Will my Debt Management Experience be Worth it?

A Straight Talk on Debt

A Straight Talk on Debt gives you the real deal on debt, straight from our employees and personal finance experts. Learn more about debt relief plans and how to be financially fit.

Will my Debt Management Experience be Worth it?

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Back in August, I was preparing for a two-week business trip to India. Being a little short on funds, I was worried about what would happen if my family encountered a large, unexpected expense.  

In a moment of weakness, I filled out an application to increase our checking account's overdraft protection line of credit. My request was declined because my debt-to-income ratio was still higher than the bank's liking. This is AFTER we've paid off over $70,000 of credit card debt through our debt management plan.

I was frustrated and disappointed. 

My friend Reva, who is also enrolled in a debt management plan, recently went through a similar experience. She was booking a flight online for a trip she had budgeted and saved for, when she was presented with an offer to save $100 on her booking if she applied for a credit card. 

Being just months away from completing her plan, she was looking for a way to start re-building her credit. Saving $100 on her airline ticket would be icing on the cake. Unfortunately, she was also declined because the creditor that Reva applied to was one that she had an account with already and was enrolled in her DMP.

To say she was dejected would be an understatement. She questioned whether the financial and emotional pain and suffering she had endured during the course of her debt management plan was worth it.  Sure she was paying off her debt and her credit score had improved, but if she wasn't able to secure credit when she wanted or needed it, would having been enrolled in a debt relief plan help her in the long run?

Being in a debt relief plan is hard. 

In addition to making a monthly payment to the plan, lines of credit are closed and opening new lines of credit is not advised by debt relief providers or creditors. Even if you do try, being approved for them can also be difficult, as both my friend and I found out. The enrollment documentation of my debt management plan spelled out very clearly that this would be the case. Neither of us should have been all that surprised that we were declined, as the reason was directly related to the fact that we have debt and are enrolled in a debt management plan.

But as I thought about it, I concluded that I'm not going through this to make it easier to secure new lines of credit. I'm doing this so that I don't ever have to apply for or use a credit card again. My wife and I are eliminating our debt and working to manage our finances correctly not to get a better credit score, but so that we don't ever have to care what it is.

I look forward to the day when I have the funds tucked away in savings, which allows us to handle unexpected expenses without relying on credit.

I look forward to the day when my consistent and on-time payments to my DMP, as well as secured lines of credit, such as my car payment and mortgage, allow my credit score to simply take care of itself.

Completing my debt management plan, in parallel with learning to manage our finances successfully, will make both of these goals possible. In 18 months, when I make my last payment, will I look back and think it was all worth it?

Without a doubt.

Related Links:

Have I Learned My Lesson with Credit Cards?

Habit Forming: How to make room for healthy habits

Getting out of Debt is a Constant State of Mind

Travis Pizel, Debt Management Plan Customer and blogger for CareOne Services, Inc.  

Travis Pizel

Travis is a contributing writer for the My Journey out of Debt and A Straight Talk on Debt blogs. He is also a very active member of the CareOne community forums. Travis is currently enrolled in a CareOne Debt Management Plan (DMP). Travis candidly shares his personal journey to pay off his debt and the tips he's learned along the way. As a father and husband he provides a unique perspective on balancing debt, finances, and family. You can also read more from Travis on the Enemy of Debt blog, where he is a featured blogger. Compensated Blogger for CareOne Debt Relief Services.

Follow Travis on Twitter @DebtChronicles

To connect with Travis on Google+ click the

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  • "I swallowed a lot of pills. He wanted to kill me, but I did not succeed, fortunately. But he suffered a lot and did not even want to leave the house. I went through all the institutes of Guadix (Granada) and all the classes; The harassment was brutal because I never hid that I am gay. Once, my trousers were lowered in the classroom and they threw pens, chalks ... Some teacher supported me, but in general, they did not want problems and when a classmate violently assaulted me, and he was punished, the parents reproached me for why They had their children to be with me. " It trembles the testimony of Rubén, a 21-year-old who, finally, had to wait until he was of legal age to continue with the Bachillerato.

    Rubén was one of the thousands of children and adolescents who suffer homophobia in Spanish schools. Up to 43% of homosexuals and bisexuals recognize that suicide has been considered during their schooling stage, 35% came to plan it and a chilling 17%, like Rubén, put it into practice. This is reflected in a sociological study presented this week by the State Federation of Lesbians, Gays, Transsexuals, and Bisexuals (FELGTB) , committed to this course in "removing from the classroom locker" schoolchildren who, far from being integrated, continue to go through torture.

    And is that insults, humiliation, teasing, physical aggression and isolation are part of the day to day, for years, of the harassment that suffers up to 60% of homosexuals between 12 and 25 years. For the FELGTB "is a nonsense" that, with this bleak panorama, has been taken from the subject of Education for Citizenship any reference to sexual diversity, which is left to the discretion of a faculty that is not always aware of this reality, it lacks of training or prefer to avoid problems with some intolerant parents, who believe that their children will "amariconar".

    "Thankfully, in the preamble of the Organic Law of Education (LOE) is spoken of respect for diversity of all kinds, including sexual. There, we can continue working in schools, although it is not enough. We are progressing very little by little for the social drama that this violence entails, "he points out. Uge Sangil School, Education Coordinator in this Federation.


    The conclusions of the study, conducted with 653 questionnaires arrived from 129 Spanish municipalities, cannot be clearer. The suicide rate detected among young Spanish homosexuals triples that of the rest of adolescents. Most of the harassment is suffered in Compulsory Secondary Education (ESO), but there is also a 23% who already feel the rejection from Primary, 10 years or even earlier.

    Although the male partners are the most damaging, 11% were the victims of their own teachers. "Today is one of the most important causes of suicide in those ages and, nevertheless, the law of silence prevails. There are very few schools that take interest and, therefore, gay kids hide it, "acknowledges Jesús Generelo, coordinator of the study.

    Rubén knows that, like so many others, he only found peace when he enrolled in an adult school, already at 18 years old. Now, as a member of the collective COLLEGES , he tries that the institutes in which he studied carry out workshops or talks on sexual diversity, that have materials so that other children do not go through the same martyrdom. "But they do not even want to talk about it. They do not even want to have a story that talks about the different types of sexuality that exist. They deny that there are problems, but then there are students who call me for help, "he says.

    As the statistics reflect, it is not about exceptions. 10% of the general population is homosexual, bisexual or transsexual, and some know it very soon.

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