143: How to Pay Off $160k in Debt in 3 Years While Making $90k
Shannon Gauthier discovered the debt she and her husband had gotten themselves into when a debt collector caller her at work and she started asking questions.
Shocked to discover $30,000 in unpaid debts, she quickly found herself a single mom as her husband left.
She tried to pay them off as best she could, but found herself somedays deciding whether to buy a gallon of milk or a gallon of gas to get to work.
Fast forward a year, and she met a new man who brought significant debt with him to the relationship - to the tune of $60,000!
Each of their divorces added more debt to their pile and at the height their debt totaled $160,000. Their income trailed this debt at $65,000 and they knew they'd have to do everything in their power to knock out this debt.
They moved in with his parents to pay lower rent and have someone to watch the kids while they worked. They couponed and did free things with the kids to be able to throw every single dollar they could at their debt.
This approach paid off, because by the end of the year, they will be completely debt free and be able to start saving and investing and working toward financial freedom.
If you're in debt and see no way out, this episode will show you there IS a way to paying down your debt, that it isn't always easy, pretty or fun, but it CAN be done.
Links from the Show
- BiggerPockets Money Facebook Group
- BiggerPockets Forums
- Dave Ramsey
- BiggerPockets Money Podcast 130
- Mindy's email
Check the full show notes here: https://www.biggerpockets.com/moneyshow143