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.
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.
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!