During the time my spouse and I were striving to clear our $45k debt, I was immensely intrigued by others’ tales of paying off their own debts. Everyone commits financial blunders, and often finds themselves owing money for myriad reasons such as education, medical expenditure, consumer purchases, and so on. Yet, these individuals made substantial sacrifices to attain their ultimate goal of freedom from debt.
When you’re engrossed in settling your debt, a future date of being debt-free can seem like a fanciful concept and it’s exceptionally difficult to sustain the kind of fortitude and self-control necessary to achieve your target. This is the reason why most New Year’s resolutions peter out after a few weeks. However, to those who’ve conquered their debts, the date they became debt-free symbolizes one thing: fiscal independence. Everyone will confirm that, whilst it’s incredibly challenging, the reward is absolutely worth the struggle.
Here are five inspiring accounts of ordinary individuals who succeeded in paying off their debts.
FIVE REAL-LIFE DEBT PAY-OFF STORIES
Rachel Gause, a single mother of three, racked up almost $180k in debt, primarily consumer debt. She buckled down to start reducing her debt in 2006 and expects to clear it all by November 2015, currently owing $21k. She acknowledged the overwhelming burden of debt and took the reins of her life by switching to an all-cash budget.
Stephanie Hood had $90k of student loan debt, which she managed to clear within three years through significant sacrifices. She traded her studio for a cheaper place in a less expensive neighborhood shared with a roommate. She canceled cable TV and gym memberships, switched her cellphone plan, and focused on free entertainment. Although she didn’t fully abandon her aspirations to travel, she made budget-friendly choices like Peru and Malaysia, where she benefited from favorable exchange rates. To supplement her $50k annual salary, she pursued several side jobs, ranging from mock jury roles and mystery shopping to participation in focus groups and babysitting.
Anna Newell Jones was facing a $23k debt, a consequence of credit card usage, student loans, and a personal loan. Her answer was a one-year spending fast that involved curtailing expenditure on anything non-essential. In one year, she managed to pay off $18k, and three more months saw the remaining amount settled. She is now a debt-free property owner.
Jamie and her husband cleared their $70k debt within a year. Once they were debt-free, Jamie could opt to stay home with their child and now works part-time as a business coach.
The Paleo Mama managed to clear her $27k debt in a mere six months. One day, she woke up noticing that they were saddled with a pile of “normal” debt, comprising car and student loans. This sort of debt might be looked upon by many Americans as standard, but she recognized that it was merely impeding their progress. They began tightening their budget, reduced their spending, and managed to break free from their reliance on loans.
These are authentic stories of people, with ordinary salaries and significant debts, who rose to the challenge and succeeded in settling their debt. You can do it as well.
