Couple Tries To Adult After Amassing $40,000 Credit Card Debt

I’m sipping my coffee and reading about Mariza and Geffrey Gordon, a Milwaukee-based couple who are trying to break free from the cycle of living paycheck to paycheck. They’ve got a bunch of debt and are looking for a way out. I’ve got to say, folks, I can relate – who hasn’t been there at some point, right? Anyway, they’re participating in CNN’s Savings Challenge, which is a pretty cool program that pairs people with financial experts to help them get their money in order. The Gordons are working with Tiffany Aliche, also known as The Budgetnista, who’s a financial educator and author of “Get Good With Money.” She’s got some great advice for them, and I’m interested to see how it all plays out.

So, the Gordons have nearly $40,000 in credit card debt, which is a pretty daunting number. They’ve been paying about $1,400 a month just to meet their minimum monthly payment requirements, which is a huge burden. Tiffany’s recommendation is to focus on getting their debt under control, but also to think about what they want their lives to look like in the next decade. She calls this “dreamscaping,” and it’s all about figuring out what you want to achieve and then making a plan to get there.

I love that approach, and I think it’s something we can all learn from. It’s easy to get caught up in the day-to-day and forget about our long-term goals. But Tiffany’s right – if you don’t have a clear idea of what you want to achieve, it’s hard to make progress. The Gordons are taking her advice to heart and are working on their dreamscaping list, which includes owning their own home, starting their own businesses, and having individual IRAs.

Now, I know what you’re thinking – how are they going to pay off that debt? Well, Tiffany’s suggested a few options, including checking with the National Foundation for Credit Counseling to see what kind of debt repayment plan they might qualify for, and looking into personal loans or balance transfer cards with lower interest rates. The Gordons have already started exploring these options, and they’re hoping to find a way to pay off their debt that works for them.

It’s not going to be easy, of course. They’ve already hit a snag – when they checked with a credit union, they learned that they won’t qualify for a personal loan or balance transfer card until they improve their credit scores. But they’re not giving up. They’re determined to get their scores high enough to get a balance transfer card, which could give them up to 21 months to pay off their debt interest-free.

I’ve got to admire their spirit, and I’m rooting for them to succeed. It’s not always easy to talk about money, but it’s clear that the Gordons are committed to getting their finances in order. I’m looking forward to seeing how their journey plays out, and I’m hoping that their story will inspire others to take control of their own finances.

In conclusion, the Gordons’ story is a great reminder that getting out of debt takes time, effort, and patience. But with the right mindset and a solid plan, it’s definitely possible. And who knows – maybe their story will inspire you to take a closer look at your own finances and start making some changes. After all, as Tiffany says, “Let’s get to a point where you don’t feel like your debt is drowning you. But the true goal is to grow wealth.” Words to live by, if you ask me! 🙏

Big Elephant

Armchair patriot. Believes in the free market, cold beer, and that there’s always a guy named George behind every CNN segment.

Former remote-throwing champion turned #1 couch commentator on liberal panic in the media. Born in Texas (or so his mug says), he earned a degree in Fake Newsology & Beer Philosophy from YouTube University.