When a couple reached out to us for help managing their unsecured debt, they were feeling overwhelmed. After the husband lost his job during COVID, the family relied on credit cards to cover everyday expenses. Before long, their cards were maxed out, interest rates were sky-high, and even though they made their payments, the balances weren’t going down.
When the husband wasn’t able to get a loan due to excessive debt, insufficient income, and a poor credit score, he called for help — and our team stepped in. We took the time to understand their full financial picture, find a solution to their short-term cash flow problem, reduce their high interest rates, and help move them into a more secure financial position.
We were able to consolidate roughly $40,000 in credit card debt into one affordable monthly payment of $713 at just 7.99% interest — replacing multiple cards that charged nearly 23%. This simple change gave the couple room to breathe, rebuild their credit, and regain control of their finances. Just one year later, they returned to the credit union to finance a new vehicle — this time as members with credit scores above 750 and a strong repayment record. They were instantly approved at our lowest rate.
Helping members find stability and peace of mind during challenging times is at the heart of what we do. We’re honored to have supported this couple on their journey to financial wellness.
This story was submitted by Jill Vasant, EVP & Chief Marketing Officer, California Credit Union.
