Get Out of Debt: Let These 15 People Show You How They Did It

Get Out of Debt: Let These 15 People Show You How They Did It

Trying to get out of debt? Owing money can fuel stress and worry like nothing else, but luckily it doesn’t have to be a permanent state.

Actually, lots of people have been able to pay off money (even large amounts of debt) and take back their lives.

If being debt-free seems impossible for you, take a look below and get some inspiration from these people who got their personal finances in order and paid down huge debts!

Who knows, with a little help from them maybe you could be debt free too!

People Got Out of Major Debt

How to Get Out of Debt: Let These 15 People Show You How They Did It

 1. ERIN

$20,000 debt paid off

When Erin of howtonestforless.com and her husband lost their jobs in the same month, their debt quickly grew out of control. With no income and lots of bills, they racked up $20,000 on their credit cards.



Erin and her husband realized they needed to get their finances in order. Amazingly, they worked hard and were able to get out of debt.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Made a budget spreadsheet
  • Paid off credit cards with the smallest balances first
  • Updated her spending and account balances daily
  • Negotiated lower credit card rates with her bank
  • Used the cash envelope system
  • Stopped eating out
  • Meal planned
  • Cut Spending

2. CHRYSTI

$125,000 debt paid off

Chrysti at marginmakingmom.com is an inspiration! When she found herself in $125,000 worth of debt, she took drastic steps to pay it back and gain financial freedom. Her story is full of great tips for anyone who wants to climb out of debt.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Made a budget
  • Spent less on food
  • Used a government loan-repayment program
  • Worked multiple jobs
  • Lived on one income
  • Used cloth diapers
  • Decreased spending
  • Sold things
  • Bought used items

3. ADAM

$40,000 debt paid off

After getting his first credit card, Adam of thousandaire.com started a downward spiral into big-time debt. From nice meals to expensive clothing, Adam spared no expense.

Eventually, the spending caught up to him, and he found himself in $40,000 worth of debt!

Luckily, Adam came up with a strategy to pay down all this debt, and here’s how he did it.

THINGS THAT HELPED HIM GET OUT OF DEBT:
  • Set a strict budget using a sheet of paper and tracked his spending down to the last cent
  • Cut back on utilities and cable costs
  • Stopped spending money on entertainment and eating out
  • Worked hard to get bonuses at work

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4. SHANNON

$22,000 debt paid off

At one point, Shannon of growingslower.com  and her husband had $22,000 of debt. Even though the debt was “good” student-loan debt, they both felt strongly that they wanted to get rid of it!

With some hard work and a lot of sacrifice, they were miraculously able to pay off their debt in less than 9 months.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Paid off debt using the snowball method (smallest loan first based on principle)
  • Cut spending drastically in any way she could

5. EMMA

$3,000 debt paid off



After years of overspending, Emma of moneycanbuymehappiness.com found herself with a big credit card bill.

She wanted to be in control of her finances and have the freedom to travel, so she decided to dedicate a year to paying off her debt, and her hard work was rewarded!

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Started a budget
  • Got some extra jobs
  • Repaid credit car loans in cash

People Got Out of Major Debt

6. KELLY

Mortgage paid off

A few years ago, Kelly over at viewalongtheway.com decided to pay off a huge loan–her mortgage.

To many of us, this mightt seem impossible, but due to some incredible persistence and hard work, she and her husband got rid of that debt!

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Lived on one (small) income
  • Put the second income towards home improvements and down payment/mortgage
  • Bought a modest house
  • Drove an old car
  • Stuck to a tight budget

7. CHANTAL

$170,000 debt paid off

After getting a degree in Podiatric Medicine, Chantal had racked up $170,000 in student loans. Amazingly, she came up with a strategy to pay off her loan 20 years before it was due!

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Lived on one salary
  • Put the second salary entirely toward student loans
  • Set small goals
  • Made automatic payments
  • Paid off loans with highest interest rates first
  • Earned extra money

8. JACKIE

$147,000 debt paid off

Between credit cards, student loans, and a mortgage, Jackie Beck of The Debt Myth and her partner/husband had $147,000 in debt! But, with some small steps and major discipline, they were able to pay it down and become officially debt-free.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Took steps to pay off credit cards
  • Increased income
  • Made specific goals for paying off mortgage

9. LAUREN

$8,000 debt paid off

Even though Lauren of financialbestlife.com had paid off big debt in the past, after some big home renovations, she found herself owing $8000!

