WE Were Founded For You
Gemach Chasdei Yosef was founded in loving memory of Maran Chacham Ovadia Yosef zt”l as a beacon of hope to people who feel buried by credit card debt and stuck in the endless loop of high interest rates and never declining balances.
What We Do
The Interest Bite
The Torah refers to interest as “neshech”, a bite. Just think about this bite - if you only made the minimum payments on a $5,000 credit card balance, it would take more than 15 years to pay it off, while incurring over $10,000 in interest charges (assuming an interest rate of about 20%).
The bite is even bigger, when the balances are twenty thousand, fifty thousand or even more. You could easily be paying $10,000 every year in interest payments alone and never make a dent in the balances. Just think what you could do with an extra ten thousand dollars a year.
Our Solution
We leverage our industry knowledge and a network of third party financial organizations with proven relationships with all major US banks to identify and secure the right repayment solution for your individual situation. This repayment solution will generally lower your interest rates and completely repay your balances in 36 to 60 months.
For example, a client has a Chase card with a $25,000 balance at 20% interest. A reduction in the interest rate to 6% would save about $4,500 a year, while paying off the entire balance in 5 years instead of 20 or even 30 years.
The Gemach Difference
A number of clients are provided our service free of charge or at a significantly reduced fee, depending on the client’s situation.
We also offer free guidance on financial planning and budgeting.