Tackling debt isn’t always easy, but it is a necessary step toward financial empowerment.
And Jocelyn Wright, managing partner of Ascension Wealth Management in Jenkintown, Pa., has a solution. In an interview with WSJ Wealth Adviser, Ms. Wright talks about how she created a debt boot camp to help people manage their debts and learn more about money management. Think of it as a support group for overburdened borrowers.
She says the program, comprised of three 90-minute sessions over three weeks, covers understanding debt and credit, creating a repayment plan, and establishing healthy spending habits. It’s also interactive, with attendees bringing accounts, balance statements and budgets.
As the adviser, she warns, you have to be mindful to not seem as if you’re being judgmental, but the results can be rewarding: The more comfortable clients get, the more they’ll reveal so you can help them put the right plan together.