MarketWatch: “I was making $100K a year, but racked up $85K in credit card debt. Now I shop at Aldi and drive a 2007 car, but am still struggling. How to get out of debt faster”
MarketWatch, Nov. 1, 2021 — Marguerita Cheng, CFP® Pro is featured in today’s article by Alisa Wolfson about personal loans for debt consolidation credit counseling, and more. What is the right option for you?
“Get on the phone with your credit counselor and let them know that you’re now earning less money because they need to find some way to extend that payoff period and reduce their monthly payments,” says Marguerita, a CFP Board Ambassador.
She explains that existing customers enrolled in debt management programs can contact customer service and explain their situation to try to get more manageable payments.
“You can provide documentation to ACC regarding your income. You want to pay off your debt but the proposed payment plan isn’t sustainable. It’s worth mentioning to ACC that the $1,837 monthly payment represents 38% of your gross monthly income. You can ask them to modify your payment which may extend your debt repayment plan.”