When the pandemic first hit, Alex, a bartender was worried about his job. Early in April, Alex was laid off from both of the restaurants he worked at. Worried about losing his condo, he began paying for his bills and groceries with credit cards.
Towards the end of summer, Alex was able to find a new job and concentrated on paying down his debt. Even though he had a high credit score and made regular payments, his credit cards had high interest rates and what he owed continued to grow. His small monthly payments were barely making a dent in his balance, thanks to these high-interest rates.
Right before Christmas, Alex applied for a HELOC through Fidelity Bank. The application only took a few minutes and thanks to his high credit score, he was approved at a low-interest rate. He gained access to cash right away and decided to pay off his credit card debt in full. Now, he’s able to make payments he can comfortably afford without worrying about high-interest rates.
Find out how Fidelity’s LifeDesign Banking approach can help you tackle your debt with clarity and confidence to set you up for financial success.