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EPISODE INFO

Plan

EPISODE 38 - A Financial Trap (Marybell)

Dedicated parent Marybell walked out of a bad relationship into big debt and she is paying for it emotionally and financially. Financial investigator Alison Griffiths helps Marybell find a way out of her financial trap.

Alison's recommendations:

  • First, I advised her to “Call the Collector” – one of them had crossed the line and was harassing her at work causing Marybell stress and embarrassment.
  • Then, I told her to “Cut and Track Spending” - I gave her a budget that reduced her cash outlay from $1639 to $160 per month and I insisted she track every penny of it.
  • Next, I instructed her to think about her children’s futures and deposit $50 monthly into an “Education Savings Account”.
  • Finally, I told Marybell to “Go to Credit Counseling” - she was crushed by debt and I wanted her to explore her options – bankruptcy or consumer proposal.