Tips & advice on getting your finances back on track.
Jean, Charlie and their family live in New Hampshire, and are excited and honored to be chosen as Navicore’s Client of the Year for 2019. Charlie has worked as a biologist for the same company for 42 years and Jean is a nurse working for an insurance company. Their family includes two teenagers, a 19 year old son and 17 year old daughter.
Their debt was a result of Jean being laid off in 2009 during the recession when her company was sold. There were very few jobs available at the time and, in order to continue working, she ended up taking a significant cut in pay. “We began using the credit cards for household expenses like groceries and utilities and it all spiraled from there,“ says Jean.
Read More: Meet our 2018 Client of the Year
“Our debt was so overwhelming that neither of us could sleep trying to think of a way out of this financial mess ourselves. We stopped answering the phone and when we could pay bills, it was only the minimum amount.” The family cut back on their spending, but it wasn’t enough, and their credit card debt continued to mount to the point where they owed over $90,000 in credit card debt.
They then found Navicore through Charlie’s confidential Employee Assistance Program. “Ninety thousand dollars, to say the least, was embarrassing – how could two smart people let this happen? However, our conversations with Navicore were positive and we felt such relief after enrolling! We began sleeping through the night again and the collection phone calls stopped.”
Fortunately, Jean had gotten a Christmas card from an old boss telling her she was managing a new department and really could use someone with Jean’s skills. Within two weeks, she had another job at a much higher salary. “I cannot begin to tell you the sense of relief that came over us,” remembers Jean.
“The people at Navicore were helpful and nonjudgmental about our situation. They clearly explained how the program worked and were available for questions. We began to see hope, hope that we were going to get out of this debt and pay back our creditors. It was as if a huge weight was lifted! And, five years later, we did it! We paid off each and every one of those credit cards in full and have learned so much about our financial well-being.”
“Our budget now works! For the very first time since the job loss ten years ago, we have some money in savings. We are now ready to do some deferred home maintenance and remodeling and make our home the sanctuary we want it to be! The family is so looking forward to the new changes!”
Now that they have paid off their debts, their immediate goal is to save 3 to 6 months’ worth of living expenses in an emergency fund. Once they have that cushion, the couple plan to replace their 26 year old furnace, update their carpeting with hardwood floors, remodel the bathrooms and pave the driveway.
Read More: Meet our 2017 Client of the Year
In addition, their children have learned from the experience. “Initially we tried to hide our crushing debt from our children out of embarrassment, but gradually started using it as a teaching tool. Showing them the stack five years’ worth of Navicore statements with the balance starting so high was enlightening for them. Our experience has started several conversations about good financial strategies for saving and not using credit cards. Our daughter has started working part time at her first job and began saving half of her pay with her very first check. She has decided that she will not be getting any credit cards, at least until she has a full time job,” says Jean.
“I can’t thank Navicore enough for giving our lives back to us with the tools to relieve the burden of our debt. The five years we spent in the program taught us so much and it feels amazing to have accomplished what we did!”
Read More: Meet our 2016 Client of the Year
Navicore has provided financial education and support to individuals and families just like Jean and Charlie’s, for over 25 years. Take the step to get your finances back on track. Call Navicore Solutions for a credit counseling session at 1-800-992-4557 or click here to get started now. We are here to help.
Lori Stratford is the Social Media Strategist at Navicore Solutions. She promotes the reach of Navicore’s financial education to the public through social media and blog content.