Why every dollar really counts

Learn how one Northwest customer changed her financial future, $5 at a time.  

Marsha walked into her neighborhood Northwest financial center to stop a recurring payment on her account. What she found was a new friend and ally — one that would help her transform her financial future entirely.

“I’d been working hard to pay down my consumer debt, and when you’re so focused on debt repayment, every dollar counts,” she says. “But I’d been dealing with a recurring $5 charge from my local drugstore for something I didn’t need anymore; that wasted money was slowing down my progress.”

The pesky charge had been surprisingly difficult to stop. Marsha had already talked to multiple representatives at the drugstore, who weren’t able to help. So she stopped by her local Northwest  financial center for assistance.

“The first thing that stood out to me is that everyone at the branch truly cared about me and my financial goals,” she says. “I wasn’t just the next person in line. They really listened to me and took the charge as seriously as I did.”

While Michelle, her bank representative, was on the phone with the drugstore — the charge turned out to be difficult for the bank to cancel, too — she took a deeper look into Marsha's accounts. And there, she identified a faster, more efficient path to the financial freedom Marsha truly craved.

Finding the reason behind the reason

“When I started talking to Marsha, it was clear it wasn’t just about the $5 charge,” Michelle shares. “She was really looking for the best way to manage debt that, due to unforeseen circumstances, had grown to be overwhelming.”

Marsha had sought help for debt management before and secured a personal loan that had helped her manage higher-interest debts. She’d also worked hard to build her credit history, staying consistent with her payments and paying down the principal as quickly as possible, which helped boost her credit score.

There was just one problem: She had made so much progress, she’d outgrown her current strategy.

“This is something we see a lot as customers successfully take control of their debt,” explains Michelle. “They start with a strategy that works for their financial and credit situation at the time. Then their credit starts improving, which can unlock lower-interest loans and lines of credit. That gives us an opportunity to rethink their plan and help them reach their goals more easily.”

Turning an extra $5 a month into a financial plan

Marsha’s existing debt repayment schedule was manageable on her budget. But, since the interest rate on the account was higher than what she’d now qualify for, she was overpaying on interest each month. On top of that, she needed a plan for some significant upcoming expenses, including costly repairs for her car. 

“I’d cut my budget down to the basics, but I was going to have to make some difficult financial decisions about which costs to prioritize while also juggling my debt,” she said. “But Michelle helped me realize I didn’t have to choose.”

Michelle recommended that Marsha take advantage of the lower rates she now qualified for, and consolidate her debts into a lower-interest loan. This strategy would free up funds for Marsha’s car repair, without disrupting her budget.

“My monthly debt payment went from $113 to $115, but that now includes my credit card payment, which used to cost nearly $300 each month” Marsha says. “As a result, we've freed up hundreds of dollars each month that I can put toward other expenses.” 

Forging her own path to financial security

With a strategy in place — and her team at Northwest Bank behind her — Marsha is working aggressively toward her financial goals. “Michelle taught me how to apply payments directly to the principal on my loan, so I can make extra payments whenever I want to,” she shares.

Importantly, she’ll be keeping in touch with Michelle and the team at Northwest to keep evolving her financial strategy — as well as just stopping in to say hi.

“I’m so touched by the level of care I get at Northwest. Everyone takes the time to truly see me,” she shares. “I would never leave this bank, I tell everyone about it.”

How to take the next step to manage your debt

If you see yourself in Marsha’s story, you’re far from alone. Debt management can feel overwhelming, especially if you’re managing it alone. Marsha shares these tips for others looking to take control of their debt.

Acknowledge the emotions — but don’t let them stop you from taking action

Grappling with debt can feel isolating, lonely and even shameful. And while it’s important to make space for the feeling that can arise when you’re navigating debt, Marsha recommends staying focused on your goals.

“You can’t hide from [financial problems]. But you can find people to help,” she says. “I felt tempted to turn inwards out of shame, but facing my debt head-on was the first step to addressing it.”

Find the right advisors to help you

The right banking team doesn’t just help you find loans or lines of credit to help you manage your debt. They’re also there to put you at ease, ensure you fully understand all your options, and serve as a sounding board to help you find the right goals for you. 

“Michelle and I instantly bonded, and she was able to really help me get to the root of the problem so we can find the right solutions,” Marsha says. “Everyone deserves a team that truly takes the time to understand you and what you’re trying to accomplish.”

Revisit your plan from time to time

There’s no one-size-fits-all approach to debt management. Your strategy should be tailored to you and evolve with you throughout your journey. 

“My credit situation changed significantly as I paid down debt,” Marsha says. “Michelle helped me access loans that I wouldn't have been able to get from the beginning. Because of those changes, I can meet my goals faster.”

Check in with your banking team periodically to make sure your plan still works for you — and to ensure you’re making the most of your hard-earned progress.

Ready to take control of your debt? Our team of experts is here to answer your questions, help you understand your options and cheer you on as you find the best path forward. Click here to find your neighborhood Northwest location and start the next phase of your journey.