DENVER — Looking at a money management dashboard might sound boring, but Desirae Martinefski likes to show hers.
"Personally, I'm super proud," she said.
A year ago, the Denver social worker was struggling to pay bills, with three teenage boys to feed and about $30,000 in credit card debt.
"My heart would sink. My stomach would just churn because every time we would pay something, so much of it would go to interest that it wouldn't even matter," she said. "So it became this really tight circle that just kept going."
Denver7 Investigates has been covering the credit card crisis in Colorado. The latest Lending Tree survey now ranks the state 11th in the country for average credit card debt.
"For so many people, they are either in debt or they are just one bad luck event away from debt," said Colorado Attorney General Phil Weiser.
In 2022, the state legislature set up the Office of Financial Empowerment, which is housed under the Colorado Attorney General's Office.
Its first initiative, Bank On, aims to help Coloradans without access to banking services open an account. The second initiative supports free financial coaching and counseling across the state.
"For a lot of people struggling with how they manage their finances, how they get out of debt, they don't know what to do," said Weiser. "So we've leaned in, building up this coaching program to provide people with the guidance that they need to live a financially healthier life."
The Financial Empowerment Council, an advisory board of experts and stakeholders, met Monday. Council member Helene Raynaud is a debt expert with the nonprofit Money Management International (MMI), which offers financial education and counseling services.
"We have seen a 22% increase in the number of Colorado residents coming in specifically to seek debt and credit counseling," said Raynaud. "You're not alone. Help is available."
MMI helped Martinefski consolidate her debt at a lower interest rate with a lower monthly payment. She plans to pay off her credit card debt by 2028 and hopes others can access the help that brought her financial empowerment.
"So there is definitely light at the end of the tunnel. We have a plan," Martinefski said.
The OFE lists these agencies as partners that can help consumers struggling financially:
- Denver: Denver Office of Financial Empowerment & Protection and Bank On Denver Program
- Boulder County: Boulder County Personal Finance Program
- Pueblo County: Pueblo Financial Empowerment Center and Bank On Pueblo County
- Elsewhere in Colorado: United Way 2-1-1
Additional consumer resources can be found below:
- Financial decision-making resources and tools
- How Money Smart Are You? Financial education program
- Find affordable banking options
- Get a free copy of your credit report
- Information for student loan borrowers
- Find information on scams and fraud
- Make a credit or debt-related complaint
