At Clearpoint, we are always celebrating “Life After Debt,” and today we want to take a quick look at four very successful clients who have been able to pay off a significant amount of credit card debt. Each of these clients used our Debt Management Program in order to receive lower interest rates on their credit cards along with a structured action plan and thorough budget view from a certified credit counselor. The results? This group of clients was able to pay around a quarter of a million dollars back to their creditors, and they are now enjoying Life After Debt.
When Laurie became a new mother, she found herself struggling to make ends meet. With monthly credit payments of over $4,000, how was she going to pay for the essentials, like food and utilities? In short, she couldn’t.
But Laurie wouldn’t give up that easily. She worked to find extra income sources and relied on family and friends when she could. And then, she realized that she could use some help from a third party.
That’s when Laurie came to Clearpoint, where we explained that her situation wasn’t all that uncommon and that there was hope for her and her new family. Through our program and her own resolve, Laurie would go on to pay approximately $52,000 in credit card debt while regaining her financial stability.
When Jodi’s husband lost his job, the family’s finances were really squeezed. How were they going to continue affording three homes? That is when the credit card debt began to accumulate, and it was hard to keep up.
In Jodi’s words, “the stress was tremendous” and the situation felt like “a juggling act.”
Luckily, Jodi was able to find Clearpoint, where our debt management program allowed her to receive lower interest rates on her credit cards, and the plan showed her an end date for her debt. With this type of psychological empowerment, Jodi had everything she needed to tackle the debt once and for all.
Just a few years later, she and her husband are about to complete the plan and will celebrate having paid around $53,000 in debt!
Jason and his wife were caught off guard by some unexpected medical costs. This led to credit card and other debt, eventually adding up to about $40,000.
This was a challenging situation, and one that tested their relationship. In Jason’s words, “The debt situation is something that nearly tore our family apart” and “We were dangerously heading down that path [divorce].”
Thankfully, after getting lower interest rates, being promoted to a new job, and increasing his level of financial education, Jason was able to pay off his credit card debt, and the family is now celebrating a much more peaceful “life after debt.”
Jim realized one day that he was in over his head. He had too many credit cards but not enough savings set aside to meet his monthly obligations. Luckily, he made an appointment with a local Clearpoint counselor, and brought in his bills and other financial information. His counselor was able to help him establish a gameplan–something he could manage each month while still making headway.
It worked, and Jim was able to pay off around $90,000 in credit card debt!
Celebrating Life After Debt
These are just four stories of the people we help every day. And these four stories should be celebrated, because together these clients repaid almost a quarter-million dollars in credit card debt!
But it doesn’t stop there. Since the recession of 2008, we have counseled hundreds of thousands of clients. And, we have helped people repay more than $1.5 BILLION to the creditors they owe. We are proud of the hard work our clients put into their repayment, and we hope they all enjoy the peace and stability that come with Life After Debt.
This does work. You have to stick to the plan and be very frugal. My wife and I were in worse shape than any of these people (try $138,000 in credit card debt). We also had a huge mortgage and two car payments and a student loan to pay off. Clearpoint set up a plan for us to pay off our credit cards in 58 months (we have 10 to go and we’re going to do it). We really had no extra money, but we pushed through and went without. Then one car got paid off and suddenly we had that. Then the other vehicle. We felt rich. We refinanced our house (didn’t lower our payments, but shortened the term). We each took a couple of extra little jobs on the side. Anyway. I’m going to have this thing paid off by May and my oldest kid starts college the following August. We would have never been able to send her if not for Clearpoint.
Stay the course!
That’s great to hear Matt. We are thrilled that things worked out so well for you and your family. Your dedication and self-discipline are what made it possible! Congratulations!