I got a call from a client last week, we’ll call him “John.”

This guy was stuck… (definition — Trapped, unable to move. Unable to progress)

Here was his problem…

He had over $41,000 in credit card debt along with other unsecured loans totaling $12,000.

Although he hadn’t been late on his bills yet, he had a minimum monthly payment of $1415.00, he couldn’t seem to get caught up and didn’t think he would ever dig himself out of this debt.

When he put his debt into a debt reduction calculator, it said that it would take him 21.6 years to pay everything off at his current pace.

Can you say …. STUCK?

He asked for my advice and here’s what I told him…

Firstly, he was super surprised when I told him that his credit score was being negatively affected every single month, EVEN THOUGH he’d NEVER missed a payment or been late. It’s a fact, credit utilization is a HUGE factor in determine your credit score. The higher your credit utilization, the lower your score.

I told him he had two options:

Option #1 – Continue to pay, which needs no explanation. He will be paying for 21.6 years and his CREDIT SCORE will continue to drop. That’s like being held hostage by your credit card company for 21.6 years. I say “held hostage” because I truly believe that. Yes, he took out the debt, but to pay on $41,000 in credit card debt for 21.6 years… is a crazy thought.

Let’s look at option #2 and what we successfully did for him – He had a home worth $500,000 with a current mortgage for $285,000 with monthly payments of $1,578.00. We put him into our iCare program which zero’d out his entire $41,000 high interest rate credit card debt, along with his $12,000 unsecured loans. All this, while keeping his monthly mortgage payment EXACTLY THE SAME at $1,578.00.

This is one of my favorite strategies because it has such a HUGE impact on our clients.

Who do you know who may be in a situation like this?

It would be a travesty not to help…

Now would be a good time to put my name and phone number, in your cell phone directory because the next time you’re in a conversation with a person who mentions they may be stuck, you can easily take out your cell phone, look up my number and call me immediately, which means they can get the help they need now!

To Your Success…Always!

Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com

Your Vancouver Mortgage Broker For Life 604-273-2002

www.notapennydown.com

P.S. Who’s the next person you know who wants to save thousands off their mortgage? Be sure to give me a call so we can help them! 604-273-2002