Paying off debt champions

04.21.2007

Sometimes when you are in the midst of trying to pay off debt, the task seems so huge. I know many people just give up assuming they will always have debt hanging over their heads.

MSN has an inspiring article on people that paid off thousands of dollars in debt much quicker than you would think possible.

The main ways they got out of debt:

“Among other things:

  • They made debt payoff a priority, although most continued to save for retirement as well.
  • They kept their basic living expenses as low as possible.
  • They looked for creative ways to speed up their debt repayment, and some took extra work. (Cards, for example, volunteered for overtime and took a second job. Wilkinson, a lawyer, moonlighted as a package loader on a FedEx loading dock.)”

Some other ideas in the article:

  • go on a clothing fast and not buy clothing
  • spend like you are broke and in college
  • only basic TV
  • keep track of your progress

You can read the whole article here:

Huge Debts, Paid Off Fast

6 Comments

  • Ellen says:

    Because it’s about unecessary expenses which is taking us a long time to pay our debt, it’s logical that we must cut off our expenses. It would be a great sacrifice to pay our debt, but it will also be a relief if we finally paid our debt.

  • Beth Dargis says:

    Ellen,
    Right, you can get out of debt so much faster than way. Keep thinking of the relief you will feel. And to make it easier to save, instead of saying, “cut off expensive” and “great sacrifice”, think of seeing it as a game. Keep track of how much you save and pay off. See how little you can spend. Besides you have better things to do, than shop, right?

    Wishing you success as you pay off your debt.

  • Helen says:

    It is indeed overwhelming, especially if we look at it as a whole. I believe that neglecting the big picture and focus on small continuous payments will get our debts paid in no time. We just need to be positive with our problems.

  • Beth Dargis says:

    Helen, Good for you. Yes, steady payments will bring down your debt and you can do it!

  • Andrea Q says:

    The link isn’t working for me.

  • Beth Dargis says:

    Hi Andrea, I have updated the link. Try again. Thanks 🙂

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