The Debt Crusher!: ConneXfactor 2017

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For six months, Connex Credit Union will be working closely with five participants to see who can become the most fiscally fit to win a $3,000 grand prize. Each participant has been paired with a Connex Financial Advocate who will offer real-world, practical advice on how to reduce debt, build savings, and many other helpful financial tips and advice. Connex received over 100 applications for the fourth annual ConneXfactor competition! Below is our update on Thalia M.

Thalia M.: The Debt Crusher!

Coach: Lamar Weaver, Hamden Assistant Branch Manager

Thalia and I have met for our initial ConneXfactor conference to discuss solutions and different ways that we can tackle all of our goals set. This is going to be a very exciting competition this year; Thalia is highly motivated to decrease her credit card debt, pay down her student loan, save for a new car, and win the ConneXfactor competition!Thalia

One of Thalia’s goals is to save money for a down payment on a new vehicle. To meet this goal, we’ve discussed opening a Save-To-Win prize-linked CD savings account. Not only is this a great account for saving, she will have the opportunity to win cash prizes each month from $25 to $5,000!  Thalia’s second goal is to pay down her student loans. We created a cash flow and determined that Thalia will contribute an additional $150 a month towards her student loan debt allowing her to have a significant portion of this debt paid off by the end of this competition. The final goal is paying down the credit card debt. Thalia and I reviewed 3 solutions: 1) Consolidate all credit card debt into a personal loan; the personal loan is at a lower rate than the credit card debt and she would have just one payment; 2) Transfer the balances to a new credit card with an introductory 0% annual percentage rate; and 3) Continue to pay the existing credit cards and include extra principal payments! All of the credit card consolidation options will help Thalia save quite a bit of money in interest alone. After our discussion, we decided that consolidating the debt into a personal loan was the best option for her.

Thalia is committed and excited about this competition and can’t wait to start saving money and learning various strategies to take control of her budget. Thalia is going to monitor her budget and spending habits so that she can win this competition and become more financially savvy! For this ConneXfactor competition, we are determined to make this a fun learning experience as well as a cruise to the finish line!

Go Thalia!!!

Do you need help with paying off debt in a manageable way? Join our ConneXfactor contestants and let our Financial Advocates work with you to create a financial plan to help you stay on track! Stop by any branch or get started online today!

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Improving the lives of our members... one member at a time.

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Posted in ConneXfactor 2017, Contests and Promotions, Debt, Uncategorized

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