Eliminating Debt
February 25, 2016Planner: Bruce via 1 on 1 Consultation
Problem: She wanted to get a better understanding of the DebtBlaster calculator and get guidance on paying her highest interest cards by using extra money from her raise.
Suggested Action Steps: Suggested checking in with her bank to see if they could offer her a loan/balance transfer to lower her interest rates. We also discussed contributing more to her high interest credit card debt (due to her raise).
Results: Once she prioritized her debt from the highest interest rate to the lowest, she reviewed her budget and found extra money that she applied to the highest rate card. Based on her new situation she would have been able to be out of debt 3 years earlier than what she was doing. She also took the step of looking for an opportunity to consolidate her debt into a lower interest rate which will further reduce the amount of time to pay down her debt.
Testimonial: “After talking with the planner, I have a plan for getting rid of the balances of 2 credit cards very quickly. One of his suggestions led me to my bank which led me to being able to completely clear my consumer credit. Thank you, thank you, thank you!!!!! I can breathe freer now!” – Anonymous