Paying Off $100,000 in Four Years: How MMI Helped Ian Achieve His Financial Goals

Show Notes

• Guest: Ian Morris
• Host: Tara Alderete
• Publication Date: March 18, 2025

Highlights

• 1:36 | Ian explains how his family slowly slid into debt during the Great Recession.
• 4:57 | Ian talks about his experience with credit counseling and starting a debt management plan
• 6:57 | Tara and Ian talk about credit card interest rates and how interest charges can make it difficult to get out of debt.
• 9:54 | Ian shares his goals now that his family is out of debt.

Episode Transcript

Note: Transcripts are machine-generated and may contain errors.

Tara: Hello. Today I'm talking with Ian from Chicago, Illinois. Working with us here at Money Management International, Ian paid off an incredible $100,000 in debt in just a little over four years through MMI's debt management plan and increased his credit score by 70 points. Debt, we've all heard of it. Most of us have it. Debt seems to be an unavoidable reality of life. But what happens when it starts consuming life? Here at Money Management International, we believe that financial challenges aren't meant to be faced alone. On this podcast, we hear stories of people whose lives have been changed by MMI.

Their stories are unique, personal, and inspiring. Stay tuned. We're sharing each guest's long story short. Ian, welcome to the show.

Ian Morris: Thank you. Happy to be here.

Tara: Well, we're really happy to have you. I am super excited to talk to you today. To hear your story. Paying off six figure debt is amazing. I think I had to even ask you if I had it correct and I can't wait to hear what that was like. But before we jump in and just start talking, can you tell us a little bit more about you, where you live, what you do?

Ian Morris: Sure. I live in Chicago, Illinois. I'm a marketing communications writer for an educational, not for profit. I have a 22 year old daughter and I'm married.

Tara: Very nice. So we have nonprofit in common. That's nice to hear. Let us know a little bit more about what was happening before you reached out to MMI, what was going on, how you found us, things like that.

Ian Morris: Sure. Basically what had happened was that I had a regular job for a long time at a university here in Chicago and I lost my job during the Great Recession. And so during that time as I was looking for work, I was getting part time jobs. We were slowly sliding into debt, including great deal of credit card debt that we're using to make up for the gaps in our income. Also at the same time, you know, for example, you would have a major car repair or things like that. And so little by little as we were trying to keep up, we just found ourselves getting more and more in debt. And then also, you know, with a, with a daughter approaching college, you know, we were quite concerned about, you know, we had those expenses of, you know, schooling and outside activities. And fortunately we had some friends who had gone through the program.

They were very successful in the program and they recommended it to us.

Tara: Always a trusted source is kind of a good thing in a situation like that. Another reason I was looking forward to talking you today is that I feel like that situation is common. I think it happened to a lot of people during that time. And people were like, gosh, how do I handle this? So tell us a little bit more about how working with the debt counselors here at MMI helped you see a path forward.

Ian Morris: Well, I think that what happened was as soon as, and this was. My wife did a lot, had a lot to do with putting, you know, with our communications with, you know, we both spoke with mfa, but, but as we talked together and as we looked at our budget, the main problem was how to move forward without having that cushion of credit cards. Since we were basically at our limit and we were still. Our economic situation was improving somewhat, but we were still challenged. And so once we coMMItted, once we had our conversations with the staff at mfi and they were all terrific, by the way, it was clear what our path forward was. And that was simply no matter what, just living within our means without. Without credit at that point.

Tara: Well, I want to ask you what your credit counseling experience is like. But before I do that, I wanted to go back to something that you said. You know, you said we kind of made the coMMItment, whatever it takes. And so again, I go back to that number. A hundred thousand dollars in just under five or a little over four years. Under five years. It's just, it's incredible. And I am sure it took a lot of work and sacrifice and dedication and so can you tell us a little bit more about that? Sure.

Ian Morris: Well, first of all, my wife works full time. She has a career and took an extra job on top of that. I was freelancing at the time. I'm both a editor and college teacher, so I was getting adjunct teaching classes and freelancing. The freelancing started to pick up a bit. And then I actually about at the same time that we went into the MMI program, I got a full time job at that point. So that made a huge difference. So that it was somewhat coincidental, but it was also crucial in terms of how we got through.

Tara: Yeah. So, you know, sometimes we use this term financial beast mode. Right. So I always think about it. It's like putting everything out on the table. And I love what you said. You just sort of like, whatever it takes, we're going to take different jobs, we're going to take extra jobs, we're going to do whatever it takes to meet this goal. I think that's the important thing.

So thank you for sharing that. Could you just tell us a little bit about like what the credit counseling experience was like with MMI and also what would you say was the most important thing that you learned, Most important, maybe lesson going through the process?

Ian Morris: So when, you know, when we enrolled and we sort of laid out, it's always difficult, you know, you have to, you know, lay out your finances and say, this is the situation we were in, they were very understanding. They got no sense of, like, there was no sense of anyone being judgmental. And then once we got going, it was essentially, like I said, one of the main points was sort of knowing that, you know, what we had coming in was how much you had to spend. And that was scary because there's just no cushion. There's no safety net. And so that part fell. Felt a little challenging. I think that the main thing I would say to people is that the process does work.

