to Hawaii, Puerto Rico, and Nashville – and he says he’ll never revisit the stressful debt he once had.
Our certified credit counselors can help you with solutions so you don’t have to struggle alone. Call us today for a free consultation today!
