Reducing Overwhelming Debt: ConneXfactor 2018

connexfactor logo blogFor 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 fifth annual ConneXfactor competition! Below is our update on Alyssa W.

Alyssa W.: Reducing Overwhelming Debt

Coach: Kerry Perrotta, Guilford Branch Manager

Alyssa is in a similar situation like many of our members; one we can all relate to.  The situation is that she accumulated a lot of overwhelming debt during a particular period of her life – a time called “College.” This debt has started to become daunting for Alyssa, as with many other Americans who attended a higher education institution.  She comes into the competition determined to put those years behind her, by putting herself on track to pay this debt off while keeping her eye on the prize – a financially stable future.  She is excited about the great life goals she has in front of her, and the ConneXfactor competition is the first step in achieving those goals. wollman

Her goals for the competition are:

  • Save for the future (specifically saving for a home purchase and emergencies)
  • Pay down credit card debt
  • Pay off her car loan and a few of her smaller student loans

Over the first month of the competition, Alyssa has really attacked her goals and put herself in prime position to reach them.  We reviewed her monthly cash flow and found she has room to start putting $300 into her savings, by changing some of her spending habits. This is goal #1.  She even adjusted her direct deposit to force herself to make sure she consistently saves money.  That shows real commitment to the process! Alyssa then opened up a 0% credit card and transferred some of her high interest balances, to ensure the payments go more towards paying down the balances than towards interest. This is goal #2.  We also paid off her car loan with the 0% card by restructuring her debt, and determined a monthly payment that would allow her to pay off the car completely in the short term. This is goal #3.

Alyssa is well on her way to achieving her goals and is a great example of someone who is motivated to make the personal changes necessary to reach her financial goals.  I look forward to being part of her success!

Are you debts starting to feel crushing? 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.

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

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Posted in ConneXfactor 2018, Contests and Promotions, Debt, Financial Education, Improve your life, Money Saving Tips

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