- November 19, 2019
- By: Greenpath Financial Wellness
A GreenPath Debt Management Plan may be just what you need
The holidays are a time of joy, bright lights and merriment. It’s easy to get swept up in gift-giving and festivities. Being aware of your spending is important all the time, but especially during the holidays. According to finder.com, an estimated 134 million American adults will go into debt because of the holidays and it will take an average of 4.5 months to pay off their holiday debt.
GreenPath Financial Wellness is on a mission to change that! We’ve helped hundreds of thousands of people just like you pay off their debt, save more, and achieve their financial goals.
One of the ways we can help you relieve financial stress from the holidays is to support you in making a financial plan. Remember, you’re in charge of your plan and your goals! It’s always a good idea to pay off your debt and to make your savings a priority. This is especially true during the holidays because no one is more deserving of the gift of financial wellness than you.
Last year, Americans racked up an average of $1,054 in debt over the holidays, according to CNBC. CNBC also says that, “If you’re a shopper making a minimum payment of $25 a month on a $1,054 credit card bill, that means it would take until 2023 to pay down the balance — and you’d also be paying $500 in interest over that time (assuming an annual percentage rate of 15.9 percent).”
If you’re one of the 80% of Americans with credit card debt or other high-interest loans, you may be able to reduce your interest rate AND pay off your debt faster under a GreenPath Debt Management Plan (DMP).
A GreenPath Debt Management Plan consolidates your debt into a single payment. Each payday, you automatically deposit money into your GreenPath account, and we use that money to pay your creditors on your behalf.
Often, we are able to arrange lower interest rates and monthly payments with your creditors, so you can pay off your debt faster, save more money long-term and enjoy the holidays free from financial stress.
Once creditors agree to the program, collection calls stop and you’ll see your balances start to go down. Want to avoid holiday debt? See if a Debt Management Plan is right for you. Calculate the difference.
It all starts with a conversation, a GreenPath counselor will ask a series of questions to determine the best option for your financial situation. Throughout the assessment, they will share information to help you identify ways to reduce expenses and save money. They will also support you in creating a financial plan to avoid holiday debt.
Consider us your support team, when you sign up for a debt management plan, you have an entire team of GreenPath people behind you. When you succeed, we succeed. We know this is a big step and when you have questions you can call us.
Want us to call you? Click below to get started!