MILWAUKEE, Wisconsin — October 24, 2026
Mariza and Geffrey Gordon, a Milwaukee couple working to improve their financial situation, have made progress after receiving a modest inheritance from a relative. The couple used a large portion of the money to pay off their nearly $40,000 in credit card debt, freeing up approximately $1,400 per month that had been going toward minimum payments.
The couple is participating in CNN’s Savings Challenge, which follows people trying to improve their savings habits and manage financial difficulties with guidance from experts.
A major step toward reducing debt
In an earlier update, the Gordons had struggled to find an affordable way to consolidate their credit card balances. They did not qualify for a favorable personal loan or a balance-transfer credit card because of their credit scores.
They also considered a debt-management plan, but its conditions did not fit their circumstances.
The inheritance gave them an opportunity to make a substantial reduction in their debt. However, financial educator Tiffany Aliche, known as “The Budgetnista,” said it was important to consider their entire financial situation before deciding how to use the money.
Aliche explained that paying off debt can be a positive step, but keeping enough cash available for unexpected expenses is also important.
Job loss adds pressure
The couple still faces uncertainty because Mariza was laid off from her job. Her severance payments were nearing their end, and the household expected its monthly income to fall by approximately $2,000.
She also needed to arrange health insurance coverage after missing a deadline to join her husband’s employer-sponsored plan.
These changes mean that eliminating credit card debt is only one part of their broader financial plan.
Building a savings habit
The Gordons told CNN that they placed the remainder of their inheritance into a high-yield savings account. Geffrey also planned to save 20% of his paycheck each month and had arranged direct deposits into two new high-yield savings accounts, one offering a reported 4% annual percentage yield.
Aliche wants the couple to develop a more comprehensive approach to money management, balancing debt reduction, emergency savings, employment uncertainty and long-term financial goals.
Their experience highlights an important personal-finance lesson: paying off debt can provide significant relief, but maintaining accessible savings can help protect a household when income changes unexpectedly.
Source: CNN, reporting by Jeanne Sahadi, October 24, 2026. This article is a rewritten summary of CNN’s report, not an official CNN publication.
MILWAUKEE, Wisconsin — October 24, 2026
