Tackling Credit Card Debt
March 17, 2016Planner: Michael via 1 on 1 Consultation
Problem: She was loaded up with credit card debt.
Suggested Action Steps: We discussed using her bonus to knock down highest interest debt, then paying off remaining debt starting with the highest interest rate & moving to lower rate debt. With the Debt Blaster worksheet, we estimated 18 months to go from totally stressed to totally debt free.
Results: Two years later, the debt was gone and the 401k contributon was increased from 3% to 15%.
Testimonial: “My financial planner, Michael, was a life saver. I had so much credit card debt and saw no way out. He explored every option with me – explained that I could borrow from my 401K and helped me reduce my credit card debt by half. He also devised a plan that will help me pay off the rest of the credit card debt in a year. Now there is an end in sight and I am on my way to becoming debt free and financially stable!” – 1 on 1 Consultation Attendee