Member Saving Stories

#LoveWhatWeDo

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This member and I have been working together for a long time. One day I was helping him with a transaction, and asked about any credit cards he might have. Turns out he had 18, most of which had been maxed out. This was in addition to a couple of other loans with balances – all totaling a little over $15,000. As we were talking, he expressed concern with the amount of credit card debt he had and so he basically was trying to stay afloat. But I saw a solution! He owns his property, so I asked if I could quickly see if he" had any equity":/loans/home/equity-loans. He agreed, and had plenty of equity to consolidate all his credit card and loan debt all into one LOWER monthly payment. He was happy to hear that we could make a difference and wanted to apply.

After submitting the application, there was a lot of follow up with him to finally complete it. I think he got to the point where he was just so overwhelmed with all the payments he had going out, and he didn’t know where to start. I made sure to be available, in case he needed support or assistance with the process, and we were finally able to get everything we needed from him. All his loans and credit cards rates ranged from 14.99-30.99%, and we gave him an equity loan at 6.25%. We were able to consolidate his debt with minimum monthly payments of $1693 into a new monthly payment of $234.00, saving him $1456.00 a month and $17,472.00 a year! He also mentioned he wanted to do some remodeling to his bathroom and now he has $4500.00 left to work with, which he said it was more than enough. I am confident that Qualstar has changed this member’s life – no longer will he have to play the minimum payment game. #LoveWhatWeDo