Debt is a prevalent issue for Americans. In fact, total household debt rose to an average of $17.80 trillion in the second quarter of 2024, with credit card balances alone reaching a high of $1.14 trillion, according to the Federal Reserve Bank of New York. Millions of Americans struggle with the financial pressures of student loans, mortgages, auto loans and credit cards, which can often lead to large amounts of debt piling up and no idea for how to deal with it. However, thanks to Chartway's partnership with GreenPath, a national non-profit financial wellness organization, members can regain control of their finances and make informed financial decisions through the GreenPath Debt Management Program.

Tyjai Richardson, a Chartway member and team member, found GreenPath’s Debt Management Program to be a lifeline, supporting his financial goals, providing valuable insights, and leaving him feeling empowered for his future. As both a member and team member at Chartway, Tyjai provided valuable firsthand feedback to GreenPath to help boost positive member experiences for those who take advantage of the program. You can read his story here or listen to his Real Stories podcast with GreenPath, here.

Tyjai’s Story

Tyjai started his journey with GreenPath using their budgeting services, which allowed him to create a savings plan fit to his specific financial needs. Initially, he learned about the GreenPath Debt Management Program, which offers personalized support to those struggling with debt a tailored strategy that includes debt consolidation, budgeting advice, and financial education. The program is intended to help members pay off their debt within 3-5 years, making it a fitting choice for Tyjai.

“At the time I found the Debt Management Program, I’d already been working on budgeting plans with GreenPath to lower my debt,” said Tyjai Richardson. “I was intrigued by the program because I needed a solid solution that would address my debt from every angle and hold me accountable.”

Tyjai started by meeting with a GreenPath counselor who guided him through a comprehensive review of his financial wellbeing before developing an actionable strategy that accounted for Tyjai’s needs and desired financial goals. Throughout the program, Tyjai had the ability to meet with his counselor to discuss questions, make changes to his strategy, and reassess his needs.

Tyjai’s journey with the GreenPath Debt Management Program transformed his personal finances and deepened his understanding of his financial decisions. “Debt has always been a challenging topic, but I don’t believe it should be stigmatized,” said Tyjai. “Taking advantage of resources like GreenPath has improved my confidence for the future, and I’m proud to share my story to help others facing similar situations.”

Continuing to progress in the program, Tyjai is successfully meeting his financial goals while continuing to learn how to make more informed decisions. His journey is a testament to the program’s effectiveness in providing practical solutions and support to working to build a brighter financial future.

The Importance of Financial Education and Resources

As we move through life’s phases, it can be challenging to balance and manage the bills that come our way. Access to education and resources can help us successfully navigate the complexities of our finances. Chartway is committed to partnering with GreenPath so members of all ages and generations have access to the resources they need.

“Financial education is crucial to making informed decisions, especially with the financial challenges people face today,” said Jill Edsall, Chartway director of learning and talent development. “We’re thrilled to partner with GreenPath to provide their free financial education services and programs to our members and we are seeing a positive impact on the financial well-being of those who take advantage it, like Tyjai.”

“I’d recommend the GreenPath Debt Management Program to anyone debating where to start their journey to become debt-free,” said Tyjai. “As overwhelming as it was to start, the counselors supported me throughout the process and made tackling my debt not just manageable, but empowering. I feel a sense of relief from my financial struggles and see the benefits to my financial wellbeing.”

GreenPath’s Debt Management Program

GreenPath’s Debt Management Program helps members pay off their debt in 3-5 years while providing guidance and financial education. To help members, GreenPath connects them with a financial counselor for an initial consultation before assisting them in creating an actionable plan to conquer their debt. Through partnerships with creditors, GreenPath arranges lower interest rates and monthly payments to help kickstart a debt-free journey.

According to GreenPath, in 2023, almost 9,000 people paid off their debt in full using their Debt Management Program. The program has saved participants thousands of dollars while providing education that helps members thrive. In addition to the Debt Management Program, GreenPath offers a wide range of other resources to help people of all ages with varying financial needs make informed financial decisions through financial education in the form of webinars, financial calculators, and even a podcast!

For more information on GreenPath’s Debt Management Program, visit the GreenPath Resource Center on Chartway.com.