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Can you imagine graduating with $101,000 in debt? One young man did just that. Following gradation with an MBA, he made 21 monthly loan payments of $1057 each and still had a balance in excess of $90,000. What did he do? He cut his spending and increased his earnings by taking on a second job. He took in a roommate, stopped contributing to his 401(k) and did the standard money-saving things like skipping meals out and was able to pay off his entire debt in a year.
How a US Marine eliminated $60,000 in debt
This young man spent the first years of his adult life doing minimum wage jobs and managed to run up $60,000 in debts. He joined the Marine Corps and seven months deployed in Iran taught him a lesson about the necessities of life. When he got home, he and is wife used the debt calculator Unburyme.com to create a plan for paying off the $60,000. They found stuff they could sell online, learned to cook more meals, got a family cell phone plan and found a number of other ways to cut their spending. They are now free of debt and planning to retire in seven years.
What do these five stories have in common?
What all these people did was develop a plan for dealing with their debts and then worked their plans. The lesson to be learned is that if you have a serious amount of debt, you, too, could develop a debt management plan and become debt free. The steps are relatively simple.
• Track your spending
• Develop a strict budget
• Get a debt calculator
• Make a plan
• Review your spending to see where you can make cuts
• Use extra money such as tax refunds to pay down your debt
• Find ways to increase your income (if necessary)
Do this and you might be surprised at how fast you become debt free.