One woman is sharing how she managed to pull herself out of $51,361 worth of credit card.
Andrea, a primary care physician and mother of three, spoke exclusively with Daily Express US, about the journey she took to
Households in the US had a total of $17billion in debt carrying them down in the first quarter of 2023, according to data analysis from The Motley Fool.
Furthermore, the average American household was $101,915 in debt towards the end of last year.
Speaking to Daily Express US, Andrea broke down how found herself in a perilous financial predicament.
She explained: “I have had a credit card since I went to college in 2002. I had built incredible credit with a great credit line on several credit cards. I had maintained them fine until I went to medical school in St. Maarten in 2009.
“Living on an island didn’t help. I also got married in 2014. That’s when the debt really started. I used my highest-owing credit card to help pay for some of the wedding expenses. Later, I went on to residency, I had pets, had kids, and bought a house back in NY after residency.
“The cost of living increased and was offset by high spending, and my exotic bird getting incredibly sick. Everything cost money and it accumulated. The ultimate source of debt was from an oil remediation project on the house.”
Initially, Andrea was comfortable managing her credit card debt as she only had to pay the minimum.
However, she needed to sell her house due to her income not being enough to pay for her lifestyle and her mortgage.
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Renovating her home using her credit card, the mom-of-three described herself as “naive” as to think the process would of selling the home be quick with the home still being on the market two years after it was put up for sale.
Andrea added: “I was mortified my heart sank, I thought my life was ruined because there was no backup money, and the minimum for each credit card was through the roof. I was so depressed, I felt helpless.”
By the time her finances were in this state, the physician could only pay the minimum and the mortgage.
At Christmas time, Andrea was left with the decision of paying off her mortgage payments or purchasing presents for his children.
In order to pull herself out of debt, she reached out to National Debt Relief which offers guidance and solutions to those struggling to pay.
According to Andrea, seeking help was the first step in helping her improve her finances and live a better life.
She said: “No one teaches you to be financially savvy. I can be savvy in several other areas, but not finance and that’s okay.
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“It’s okay not to know, but it’s also okay to ask, rather than blindly fall. NDR worked great for me when I hit that wall.
“You probably don’t even need to hit the wall, but if you find yourself in the ‘red’ zone it doesn’t hurt to call and at least ask about your options.”
