Tracy Schultz’s Journey to Overcome Credit Card Debt

A few years back, Tracy Schultz found herself weighed down by credit card debt.

Residents in Massachusetts have noted her efforts to stabilize her finances, covering rent while also managing her spending. “It all started with trying to make up for increasing rent, and grocery costs were through the roof,” Schultz shared during her interview with Good Morning America. “It turned into a way for me to cope.”

At 42 years old, Schultz had faced a daunting challenge with a debt totaling around $20,000. “I reached a point where I couldn’t even manage the minimum payments every month, and that’s when it hit me—I was in trouble,” she recounted.

To find a way out, Schultz turned to a nonprofit debt management program for assistance.

“They dealt directly with my creditors and arranged a feasible monthly payment plan for me,” she explained. “Knowing exactly what I had to pay each month was really reassuring.”

With this program, Schultz managed to consolidate her payments into regular amounts, gradually chipping away at her debt. She also focused on tracking her spending and used cash for purchases instead of credit.

Today, she proudly claims to be debt-free, having learned the important lesson of resisting impulsive buys and limiting credit card usage. “When you use a credit card, it feels like you’re spending money that’s not really there,” she observed.

Nonprofit debt management programs are often offered at no cost to those struggling with debt. These organizations work directly with creditors to lower interest rates and create manageable repayment plans.

Schultz advises steering clear of high-cost “debt settlement” firms that promise fast solutions. Instead, it’s beneficial to seek out nonprofits accredited by the National Credit Counseling Foundation.

Her message to others in similar situations is clear: don’t hesitate to ask for help. “I have support,” she emphasized. “It’s empowering to feel in control rather than a victim of my past decisions.”