Dealing with debt is something that can take a lot of energy. For some couples who are in debt, getting fed up with being in debt is what leads them to take steps to get out of debt. For one couple in Chicago, realizing they were tired of being in debt led them to aggressively pay off more than $127,000 in debt in almost four years.
The couple had student loans, car loans and credit card bills when they endeavored to pay off their debts. They decided to start small. They first paid off a store credit card with money they gained by adjusting the tax withholding on the husband's paycheck.
The wife said that paying off that small balance helped to give them the momentum they needed to continue with the debt relief plan. They continued to work on paying off whatever debt had the lowest balance at the time until they were paying off larger amounts of more sizable debts.
While they were chipping away at their debt, they also decided to save $1,000 in an emergency fund. She says that the emergency fund was a key to their plan. The couple is now debt free after an almost four-year journey that started in April of 2008.
Worrying about being able to pay off debts isn't something that is uncommon. If you are facing mounting debts and don't think that you will be able to pay them off, you might have legal options available to help you regain control of your finances. Exploring your legal options for debt relief might help you to make an informed decision about how to handle your debts.
Source: TheStar.com, "How broke couple repaid debts of $127,000 in 4 years" No author given, Apr. 04, 2014