Struggling to budget
Henry had just opened an ice cream shop in his local neighbourhood – something he’d been dreaming about for a while. With limited business knowledge and budgeting experience, Henry was unprepared for the unsteady cash flow generated by his business in its initial months. This made it challenging for him to pay off his overdue credit card payments. By the time Henry spoke with a CIBC credit counsellor, he was 3 months behind on payments.
How did we help?
We introduced Henry to our Flex Pay solution. Henry made 3 consecutive minimum payments to bring his account out of delinquency. This helped Henry make the most out of his erratic revenue stream from his new ice cream shop by balancing between debt payments and re-investing money into his business.
Henry was able to pay off all his debts by the time the fall came - and business is still booming.