Learn how these North Carolinians dealt with their stressful debt situations.
This week we spent our time working in North Carolina on three different debt consolidation loans and they were all with local credit unions. Today we will just review these different individuals and shed a little more light on using credit unions instead of big banks.
North Carolina Credit Union Debt Consolidations in Brief
The debt consolidation in Raleigh NC with Jennifer was for $80000 dollars in total which included her student loan, car loan, and credit cards. Quite a big debt punch for a young single woman. She was approved with the Welcome Federal Credit Union.
The debt consolidation loan in Charlotte NC was provided by the Carolinas Telco Federal Credit Union and it was for a total of $20000 dollars which mostly consisted of credit card balances.
Then there was the Greensboro NC debt consolidation that started out as a request for only $5000 and ended up being $7500 and this was for Marsha provided by the Self Help Federal Credit Union.
This was Jennifer’s debt consolidation with the Welcome Federal Credit Union in Raleigh, approved for $80000 dollars. Her file was a typical one in that too many young people in America are strapped with relatively huge debts because of their education. Most of her $80000 dollars in debt was due to student loans from her tuition at the North Carolina State University.
Unfortunately most people who have $80000 in debt aren’t as lucky as she is. She didn’t want to do it at first but she ended getting some help from her Grandfather. We don’t usually post examples of people who get help from family members because our visitors are looking for debt consolidation online precisely because they DON’T have that avenue of relief.
We did decide to include Jennifer’s co-signer example because it was for $80000 (almost exactly) and she lives in Raleigh. We have to get approval from the borrower’s before we publish their file, and she allowed us to go ahead with this piece. This $80000 debt amount was perfect for what we needed.
A Little About Our Service
Now would be a good time to mention our service. At DebtFiles.com we allow people the opportunity to apply for debt relief, debt settlement, or debt consolidation with multiple lenders all at once without damaging their credit rating in any way. We do this with what we call pre-apps and these are condensed loan/service applications you can find at the bottom of any page on this site (scroll down here and you will see one).
With these pre-apps you are basically alerting many different lenders in your area that may be able to help you. IF they are interested by your pre-app and think they can help you they will email you. Then you can decide whether or not you like their offer.
Enough about us…back to our visitors.
Dear Old Grandpa To The Rescue
So Jen’s Grandpa was exalted when she finally gave in and asked for some help. He started by simply co-signing his granddaughter’s loan agreement at the credit union, and soon after that he simply paid out the whole thing and didn’t charge her interest at all.
I know this makes most of our visitors to DebtFiles.com puke. They’re thinking, “WOULDN’T THAT BE NICE!”.
Yes that would be nice – but it’s not the normal outcome. If it was a normal situation Jennifer would have to find a credit union that approved debt consolidation loans with the lowest interest rate – somewhere in North Carolina. And depending on her credit score (good, bad, or ugly) she would be saddled with servicing that debt for many years.
Last Note On The Raleigh NC Debt Consolidation
In Jennifer’s NC debt consolidation loan she ended up where she was because of illness and we close with this because unfortunately too many people find their credit scores ruined due to no fault of their own – just plain bad luck. But medical expense debt is usually only part of the overall problem. There is usually a few different causes involved – these due to poor choices the person made.
It’s so important we learn live for the future and plan to keep your finances above water, no matter what happens. We need to find a way to make our earnings higher and our spending lower. In Jennifer’s case she could have made sure to find the high paying job her university education was meant for.
$20000 Dollar Debt Consolidation Loan With Welcome Federal Credit Union In Charlotte NC
And then there was Brad. Brad needed a $20000 dollar consolidation loan because of his swelling credit card balances and his true love which was none other than a Chevrolet SS Stock Car. Boy toy debts are very common. When some men have a passion they spare no expense, and often that expense will put them in debt.
I’ve seen this true for myself, my father, and his father. We all learned out lessons and changed in older age to shed the debt and learn to live within our means.
But we sure had fun buying our toys.
