About a year into their debt pay off, they were forced to take on more debt due to their well going out. The path to financial freedom did not run smoothly, however. They learned about Dave Ramsey’s method of paying off debt and immediately saved up $1000 in their emergency fund. ![]() Oh, and she’s a homeschooling, stay at home mom of five little ones! GrowingSlower reader, Jessica, and her husband had student loans, credit cards, house repairs, and a second mortgage. She also tells them that they can do it too and recommends the book Total Money Makeover to get started on their own success story. When she wrote that final loan payment check just 23 months later, she couldn’t wait to tell everyone she knew she was debt free. Her final breakthrough came when she changed jobs to one that was within walking distance of her home, so she saved on her commute and it paid more too. Here are a few thing she did to help her reach her goal: She did everything possible to stick to her budget and save money. I’m sure it seemed like it was going to take forever! This would have been hard enough, but she was earning just $40,000 a year when she started her debt pay off. Debbie Paid Off $30,274.07 in 23 Monthsĭebbie was a single mom who owed over $30,000. Her only wish is that she had cut the cord years earlier, so they could have used the momentum from becoming debt free to save and invest even more.ģ. Getting out of debt was a challenge, but Mel wants others to know that you can do it! The feeling of freedom, new opportunities, and big dreams that will open up to you is so amazing! A few of the ways they saved extra money to help them pay off the debt were: They made sure to assess every single purchase and expense along the way. Then they built it back up and persevered at paying off their loans. ![]() ![]() While working on their debt, they did run into car trouble, but they used their emergency fund. GrowingSlower reader, Mel decided it was time to buckle down and pay off her $25,000 in car and student loans, but her household had recently gone from two working adults to a family of three living on one income. After struggling for years Skylar and her husband paid off their last $10K in credit card debt in just 3 months. Just three months later, that credit card debt was long gone. Then, Skylar decided to try the Budget Breakthrough program. They’d tried everything (including the Dave Ramsey program), but that debt just wouldn’t budget. Skylar and her husband had struggled for years to pay off their remaining $10K in credit card debt. Skylar’s Debt Payoff Success Story: $10,000 in 3 Months I hope these stories of ordinary people, paying off debt way faster than they ever imagined will inspire you to start or continue on your own journey toward paying off debt fast! Want that floating-on-air-feeling of being debt free? Let these debt payoff stories inspire you. This post contains affiliate links to some of the books and resources these families found helpful in becoming debt free. They have overcome big challenges to be able to shout “We are debt free!”, but they did it!Īll together, they’ve paid off an amazing average of $26,898 in just 12 months. Some are caring for new babies, have low incomes, or big families. They’ve faced car trouble and medical bills. These are families living on one income, stay at home moms, homeschooling families, and single moms. To that end, I’ve collected some of my favorite real-life stories of people who got out of debt. What about normal, everyday people like me? My family of four living on one low income, not so much. Of course, two married doctors with no children can pay off a huge amount of debt in a year. However, most of the getting out of debt stories I found at that time didn’t offer a lot of details, or they seemed too far out of reach. ![]() I searched for the debt payoff stories of other families who were successfully living debt free. Could we become debt free? And if so, how long was it going to take to get there? Debt payoff success stories of real families to inspire and motivate you, with tips and strategies to jumpstart your debt payoff plan.Īt first, I was skeptical.
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