How a debt consolidation transformed Trisha

Trisha was a hard-working single mom working and living comfortably without giving much thought to the proper allocation of her debt. Being in the sandwich generation as many of us are [me included] her life changed dramatically when her dad became ill.

Suddenly, Trish was the caregiver for both her 16-year-old and her parent. Not being a quitter, she put her focus on her two favorite men. It was not easy physically as she had to get up early for work at 4 AM and was with dad until 11 AM. Trish incurred other troubles, mainly financial.

Has dad’s income was limited, the loving daughter stepped in to ensure all necessities and care were provided. Trisha’s dad’s stroke changed her life completely.

In the three years she stayed with dad, she was incurring expenses of $3000 per month. In December 2017, dad passed away. The last two years were also difficult as she lived in a fog both grieving and financially.

We suggested a re-haul of her debts to Simplify paperwork, improve cash flow, relieve stress and finally improve her sleep. Thankfully, Trish put her complete trust in our plan. Here is what we did:

These were Trisha’s actual debts before

Mortgage $83,300 payment $800/mth

Secure line of credit $55,000 payment $700/mth

Credit cards $74,000 payment $2220 front/mth

Total cash out per month $3720

After

Mortgage $235,000 payment $1159.68/mth

Total savings per month $2560.32

After restructuring her debt, we did the following:

Cut up and eliminated nine of the 11 credit cards

Had Trisha automatically get an extra $5000 for an emergency account

Pay her self $250 per pay to build the emergency account for the future

Have the extra $2000 to enjoy life today

Trisha is very happy and is starting to enjoy her life again. She has control again and it makes her empowered.