8 Real Women Who Paid Off Debt

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Posted October 24, 2012 by Marcy Twete in Life After Five

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!

Read all of the 8 women’s stories on LearnVest.com by clicking here. They’re worth perusing and may give you tips on ticking down your own debt.


About the Author

Marcy Twete

Marcy Twete is the author of "You Know Everybody! A Career Girl’s Guide to Building a Network That Works" and a career expert who believes in order to be empowered in your career, you must be surrounded with resources and a network that both supports and challenges you. Marcy began her own networking journey as a professional fundraiser in the nonprofit industry, honed those skills as a fundraising consultant, and in 2012 networked her way to nearly 1 million readers as the CEO of the professional development website Career Girl Network.

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