The Financial Journey is a unique series focused on financial education and opportunities. These stories have been created through a strategic partnership between Wells Fargo and Word In Black.Why is it so easy to get into debt and so hard to find your way out? And why does trying to manage debt often feel so overwhelming?
Smith-Daniels, who joined Wells Fargo in 2003 as a teller and worked her way up to branch manager, relates to her customers and values the bank’s commitment to assisting customers in this area. “We take a personal approach and show empathy,” she said. “Our people are trained to help customers who feel bad about their debt getting out of control and assist them in coming up with a plan to reach their goals.”
Sometimes a lack of understanding hinders the process. One popular misconception is that there are quick ways to pay down debt. “Many customers don’t know until they’re speaking to us that this ratio affects them if they want to borrow again. “It’s best to have a mix of credit and some debt, as long as it’s in line with a healthy debt-to-income ratio. It’s all about management. You must have some debt to show that you can repay it. If you have no repayment history, then lenders may have difficulty lending to you.”
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