Massive Credit Card Debt

Sal - Toronto Ontario Region

Sal is a supervisor with a security company now in his late 50s. A couple of years ago, Sal got into some credit card trouble. Because he had a stable job and an excellent payment record, he was able to obtain a number of credit cards with unrealistic credit limits for his income. Although his earning capacity was only about $40,000 per year, Sal accumulated debts of approximately $180,000. When he joined the Paladin Program, Sal was not able to make even the minimum payments on his cards. And since he had very little in the way of assets, we decided that the only course of action was bankruptcy.

After nine months of bankruptcy protection, we helped Sal rehabilitate his credit. We assisted him in procuring a low-limit credit card and a small loan. Within six months of careful budgeting, Sal purchased a small home with the help of a mortgage from a bank that was willing to take a risk on a previously bankrupt individual. We then helped him to buy a car. Sal is now cash-positive at the end of every month thanks to diligent budgeting and well on the road to a happy future.