Raymond Libby and Elizabeth Cantu just graduated from college and announced their engagement. They both have personal debt totaling $37,400 in cc’s, personal loans, and in collections. Currently are struggling to pay it off faster so they can start to plan for their future. Both have income restrictions due to their recent reduction in overtime and Raymond’s recent job loss.
Total Income: $4000 (reduction in Overtime)
Total Accounts: 10
Credit Score: 580 & 610 (below poor)
Credit Utilization: 93% (almost maxed out and paying high interests on debt)
Spending: $1400 in monthly payments. High interest rates between 24-50%