Youthful Optimism: Destroyed by Debt, Reinvigorated by Debt Management --- One Client’s Story

As a student attending Canisius College in Buffalo, New York, Nate O. did what a lot of people his age — and in his circumstances — were doing. He was painting his life a picture of the success he expected to achieve in the future and enjoying life in the moment. It seemed right at the time, made him feel successful, enabled him to realize some personal goals and dreams and put him in good standing in his peer group.

“I was living all of my dreams and it sure felt good, but, in reality, I was wearing clothes, dining in restaurants and taking trips that I couldn’t afford,” said Nate, looking back on how much his life has changed since he started working with GreenPath. “I really thought I was managing my finances well; I was completely shocked when I realized I had huge credit problems.”

Within a four-year time period, Nate had amassed more than $50,000 in debt — and he was barely past the age of 25.

“It seemed to me that I would be fighting against this debt for the rest of my life,” he said, “And my life had barely even really begun.”

Nate’s lavish lifestyle, along with his consequent need to borrow money to repay debt, was affecting him in every area of his life. He suffered from stress, guilt, anxiety and pressure. His relationships with friends and family were strained. All of these things were affecting his self-worth and confidence in his ability to succeed in the future. Finally, in early 2008, at the urging of his family and friends, Nate forced himself to take control. He called his creditors to see what, if anything, could be done.

“One creditor told me that they wouldn’t work with me on my own, but that they often dealt with GreenPath for situations such as mine,” said Nate. “I am so glad I called the number they gave me. As a result of that one phone call, the biggest weight that you could imagine has been lifted off of my chest.”

Nate’s two-hour phone consultation with Carrie Forgie, a GreenPath financial counselor out of Brighton, Mich., “was the best, most important phone-conversation of my life.”

Forgie created a plan that would enable Nate to reduce his interest rates from 29 percent and more to about six percent and get completely out of debt within five years. She also helped teach him better ways to plan, save and achieve his dreams in the future.

“I almost crippled myself financially by living too much in the ‘now,’” he said. “But, thanks to GreenPath, I have climbed out of a deep hole and learned the right ways to refocus on building my future. I couldn’t have done it without you.”