3 Inspiring Stories Of How People Got Out of Debt

Debt can be one of the most stressful things in our lives, and it’s easy to feel as if you are drowning in your repayments. When the figures keep piling up, or you’re struggling to make ends meet, it can feel like you will never be able to get out of your financial hole. It’s estimated that the average person is in a revolving cycle of $700 of debt. For some, it is actually a lot higher. 

Being in debt can lead to feelings of failure, depression, anxiety, and high levels; which, if left untreated, could turn into harmful physical symptoms. You may look at the steps that got you to the point of being in so much debt, and there are many reasons why what you owe could become unmanageable. 

Perhaps you lost your job and didn’t have any savings to fall back on, or you had a sudden and urgent large payment to make that meant you took out a loan but now can’t repay. Whatever the reason, no one chooses to go into debt, and getting yourself out can seem like an impossible task.

Thankfully, there is hope, as proven in the next three stories of regular people who have managed to get themselves out of debt. If they can do it, any of us can!

Zina Kumok

Zina had $28,000 in student debt after she finished college, and was determined to have that debt paid off as fast as she could. The last thing you want is debt hanging around longer than it should, sitting there accumulating more debt. Zina set herself a challenge of having the amount paid off within 3 years.

Zina was only earning $30,000 a year and managed to hit her goal even, with a third of that income over 3 years put towards debt. Frugality and hard work are the number one factors Zina states for her success in paying off her student debt. 

Remember, in the scheme of your life, 3 years is not that long. You can go without a few pleasures now to make for better treats in the future – ones that are completely debt-free.

Deacon Hayes

Deacon and his wife were in debt of $52,000, and they managed to pay it off in an impressive 18 months. They took it upon themselves to sell off a large majority of what they owned, including Deacon’s new Nissan Altima. 

They went to town on minimizing that debt as quickly as they could, and are now working on paying off their mortgage in less than 10 years. With their persistence and determination, we bet they’ll hit that goal in only 8 years!

Leo Babauta

Still, don’t think you could do it? Then you must hear Leo’s inspiring story. Leo was drowning in debt in 2005, struggling to make ends meet and living paycheck to paycheck. 

He decided it was time to buckle down and get rid of this debt so his life could be led in a more comfortable manner. He was able to completely eliminate his debt, including his mortgage, in 2 years.

How did he do it? He stopped using credit and cut up his credit cards, eliminated all non-essential purchases such as cable TV, made a budget and stuck to it, and finally found new ways to increase his income. 

Now, if this wasn’t impressive enough, Leo did this whilst supporting a family of 6. So, the next time you feel like your debt is too much and you’ll never be able to pay it off, just remember Leo’s load. Now that is truly inspiring.

Preventing debt before it occurs

Of course, the best way to ensure you’re not drowning in debt is to prevent it before it arises. Sometimes debt is unavoidable, such as in the case of a sudden medical emergency or high electricity bill, and it’s not always possible for everyone to have a rainy day fund.  

Maybe your mortgage repayments got away from you, or you needed to pay for a death in the immediate family. Debt generally seems to come from bad situations and can hang around like a dark cloud for many years if you don’t get on top of it.

If you’re in need of money, taking out a small cash loan that is easier to make repayments on may be a better method than getting out a larger loan, which you may find difficult to pay off in the future. According to Nimble, In 2018, the average amount lent was $812 and people used us for a range of things from booking their dream holiday to emergency repairs on their home.

As proven, you don’t have to let debt get in the way of a better future with a bit of hard work now. Who knows, it could be your inspiring story that makes someone else get out of debt someday.

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About Brandon Leibowitz

is a Social Media fanatic. His blog, Bosmol, is based on trending stories on various topics related to social media, Facebook, Twitter, LinkedIn, YouTube, Google Plus, Internet Marketing, Social Bookmarking, Smartphones, SEO, and many other topics. Established in Los Angeles, California in 2007. Subscribe to us to receive the latest news and updates first. Please feel free to comment back.

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