BRANDON, Fla. — A photo book captured the lifestyle that sent Matt Solomon spiraling into credit card debt. Solomon and his husband Chance, lived in the Big Apple before moving to Brandon in 2017.
Pictures show the couple at Broadway shows, concerts in Central Park and eating at expensive restaurants.
Solomon said, “Everything in this book was paid for by credit cards.”
Solomon said he hit rock bottom after maxing out eight credit cards. By 2017, he had accumulated $60,000 in credit card debt and a ton of stress. Solomon describes the feeling of drowning in debt as "unbearable" and said he lost a lot of sleep, worried about how he would ever dig himself out.
He sought help from the nonprofit debt counseling service Money Management International.
Money Management coach Tomas Vargas said Solomon has plenty of company.
Vargas told ABC Action News he's hearing from more panicked debt-burdened consumers than ever. “The average deficit I’m seeing for individuals is over $1,000, and that's really concerning for me as a counselor when I see someone that you know, after all their expenses, they're short $1,000,” he said.
Vargas said often, it's inflation that's pushed people to turn to plastic to pay their bills.
In Solomon’s case, Money Management put him on a budget, negotiated interest rates with his credit card companies, and consolidated the plastic payments into one monthly bill. “My debt management payment right now is a single monthly payment of $1,031,” Solomon said.
He’s paid off four of the credit cards, and if he stays on track for the next two years, the entire $60,000 will be gone. Solomon said it feels amazing and for the first time in years, he has money in the bank.
Experts advise making these moves when paying down debt.
- Track income and spending
- Pay off smaller balances first
- Use any additional money to make larger payments
- Cut up cards after the balance is paid off
Free and easy tools like EveryDollar make simple work of budgeting.
You’ll find more information on credit counseling here. And if you thinking about turning to bankruptcy to get rid of consumer debt, you need to be aware of the pros and cons. Click here for more information on bankruptcy claims.
