Isles Financial Solutions is a customer-centered financial capability service that supports improved financial knowledge and the ability to put that knowledge into everyday practice. The key element is the on-going direction and support from a financial coach, who helps the customer build skills and keeps them motivated and focused on their goals.
“Gail” was in the process of getting ready to buy a house, but as with most customers she needed to work on improving her credit score and to take care of some debts. So Gail worked with her IFS counselor to create a savings and spending plan so that she could start paying down her debt and begin to understand her personal spending habits.
A year later, Gail had significantly improved her credit score and took care of her outstanding debt. There was one more thing that was bothering her, the interest for her car payment. Because of Isles’ relationship with the Princeton Credit Union, her coach suggested she reach out to them. However, Gail had found another offer through a well-known personal finance company’s website. Seizing this “teachable moment,” we asked her to look deeper into both offers. Once she got past the advertising for the supposed “better deal,” she discovered that the offer from the credit union was much better. Through that re-financing she was able to lower her interest rate from 18.99% to 8.99% and reduced her payment length from 42 to 36 months, which altogether saved her $2,028.96.
In addition, she raised her credit score to 640 and is in the process of qualifying for a CRA loan at a excellent interest rate, thanks to her efforts. We are pleased to see Gail on her path to financial self-reliance.