With tax debt and credit card debt, Laura needed financial direction and relief. Working with Aaron, her trusted MSA Money Coach, was just the ticket. Together, they established and accomplished two main goals: creating a spending plan and eliminating debt. Here’s how….
Problem: For Laura, spending was all over the place, and she wasn’t sure how she could move forward with all of her financial issues. “I needed assistance organizing my thoughts and my money to see what I can/cannot do.”
Solution: “Aaron was thorough and direct. He helped me organize my incoming and outgoing amounts in a clear, easy-to-understand format. Once I understood that, he shared with me a budget formula that would help me keep better track of my spending.”
Coach Aaron provided a tool that helped Laura track her expenses and form a budget that fit with her lifestyle. Once she got her spending under control and had a budget in place, they could start focusing on debt.
Problem: Laura and her husband have a $400k mortgage, $46k in credit card debt, and owe the IRS $20k. As Laura put it, “I am trying to work with IRS/State Tax to make a payment plan on a multi-year debt (thanks to a crooked tax preparer). We have credit cards we are trying to pay down/off, and a high mortgage.”
Solution: Because Laura got her spending under control, she had a better idea of how she could start eliminating debt while meeting other expenses. Coach Aaron’s suggestion of using a credit consolidation program also helped her get on track and lessen the weight of debt. “He connected me with a debt consolidation program that has helped me to significantly lower my interest rate on credit cards (from 29% to 3%!) and get rid of unwanted extra debt.” All in all, the consolidation program reduced Laura’s monthly payment to $688; whereas, before it was in the thousands.
Laura also had another helpful resource available to her, for dealing with the multi-year tax debt. MSA members can work with a team of trustworthy Money Coach Tax Specialists and use MSA Tax Preparation Services. Whether the goal is preparing taxes, answering tax questions, or fixing tax issues, the MSA Tax Team can help.
All in all, Laura and her Money Coach were able to organize her spending and get a debt management plan in place that provides some financial peace of mind knowing that the debt will be eliminated.
Laura was very pleased with the consultations and the outcome: “Aaron was smart, understandable and forthright. NO PUSSYFOOTING around! That is exactly what I needed. I truly appreciate his knowledge and candor.” Coach Aaron’s ability to get right to the point and help Laura establish action steps helped her move forward.
Do you have financial challenges to overcome or goals to accomplish? Work with an MSA Money Coach. Call 888-724-2326.
Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal or accounting advice. We recommend that you consult an attorney, tax advisor or accountant regarding your unique circumstances.
For years, it’s been proven that financial problems play a key role in stress levels.1 Colleen certainly knew it was true, as she carried $72k in debt and went $2,100 over her budget every single month. Needing serious relief, Colleen started working with the MSA Financial Wellness program, and the results were phenomenal. When Colleen […]
A budget can help you get rid of debt and improve your credit. Use the following steps as starting points: Step 1: Establish a plan to reduce and eventually eliminate credit card use. Once you’ve stopped using the card(s), focus on getting rid of the debt. Use your budget to plan and record how much […]
High credit card balances and low credit scores lead to paying too much interest. They also make saving hard. With a My Secure Advantage (MSA) Money Coach, you can develop strategies to reduce debt and start saving. Take Olivia, for example. The Problem Before working with an MSA Money Coach, Olivia didn’t know how to […]
Challenges Ahead Ingrid first approached MSA to reduce her debt and take control of her finances. Like many employees living with a poor credit score and too much debt, she found that talking about money issues with friends and family was embarrassing and stressful. After learning about MSA’s services through her employer, Ingrid reached out […]