Apr 17, 2023
With Jessie Garrison from GreenPath Financial Wellness
One of the most challenging situations a person can experience is financial hardship. Few things keep us up at night more than the fear of not being able to pay our bills. A sudden change in financial circumstances could jeopardize our ability to pay our mortgage, buy groceries, or even put gas in the car. A financial crisis may result from a variety of reasons such as unexpected medical bills, the sudden loss of a job, a death in the family, or a divorce. Any one of these events might abruptly lead to financial insecurity. Even the cost of rising inflation or high credit card balances could put us in financial jeopardy. But as the mountain of bills continues to accumulate, we may feel as though we are sinking underwater without a life raft. Fortunately, there are ways to overcome a sudden financial crisis. A good first step toward resolving this situation is seeking the aid of trained experts who specialize in working with individuals struggling with financial issues. They advise their clients of all the different options available to them so they can satisfy their creditors and ultimately regain their financial independence. With their help and guidance, clients have been able to consolidate their balances, pay off creditors, and turn their finances around. My guest is a perfect example of someone who did exactly that.
As a 21-year-old college student, Jessie Garrison was literally drowning in credit card debt and planning to declare personal bankruptcy. But at the last minute, she was encouraged to contact a credit counseling agency, GreenPath Financial Wellness. That phone call not only saved her financial future, it ultimately led her to a wonderful career path that would not have been possible had she not gone through the experience she did.
What You’ll Hear on This Episode:
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How did Jessie get herself in a financial bind at such a young age?
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How did Jessie turn things around and start working for GreenPath?
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What are the typical consequences of someone falling into serious debt?
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How can these financial hardships affect someone mentally and emotionally?
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What are counseling sessions like at GreenPath?
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What is a certified financial expert?
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Where is Jessie now in her financial wellness journey?
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What type of work does GreenPath do?
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What would she say to someone who is feeling overwhelmed?
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Jessie reminds us that you don’t have to go through financial troubles alone.
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How can GreenPath help someone get back on the right path to financial freedom?
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What advice would Jessie have now for her 20-year-old self?
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Are there any long-term negative consequences associated with being on a Debt Management Plan?
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Jessie was able to improve her credit score to be in the top-tier category, and she now pays off her balance immediately rather than letting it rack up.
Today’s Takeaway:
The threat of a financial crisis can feel overwhelming. When you are faced with losing your home or rental property, you worry about where you will go next and how you can afford to live. If you can’t pay your bills, how will you support your family and put food on the table? But as we’ve heard today, even the most dire financial situations can be overcome. Jessie’s story is proof that just because a person is deep in debt today, it doesn’t mean that it will always be that way. There are solutions available and trained professionals who can help you. Following their advice, payment plans can be agreed upon with creditors and financial stability can be restored. You will learn that you are not alone and there is a solution. A trained professional can help you navigate the obstacles to financial freedom and understanding all of your options can help alleviate some of the fear and anxiety and show you a path forward. There’s light at the end of the tunnel. It will take time and discipline and sacrifices may have to be made but the end result is worth it. Remember that every day is a gift and the gift of achieving financial stability is a gift that is truly priceless for you and your family. I’m Florine Mark and that’s “Today’s Takeaway”.
Quotes:
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“I ended up using credit cards to support my living expenses.”— Jessie [4:00]
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“Maxed-out or late payments can make it more difficult to secure new loans or credit cards in the future. Or, it could be more difficult to get a mortgage or more expensive if you do get new loans.” — Jessie [7:03]
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“Financial hardship weighs heavily on people. It can impact their self-worth. It can lead to anxiety, depression, or negative impact on relationships.” — Jessie [8:03]
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“Our financial situation is so closely tied to our safety and our feeling of security. As a result, financial hardship has a significant mental and emotional toll.” — Jessie [8:33]
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“You really do not have to be alone navigating a difficult financial situation.” — Jessie [9:03]
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“Today, I feel like I'm in a much better place financially. I truly believe because of that one conversation with GreenPath. It changed my life.” — Jessie [13:48]
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“Every type of conversation is geared to help our clients understand and work towards financial wellness.” — Jessie [16:05]
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