Impressively, after coming clean to her blog followers, she paid it all off in 90 days.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • She made weekly debt-repayment goals
  • She put some savings toward debt
  • She cut back on spending
  • She increased her earning
  • She visualized her goals and gave herself rewards

10. JORDANNA

$30,000 debt paid off

In 2015, Jordanna, blogger at jordannarowan.com, found herself being weighed down by her debt.

Between student loans and overspending, she owed $30,000 and she decided to get serious about paying it back. In under a year, she had met her goal!

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Made a strict budget
  • Gave herself cash spending money
  • Kept track of debt repayment
  • Replaced compulsive spending with other habits
  • Meal Planned
  • Created a reward plan

11. DEACON HAYES

$52,000 debt paid off

When Deacon Hayes of wellkeptwallet.com  found himself in $52,000 of debt, he knew it was time to exercise some discipline and get his finances in order.

With a strict plan and the support of his wife, he was able to meet his goal in an amazing 18 months!

THINGS THAT HELPED HIM GET OUT OF DEBT:
  • Sold tons of stuff, including a new car
  • Cut back on spending
  • Re-financed debt

12. JESSI

$18,000 debt paid off

In 2014, Jessi Fearon, blogger at jessifearon.com, and her husband had had enough of their debt. They wanted to pay off $18,000 of debt quickly, and so they decided to take drastic steps.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Traded in her vehicle for a less expensive one
  • Cashed in her 401(k); I know this is pretty controversial for some people, but it worked for Jessi

13. CHRIS PEACH

$52,000 debt paid off

A few years ago, Chris over at moneypeach.com realized that his out-of-control spending had put him $52,000 in debt!

Chris and his wife enjoyed vacations, nice cars, and a beautiful house, but they were living paycheck to paycheck.

They finally decided to do something about it, and all their hard work paid off when they got rid of all their debt in 7 months.

THINGS THAT HELPED HIM GET OUT OF DEBT:
  • Sold stuff
  • Worked overtime
  • Got another job
  • Started budgeting
  • Cut back on spending

14. CARRIE SMITH

$14,000 debt paid off

In 2011, Carrie Smith of carefulcents.com was $14,000 in debt and wanted to change something!

So, she got organized, buckeled down, and paid it all off. Take a look at her story to see the details.

THINGS THAT HELPED HER GET OUT OF DEBT:
  • Made a time-sensitive goal
  • Cut spending on extras
  • Took on extra work
  • Accepted and asked for support



15. JAYMEE

$7,000 debt paid off

In 2014, Jaymee, blogger at smartwomanblog.com found herself with $7000 of debt; all piled up from shopping trips, vacations, and a car accident.

She finally decided to get serious about paying off her credit cards, and came up with a plan that worked within 7 months!

THINGS THAT HELPED HER GET OUT OF DEBT:
  • She wrote down her specific goal
  • She asked certain people to hold her accountable
  • She started a budget and stuck to it
  • She began paying for everything in cash
  • She got lower interest rates on her credit card
  • She rewarded herself for success

MAKE A DEBT-BUSTING PLAN TODAY

While paying off debt is super hard, every one of the people mentioned above knows it’s also very worth it.

If you have significant debt to pay off, you’re not alone and there’s plenty of advice and support to help you become debt-free.

So get to know some of these personal finance masters above, and make a plan today to get rid of debt!

 

2 Comments on “Get Out of Debt: Let These 15 People Show You How They Did It”

  1. Hey there! Thanks for sharing my story with your readers! I hope it will be a big encouragement to them in paying off their debt. I did want to note that we used the debt snowball method, which is paying off the smallest loan (by principle) first, rather than going for the smallest interest rate. It can be counter-intuitive, but it worked wonders for us!

    1. Thanks Shannon! Your story is so inspiring. I’ll be sure to update that information in the post 🙂

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