I overspent making music, my father overspent on airplanes, and my grandfather overspent on golf. Whatever the reason for purchasing boy toys on credit, the family suffers with the burden of the debt. I consider it very selfish now for me to spend so much money on WANT ITEMS when it leaves the family tight for cash – and often the family needs money for NEED ITEMS.
And this brings us to the most important aspect of managing debt, budgets, and personal finance. We all need to carefully take inventory on our lifestyles and be realistic about what REALLY makes us happy. One of the things that makes us happy is a reasonable balance of stress – and too much rising debt at high interest will destroy your day to day stress balance.
What Brad finally did was get out of his obsession with racing and become more concerned with financial security and stress balance in his life.
The true irony when it comes to debt is that once we change our lifestyles to a high earning and low spending ratio we end up being in a position where we can afford most any toys we desire. For the average person we’ll never buy big yachts and private jets though ;-).
$5000 Debt Consolidation With Greensboro NC Credit Union
$5000 dollars is not a normal amount to consolidate because most lenders won’t entertain a consolidation loan request below that amount. They usually want to see $10000 at least to make it worth their while. However in this case with the Self Help Federal Credit Union located in Greensboro NC they managed to help this applicant find a successful solution.
Marsha had a small amount of debt and only on her credit cards – but to her it was a HUGE amount of debt. She didn’t have any source of monthly cash flow but she wanted to find a lower interest rate with a consolidation loan. It just doesn’t work that way. She needed to find some kind of monthly income.
Her credit was also bad so this compounded the challenge she had.
Keeping Her Debt A Secret (the debt closet)
Marsha was doing something that’s common (and has been forever) – she didn’t want her husband to even know about the situation. She created her debt by using credit cards when she didn’t really have the money to service the balances. Very common.
So for her there was two reasons she didn’t want anyone to know about her credit card debt.
One, she didn’t want to upset or stress out her husband, and two she didn’t want anyone to know out of sheer pride. This is ALL TOO COMMON. I mean…..who wants to admit to the world that we’re poor, broke, or in debt?
In my opinion (and the opinion of all DebtFiles.com staff from what I’ve seen) being in the debt closet is a very bad idea. It’s just like a closeted gay person – it’s really bad for your mental health, and when it’s bad on your mental health then it’s bad on all the people you care about. So to get your life in proper order you need to come out of the closet and face reality with all matters. Being in debt is nothing to be ashamed of, and sometimes being debt is something to be proud of (like when you have business equipment debt and your making a good earning with that equipment).
We urged her to “come clean” with her husband because $5000 – $10000 dollars in debt is REALLY no big deal in the lifetime of a typical consumer. By the end of her credit union consolidation she was so proud of all the steps she managed she couldn’t wait tell her husband anyway!
He was disappointed and annoyed by the fact that Marsha was hiding her debt in the first place. That really shook him up she told us – you have to trust each other with EVERY matter and he felt like he couldn’t trust her anymore. They did iron it all out in the end though. When love is strong you can overcome things like this.
Leaving The North Carolina Tour Of Debt
This concludes our tour of debt in North Carolina – I hope some of consolidation informational pieces may have helped you in some way. I think when you hear about other people who have high stress because of debt you don’t feel so alone. I know when I was in really bad debt (with the lowest credit score possible I think) and on my way to bankruptcy I felt very alone. I mean desperately alone. I felt like a shameful failure and that I didn’t have anywhere to turn – a very scary thing.
You must remember you are not alone.
The math is staggering in this regard – you are SO NOT ALONE! Millions of other Americans are struggling with the same debt problems you have and they to are searching for relief. The problem is that most people don’t want to admit to themselves and to others that they screwed up their finances.
Well you have to put your PRIDE ASIDE.
Seek help from friends and family and let them know that you are not feeling good right now and that your self-esteem is about the size of a roasted peanut at the moment.
The keyword here is AT THE MOMENT.
Debt problems are only temporary. Remember this! It’s a situation and it’s nothing to be ashamed of. Even if you have do to do what I did and eventually claim bankruptcy. And don’t forget that if you can’t get approved for a low interest consolidation loan, you have the option of trying a debt relief or debt settlement program wherein you pay back all your creditors only pennies on the dollar.