Peter earned a comfortable income and Kathy managed the home with five children. Unexpectedly, Peter lost his job of 20 years, remained unemployed for a year, and credit card debt grew.
When Peter and Kathy took new jobs their combined income still did not match household expenses and the debt grew. Not long after Peter got very sick and had to leave his job.
The debt quickly ballooned to $50,000 and Peter and Kathy were overwhelmed with interest and minimum payments.
Peter and Kathy sought the support of Credit Counseling Center’s Debt Management program to set up a repayment plan with lower interest rates and manageable monthly payments.
Over time, Peter and Kathy paid back the whole $50,000 debt with less interest and improved their credit scores in the process.
In the past 25 years Credit Counseling Center has helped over 1,500 other families get to the other side of debts ranging from $8,000 to over $130,000.
In addition to the Debt Management for credit card repayment, Credit Counseling Center helps Bucks County residents manage their finances in pursuit of other goals.
Goals like getting on track for first time home ownership, rebuilding credit after past insults, and getting on the same page about household finances with your partner.
Jennifer and her husband established a common habit of not talking about their finances while slipping further and further into debt.
In Jennifer’s own words, “We never budgeted or talked about money… we trusted and assumed the other person was handling their part. We treaded water with this method for seven years, and now we were drowning.”
Credit Counseling Center staff coached Jennifer and her husband to establish a budget, to use cash, to save, and, most importantly, to prioritize themselves and their family’s financial security over impulse purchases.
Jennifer, who spoke at Credit Counseling Center’s ribbon cutting ceremony for their office expansion and 25th anniversary celebration in May said, “This experience has taught my husband and I how to communicate better about the finances, and it has truly made our marriage stronger.”
The folks at Credit Counseling Center have seen it all in their 25 years and are looking forward to doing it for 25 more.
Call Credit Counseling Center today at 215-348-8003 or visit www.ccc-credit.com to schedule your FREE financial coaching session.
PHOTO CAP: The Credit Counseling Center staff is ready for 2020! From left, Paula Powers-Watts, Laurie Selitto, Cindy Borman, Erica Librach, Vicky Brodzik, and Joan Reading.