Meet Katie. Retail credit cards became her best friend shortly after college. Home alone with her 4-month-old in a place where she didn’t know anyone, she turned to shoes and designer handbags. Being a military family resulted in multiple moves and income instability. Eventually, her grandma came to the rescue and helped get her debt under control. But that was only short-lived. She eventually found herself divorced with two small kids, without a job and in $26,000 of credit card debt.
Katie turned to a nonprofit credit counselor to get back on track. She had found someone who supported her and did not judge her—even when her payments became unaffordable. After many ups and downs, she eventually completed her debt plan five years later. And when she was looking for a job, she found an organization that helped others in the same way she had been helped. Now, she’s able to take her passion and skills to pay it forward.
1:40 Katie gets a new “best friend”… retail credit cards.
6:45 Katie discusses how loneliness and depression led to a shopping addiction.
9:00 How spreadsheets helped feed her shopping addiction
10:21 Why her joint debt with her then-husband ended up in her name
13:00 The Bank of Grandma comes to the rescue!
15:29 Katie buys a house… but is she ready to do so?
20:14 Katie is saddled with $26,000 in debt while jobless and divorced with two kids.
22:26 Katie can finally get a good night’s sleep after receiving a helping hand
26:00 Five years after enrolling in a Debt Management Plan, she makes her final payment!
27:40 Katie lands a job where she can help people who are in the same boat as she was.
29:40 Alex, Brad and Chris (our co-hosts) reflect on Katie’s story and how her emotions played into her money situation
Music by Hir-O