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I met with a lady today who filed a consumer proposal with me back in 2005. At that time she and her husband were deep in debt. When I asked her what happened, she said, somewhat embarrassed, that "we were young and not very wise. We wanted to have nice things in our apartment, so we used credit cards to get what we wanted. Then when my husband got laid off, we couldn’t afford to keep making the payments on the credit cards." |
Douglas Hoyes, CA |
I am happy to report that the reason for our meeting today was that she was making the final payment on their proposal, over one year ahead of schedule. I asked her how she did it. Here’s a summary of what she told me:
"My husband and I realized we couldn’t keep living beyond our means. We gave up all of our credit cards when we filed the proposal. We have paid cash for everything ever since. If we want to buy something, we save until we can afford it. We don’t need credit cards to survive."
Because they pay cash for everything, or use their debit card, they have paid a grand total of zero dollars in interest over the last three years, and they are never behind on their credit card payments, because the don’t have any!
That’s what I call a success story. The proposal was a great way for them to deal with their debts. (A proposal is not the only solution; for some people debt consolidation loans, credit counselling, or bankruptcy may be the answer; when you meet with us we review all options). But the proposal was only the first step. They had to reduce their spending and learn to budget to get back on track.
If you want to be a "success story", give our Toronto team a call at 310-PLAN (310-7526, no area code required) or E-mail us to arrange a free initial consultation. There is help available, so give us a call, and let’s get started.
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