When I was a child living in Tulsa, Oklahoma I became use to the severe weather from May to September. One day while my mother, sister and I were watching TV, the forecaster warned of an oncoming tornado and then the electricity went out. We all rushed to the storm cellar and shut the door to wait it out. We all survived and our house remained unscathed. But there were others that weren’t so lucky and lost their lives. Had they bought houses with storm cellars maybe they would have been all right.
Friends, when you have loads of debt, don’t wait to consolidate it. If you do, your FICO score will get worse. That will prevent you from moving the debt to other cards at a 0% interest rate. Without this hand maneuver, your only consolidation option will be to use a consolidation company. their role is to negotiate with your creditors while they pocket a lot of the payments for themselves. Anyway, it’s a nerve racking process that no one should have to experience.
Since my childhood days Tulsa has changed a lot but the frequent storms have always shown me the necessity to be prepared. In fact, I’m now a debt counselor because I love to serve families in the local community. My goal is to guide people through their financial hardships so they can have a future that’s worth living. Believe me, when I see their credit card statements the first thing I recommend is debt consolidation the easy way. I tell them to open up those credit card offers that they receive in the mail and take them seriously.
The other day I was talking to a couple from Oklahoma about their out of control debt and they didn’t seem too worried. It was as if they were living in their own bubble. I finally realized why they felt so easy about their neglectful spending. Years ago they set up a college trust fund for their son and they had grown accustomed to dipping into it. They were definitely prepared in one sense, but at the expense of their son’s future. Debt consolidation was recommended to them and now hopefully their son can still go to college.
It’s difficult to forget the woman who walked into my office last December. She was so tanned that it looked unhealthy. I could tell right away that the tanning salon expense had to go. But I have learned something over the years about people’s sacred cows. If you touch them at the wrong time there could be an ugly scene. So as we talked I sifted through her financial statements from her bank. I kept on seeing sizable deposits but she had no job and was single. She told me that they were from her boyfriend who flies around the globe doing business. But in the last 2 months of bank statements there were no deposits due to them breaking up.
So now I could see that the tan was actually an investment to get another “boy toy” who could support her upscale lifestyle. Unfortunately her credit card statements were showing that she had missed her last payment which skyrocketed her APR from 12% to 22%. I immediately recommended debt consolidation and she agreed half-heartedly. Thankfully she was able to transfer her balance of $11,000 to her new card before her FICO score made that window impossible. Now she’s hooked up with someone else who let’s her enjoy her upscale living requirements. She’s 35 now so I don’t know how long her income stream will last but I wish her the best.