When Damion Wolfe was growing up, his dad gave him good advice about money—pay with cash, save for the future. But as a self-employed musician and songwriter, that wasn’t always so easy. Damion ended up using two credit cards to get him from gig to gig. He went through a string of undependable cars. And when he finally maxed out the cards, his interest rates skyrocketed, plunging him even deeper into debt. Growing increasingly anxious about his debt, Damion thought about getting a third credit card to shift the balance. Instead, he decided to take control of his financial situation. Damion came to Guidewell Financial to learn how to do that.
How Guidewell Financial Helped
Damion’s Guidewell Financial credit counselor was reassuring and helpful. Together, they looked at Damion’s income and expenses. The counselor told Damion that a Debt Management Plan (DMP) might be a good way for him to pay off his debt. With a DMP, Damion would be able to pay one monthly amount to Guidewell Financial, who would then pay his creditors over time. The Guidewell Financial counselor also worked with Damion to create a budget so he could live without credit cards. “So much anxiety is wrapped around being in debt,” says Damion. “Guidewell Financial helps ease that anxiety by providing you with a structure and guidelines for paying off what you owe.”
Damion completed his DMP in about 4.5 years. He never missed a monthly payment. He even qualified for a loan with his local credit union so he could buy a reliable car. Just as important, he uses the skills his Guidewell Financial counselor showed him to take control of his finances. Today, he continues to keep track of his income and expenses. “The program made me a lot more conscious of what and how I was spending. It also helped me put an emphasis on saving.”
“I wish I had become thriftier sooner. I never want to go back to that place again. That’s why I avoid credit cards and live on a cash-only basis as much as possible.”