A key part of it is I would say patience, because you receive. And for those people, when you're in the program, you receive a statement each month, and there is a round pie chart where it shows how much you paid. So the first one, it says, you know, 3% or whatever. And you think, oh, my God, this is. This is going to take forever. And it does feel sometimes like when you're in the middle of it, that it does take forever. But that was part of it, I think. Actually, I think that was one of the things that we took a certain amount of pride in.

Or not, maybe not so much pride, but it was sustaining to be able to see each time that we received the statement that we were making progress.

Tara: Yeah. And it's almost like building momentum. Right. And so that 3% moves to 6 and then 9 and then 12, and it's like, hey, before you know it, you're at 50% of your goal. I can do this.

Ian Morris: Yes, absolutely. That was huge. And of course, at the same time, you know, there's this feeling like, oh, no, we have this much. We still have this much more to go. So, yes, it is immersive. It is, but. And that's why I think patience is very important. You just have to realize that you have to stick with it, and it's not going to solve itself overnight.

Tara: Yeah, but it will, and I love it. One of the reasons I was so much looking forward to this conversation is that I feel like it's a. It's a fairly common story during that great Recession and everything that happened with COVID But debt by itself is such a common thing, regardless of why, but it's something that we just don't talk about. So how do you say debt counseling nonprofits like MMI are Working to break that debt stigma.

Ian Morris: Obviously, the main risk with debt is interest. You know, you're paying interest rates, credit cards, you know, those are not always clearly stated up front. Or, you know, if you. If you miss a payment, you may end up with a much higher rate. And so there is a slippery slope to being in debt. And so the key point is that once that stops, you know that you have to sort of stop before you move forward. And so I think that whatever sense of disappointment in yourself, you know, that you feel that you still have to, you know, you just realize that there's a way out and you have to take it when you have the opportunity.

Tara: You know, I think it's interesting what you said. So that interest can sometimes make it feel like. And maybe this is part of the stigma, you know, that interest can sometimes make it feel like you're working so hard, but you're seeing almost no progress. And so what the heck, right?

Ian Morris: Yeah, absolutely.

Tara: Yeah, yeah. It's part of the process, and it happens. We were able to get your interest rates down, and that played a big part in you being able to pay off that debt, obviously.

Ian Morris: Yes, yes. That's a key part of it, was that reduction in interest rates was a huge part of our being able to succeed through the program.

Tara: Okay, so last question, and this is probably the best question. Well, two questions. So first, what does being debt free mean for you?

Ian Morris: Oh, my God, it's just like it's night and day. I can't tell you that. You know, talking about the circle and the. On the statement, when, you know, when we finally paid it off as a. Just a tremendous feeling. And. And I don't think that was something that when we were at, you know, at our lowest point that we anticipated we would be able to get to. So it was.

Yeah, it was just. It was both enlightening, both exhilarating, and, in a way, kind of unexpected. Even though we watch it happen, you know, step by step, month by month, throughout the process.

Tara: Yeah. It's probably almost like this was such a thing for so long and now it's gone. And that's awesome.

Ian Morris: Yeah, exactly. Yeah. Yeah. It definitely feels like a major load off of our should and also at the same time, life being what it is. So we have a, you know, a daughter that was just going through college, and so there was a certain amount of student loan debt that goes along with that. And so that would have been even more hard to overcome if it. If that had happened while we were still in debt so that we were able to able to be in a position where we could help her with those payments.

Tara: Wonderful. And then the last question. So now that you've been able to achieve that debt reduction goal and you know, get where you want to be, what, what comes next? What will you do next with that money you were able to free up and what's the next big goal you want to crush?

Ian Morris: Well, I think the first goal is to, is obviously to help her daughter with student loans. And also we, you know, one of the things, for example, that like, absolutely. Was not happening during the time that we were, that we were in debt was that we didn't travel anywhere. And so we were hoping, we're hoping to take a trip to celebrate my daughter's graduation in the near future.

Tara: Oh, that's wonderful. When does she graduate?

Ian Morris: She graduated? No, just this last spring. She graduated.

Tara: Ah, congratulations. So these are big milestones all the way around. That's wonderful.

Ian Morris: Absolutely.

Tara: Is there anything else that you wanted to share?

Ian Morris: We're tremendously grateful to MMI. One of the things you mentioned that we're both members of not for profit. That was a huge, a huge boon for us that made us feel confident that it was a, that the, there was a legitimate operation and not some sort of fly by night thing that's just designed to get your money. So we were very glad that we made that decision and I would highly recommend it to everybody.

Tara: Thank you. I'm glad you made the decision too. And I loved talking to you today. I loved hearing your story and chatting with you and just having you share some insights. So thank you so much for joining us and best of luck. And best of luck to your daughter.

Ian Morris: Okay, thank you so much. I really appreciate it.

Tara: This guest is a real MMI client whose success is the result of hard work and dedication. While MMI cannot guarantee results, taking early action can increase available options and improve long term outcomes. Thanks for listening to this episode of Long Story Short, brought to you by Money Management International. To learn more about our work and how we're helping people in all walks of life repay debt, balance their budget, and find lasting financial peace of mind, visit moneymanagement.org.

Return to main podcast page