Aug 24, 2023
Debt is a common problem many people face, and it is not impossible to overcome. Read below for inspiring stories of people who have successfully paid off their debt and achieved financial wellness.
J.R. and his wife had $22,000 in credit card debt when they got married. They made a list of their debts, created a budget, and paid off $1,000 per month for 18 months. They also transferred their balance to a 0% card and used the sign-up bonus to pay off the balance transfer fee. They set a deadline of nine months and met it. They paid off their debt in 27 months and learned a lot about financial responsibility along the way¹.
Matthew had six student loans totaling $74,000. He watched a 15-year-old TV, delayed buying a new car, and bypassed big cities for his first job so he could pay off his debt. He prioritized the high-interest loans first and worked his way down. He also used extra funds, such as holiday bonuses and tax refunds, to pay off more debt. He paid off his debt in 24 months and wrote a book about his experience².
Ty'Lisha and her husband had $100,000 in debt after they graduated college. They used the snowball method, which involves paying off the smallest debt first and then moving on to the next one. They also cut expenses, increased their income, and sold some of their belongings. They paid off their debt in eight years and started saving for their future³.
These are just some of the stories of people who overcame debt and achieved debt wellness. The people in these stories show that with dedication, patience, and discipline, anyone can get out of debt and improve their financial situation. Below you will find links to learn more about people who have conquered their debt.
(1) Getting Out of Debt Stories - NerdWallet. https://www.nerdwallet.com/article/finance/getting-out-of-debt-stories.
(2) 8 inspirational stories of people who overcame debt | khou.com. https://www.khou.com/article/money/magnify-money/8-inspirational-stories-of-people-who-overcame-debt/507-537577067.
(3) Real Stories of Unmanageable Debt - The Aspen Institute. https://www.aspeninstitute.org/blog-posts/real-stories-of-unmanageable-debt/.