Manageable Credit Card Payments: 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 Deborah F.

Deborah F.: Manageable Credit Card Payments

Coach: Michael Federico, North Haven Assistant Branch Manager

Deb has really dialed in to the final stretch of ConneXfactor! To date, Deb has successfully completed two of her three goals set at the beginning of the competition:  save $750 in an emergency fund, pay down a consolidation loan for her credit cards by $500, and save an extra $800 between her retirement account at Connex and 401k plan at work. IMG_0891

Deb was paying a significant amount on her credit cards each month for interest and principal.  Early in the competition, we consolidated her credit cards to give her one easy monthly payment with a low rate of 8.99%. I challenged her to go above and beyond, by paying down the principal balance as much as possible.  There’s a story in here. For example, she was paying over 19% APR and her payments were $500 a month, but by consolidating her debt and reducing her rate, her monthly payment is only $300 and she uses the extra $200 a month to pay down her balances quicker.   She took the challenge very seriously and has managed to pay down over $700 over the course of four months – and there are still three weeks to go! In addition, her emergency account has a balance of $800 which exceeds our original goal. She is also on target to exceed her goal of saving an additional $800 between her work 401k plan and retirement account with Connex.

For the remaining three weeks, I have challenged Deb to really dig deep and continue to save money anywhere she can.  We talked a great deal about how to become financially sound and the importance of financial wellbeing. Deb truly exemplifies the positive results that can happen when you work hard and I’m confident she’ll use everything she’s learned long after ConneXfactor is over. I am extremely proud of Deb and her accomplishments thus far, and cannot wait to see how she finishes out the last month!

Are you credit card payments drowning you? 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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Posted in ConneXfactor 2017, Contests and Promotions, Debt, Financial Education, Improve your life, Money Saving Tips

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