Friday, May 08, 2009
Dear Dupaco: I'm falling hopelessly behind
I am in my mid-60s and divorced, and am working two jobs to make ends meet. My current outlay of monthly loan payments alone total more than $1,230. I am convinced that I will never get out of debt nor ever be able to quit working.
Can you help me?
Falling Hopelessly Behind (FHB)
Dupaco's Galena Branch Manager and Makeover Artist Vicky Vondran (pictured left) last week sat down with FHB to review her options. This is the outcome:
I talked with her about doing a new home equity loan to payoff all five of her current loans, reducing her payment to around $475 per month.
We are paying off her first and second mortgage, auto loan and two large credit cards.
She had tears in her eyes after I explained all of this to her just knowing that Dupaco could do this for her which may allow her to cut back on hours to enjoy life more.
FHB is going to make larger payments then the minimum to get the new home equity loan paid off in a shorter period of time. This will save her even more money in interest payments.
We are also opening a savings account, which she will add monies to on a monthly basis to start saving for something special for herself.
It is such a great feeling working with members and seeing the joy and excitement in them when we "makeover" their lives.