People Share How They Paid Off Their Debt

With the high cost of living and inflation on the rise, it’s never been easier to find yourself with lots of debt. It’s scary, but the good news is that if you’ve racked up a ton of credit card debt, there are ways you can overcome it before you declare bankruptcy. People have shared how they paid down their debt, and their ways may work for you, too.

  • "I paid off $15,000 in credit card debt. Basically, I cut my expenses, quit drinking, budgeted better for luxuries, got a steady job I could tolerate, regularly paid 1/3 of my paycheck and all extra money [toward my cards], and moved my debt to a lower-interest credit line. It was mostly just a lot of grinding and trying not to focus on the size of the debt overall."
  • "I used a debt management company to get out of $60,000 credit card debt. Got on a five-year plan, credit took a big hit, and four years and eight months later, I was debt free. That was in 2020. At the end of 2021, bought a house."
  • "What worked for me was a little handwritten log book where I dedicated a page to each card, with total owed, balance ratio, and interest rate. Then, I attached a gleeful feeling to crossing out the old numbers and replacing them with the new lower totals."
  • "Worked extra hours this year. Paid off $30,000 credit card debt. Now, I’m debt free but for the mortgage. Happy days for me!"

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Source: Buzzfeed

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