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In June of 2003, I found myself $40,000 in debt and without any steady employment. Broken and at the end of my rope, I was ready for a major financial turn-around.
Fast forward five years later, I make my last debt payment to get rid of my school loan and I am finally free of my $40k burden. What a relief! It wasn’t always easy during those years of repayment, but I had done it. And, I wasn’t alone.
There is a growing number of people who no longer want to live like the “poor rich”. Many of those people, after years of sacrifice and stick-to-itiveness, have succeeded.
I share my story that it might give you hope if you are deep in debt. You can get rid of it. And, people are doing it right now.
Here’s a few other stories that I trust will add more kindling to your “get-out-of-debt” fire.
- Josh and Amy were in their early 20s and already found themselves $169,000 in debt. After finally being “sick and tired of being sick and tired”, they went on a debt-payoff rampage. In several years they had become debt-free (except for their house). Amazing.
- Shelley was $35,000 in debt with a yearly income of $35k. Finally reaching the end of her rope, she began working several jobs and got serious about paying off her debts. A short time later, she found herself debt-free and had established an emergency fund and new-car fund.
- Alan and Lonnie were $95,000 in debt when they decided enough was enough. After eighteen months they were able to pay off all their consumer debt and cars, saved a six-month emergency fund and had a plan to pay off their house in seven years. That’s killing it!
Of course, some make more money than others and are able to pay off debt quicker. At the same time, if you sacrifice and live a life of thrift, you will get yourself free of debt.
Have you been deeply in debt? How much did you pay off and within what time frame?
(Testimonials were found in The Total Money Makeover by Dave Ramsey)