Blog: Couple Pays Off $92,000 In Credit Card Debt
Fran Riconalla/Credit Card Assist
4 October 2011
Jerry and Sue Bailey had $92,000 in credit card debt just five years ago. Now, they’re completely debt free. Thanks to a debt management company called Greenpath, the couple carefully budgeted their money and paid off their current debt.
Unfortunately, the Bailey family isn’t alone in this situation. There are 183 million credit card holders today, and with $897 billion in outstanding debt, many are in trouble. Some are even looking to credit cards to deal with living expenses in today’s troubled times. These days, everyone is suffering.
The Bailey family paid $500 a week to their debt settlement company, which worked with all of their creditors to create lower payments they could actually afford. Even after Sue Bailey had to have foot surgery and be off work for 5 months, they still stuck to the program, avoiding bankruptcy entirely.
With six grown children, the Baily family had some serious expenses, but now they don’t spend anything they can’t afford to buy in cash.