Paying off debt is a great accomplishment, but can be a major drag while you’re still making payments.
Thankfully, after you pay your debt off, you’ll no longer be shackled by your past financial mistakes.
Each debt payment can seem like a great step forward and a punch in the gut.
After all, you’re only making these payments because you dug yourself into debt in the first place.
That said, it’s important to remember paying off debt is a journey.
To help inspire you to complete your journey, I wanted to share a few stories of people who have paid off massive sums of debt.
You can do what these people did. It just takes determination, focus and hard work.
Jackie Paid Off $147,000 Of Debt
Jackie Beck and her husband paid off $147,000 of debt, including their mortgage. While they weren’t an overnight success story, Jackie and her husband realized they needed to get out of debt. They put a plan in motion to make it happen.
First, they decided to tackle their credit card debt and paid off $17,000 in three years. Once they realized debt wasn’t their friend, they paid off $35,000 in student loans, car loans and home improvement loans in another three years.
Finally, they tackled their mortgage and became debt free.
Read more about Jackie’s journey here.
Stephanie Paid Off $144,000 Of Debt
Stephanie and her husband accumulated over $130,000 of student loan debt for law school. In May 2013, Stephanie found the book The Total Money Makeover and decided to make paying off their student loans a priority.
Over the following years, they continued to aggressively attack their student loan debt and eventually became debt free in July 2016.
Stephanie kept detailed records, so you can see exactly how much income they made each month. She also kept track of how much money they put toward paying down their debt.
Toward the end of their journey, they paid off almost $10,000 per month for a few months.
Read more about Stephanie’s story here.
Travis And Vonnie Paid Off $109,000 Of Debt
Travis and his wife, Vonnie, managed to accumulate $109,000 of credit card debt. Ouch! Thankfully, they decided to pay the debt off.
Through the use of a debt management program, Travis and his wife started the program in July 2009 and made 55 payments before paying off the $109,000 debt in full in January 2014.
If these two can pay off $109,000 of credit card debt in less than five years, imagine what you can do when paying down your debt.
Melanie Paid Off $81,000 Of Debt
Melanie took out $23,000 of debt for undergraduate school and $58,000 for graduate school, totaling $81,000 of student loan debt. Initially, she simply made the minimum payments on her loans for five years.
When she graduated from graduate school, she only had $68,000 of her student loan debt left. However, she managed to pay off that $68,000 in four and a half years.
She became student loan debt free in December 2015, one whole year before the deadline she had set for herself. How amazing is that?
You can read more about Melanie’s journey here.
We Paid Off $80,000+ Of Debt
As you may know, my wife graduated from nursing school with over $80,000 of student loan debt. We immediately knew we wanted that student loan debt gone and worked to pay the debt off as fast as possible as soon as she graduated from school.
The journey wasn’t easy, but through spending significantly less than we earned and putting the difference toward paying off the debt, we were able to become student loan debt free in just under three years.
You can read more about our journey here.
Deacon Paid Off $52,000 Of Debt
Deacon and his wife ended up with $52,000 of debt and wanted out. So, they decided to get intense to destroy their debt. Deacon even sold his new car that was less than a year old to help pay off his debt faster.
They trimmed their expenses, refinanced high interest rate debt and worked hard to pay off their debt. In just 18 months, they completed paying off the $52,000 of debt.
You can read more about Deacon’s journey here.
Michelle Paid Off $40,000 Of Debt
Michelle accumulated $40,000 of student loan debt while obtaining her undergraduate and graduate degrees.
After earning her degrees, she worked in her field of study for a short period of time while building an online business. Once her business took off, she quit her full time job to work for herself.
Throughout the process, Michelle put aside money to pay down her student loan debt. Miraculously, she paid off the remaining $38,000 of student loan debt in seven months.
It took a lot of hard work to earn that money, but she wanted the debt gone.
Read more about Michelle’s story here.
You Can Pay Off Your Student Loan Debt, Too
Based on the stories above, you can probably find someone to be inspired by. The key to paying off massive amounts of debt in a short period of time is making it your number one financial priority.
The feeling of being debt free is quite amazing. After you succeed, you can take all of those debt payments and save or invest for your future.