Facing Debt and Winning
Black Enterprise Magazine Summer 2019 Issue

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HOW SHE DID IT

Speak up! “I let [my debt] go for three years and just paid the minimum. That was a big mistake,” she admits. Creditors are willing to work with individuals who are facing financial hardship, but “often times we ignore them and hope they’ll just stop calling.” Everyone’s situation is different, but if you’re making regular on-time payments, there is a higher probability that you will be offered a lower interest rate or payment plan. “You have to ask for what you want, no matter if its business, life, or a relationship.”

You can have fun on a budget. Just because you’re living on a budget does not mean that you can’t enjoy life. “Factor in what is important to you in your budget and see how you can fit it in and what time frame is realistic based on what you can afford to save. With proper planning and execution, you can do it.”.

Live the simple life. “Don’t buy a Louis Vuitton purse knowing you don’t have anything to put in it. Sit down and figure out what your main mission is in life. And every decision you make as it relates to your finances, ask yourself, ‘Does this go in line with my values, my mission, and with who I really am?’ Write everything down from chewing gum to shoes for a month to analyze your spending habits; itemize everything. I understand that there are a lot of websites out there that will do this for you, but it has a greater impact to see, for example, what you spend on eating out and think of ways you can do things differently,” shares Roache.

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