According to a nationwide survey conducted by LearnVest and Chase Blueprint, almost one-third of men and women surveyed said credit card debt keeps them from reaching their financial goals.
What’s more, in the study, the average outstanding student loan debt totaled over $30,000.
LearnVest reacted to this staggering news by compiling stories of some incredible LearnVest users who used various systems to attack what is one of the biggest issues in America today – debt. I was personally inspired by many of the stories they showcased, and want to share two of these awesome stories with you here.
Althea
In 2010, I had $76,000 in student loan debt after two degrees. I have already paid off $56,000. I’ve made a lot of sacrifices, but it’s totally worth it now that the end is near! That said, it definitely hasn’t been easy. I work a day job in management at a non-profit: In 2010, I was making $62,000 a year, but now I’m earning $70,000 a year, plus a $4,000 annual bonus. It’s definitely a good salary, but I live in Washington, D.C., which is an expensive city.
To supplement my income and pay down my debt more quickly, I’ve gotten creative. I’ve babysat through SitterCity, participated in focus groups and done other odd jobs. I also moved to a less desirable neighborhood, cut cable, limited data on my phone and tracked all of my spending. Each month, I have been able to put around $2,000 toward my student loans.
Lisa
To pay off my debt, I would make multiple payments per month, regardless of the bill’s due date. If I felt like I had a spare $20, $50 or $100 in my bank account, I went ahead and made an online payment. It was so easy, and it was an instant confidence boost as I watched the balances decrease!
About the Author: Marcy Twete
Marcy Twete is the Founder and CEO of Career Girl Network and the author of the book “You Know Everybody! A Career Girl’s Guide to Building a Network That Works.” At Career Girl Network, Marcy provides women with information, resources, and networking to empower them in their careers and to advance the work of women in business as a whole. Prior to launching Career Girl Network, Marcy worked in numerous nonprofit organizations and as a consultant in the field of nonprofit fundraising, marketing, and community relations. Marcy is a graduate of the College of St. Benedict in St. Joseph, Minnesota, and a native of rural North Dakota. She is the Vice Chair of the Chicago Board of Directors for Step Up Women’s Network in Chicago and a member of the Advisory Board for Girls on the Run Twin Cities, and is dedicated to advancing the work of organizations that move the needle for women and girls worldwide.
Comment with Facebook