A couple walked into one of our branches seeking a home equity loan. Their banker learned that to cover their bills and support four young children, one partner worked four jobs and the other worked two. And still they barely made ends meet.
The couple hoped to consolidate debt and simplify things with a home equity loan. Sadly, their initial application showed a too-high debt-to-income ratio and too little home equity. Things looked bleak, but their banker wasn’t about to give up. She helped them craft a clear action plan. Step one: pay down other debts by 10% or more to fix their ratio. Then she stayed in touch to provide accountability and emotional support. Along the way, she guided them to consolidate seven credit cards into one loan and cut their monthly credit card bills in half. Last summer, she encouraged them to reapply. Their home had increased in value, and their debt reduction made a big difference.
More than a year after their first application, they were approved — consolidating nine loans and reducing their monthly payments by more than $1,500. Thanks to the banker’s dedication, the couple no longer needs to juggle six jobs between them. Now they have more time to spend with their family and focus on what truly matters. They were committed to growing into their dreams, and their banker not only believed they deserved that — she helped them do it!
This story was submitted by Jeremy Riffle, Director of Public Relations, Everwise Credit Union.
