Saturday, December 02, 2006

Champions of Debt Elimination


For inspiration on eliminating debt, read about success stories in the MSN.com article Huge Debts, Paid Off Fast. Greg Cards will pay off $154,000 in about six years on a base income of $60,000 per year. Bethany and Stephan Gordon retired $150,000 of mortgage debt in five years, with an initial income of $55,000 per year. How did they do it?


According to MSN.com, among other things:


  • They made debt payoff a priority, although most continued to save for retirement as well.

  • They kept their basic living expenses as low as possible.

  • They looked for creative ways to speed up their debt repayment, and some took extra work. (Cards, for example, volunteered for overtime and took a second job.)
  • It wasn’t easy for any of them. I am inspired by their commitment to achieving their goal. They all had the vision and will to be successful.

    Photo Credit: morgueFile.com, Paul Anderson

    This is not financial or debt reduction advice. Please consult a professional advisor.

    Copyright © 2006 Achievement Catalyst, LLC

    4 comments:

    Golbguru said...

    The article you mention was really interesting. Other than the things you noted in your posts...I was intrigued by the charity and debt stuff (and recently wrote a post on that), and also one of the cases where the family has $49,000 in credit card debt !!...I don't know how people can pile up that much. At our current standard of living we could almost live 5 years in that kind of money !

    Golbguru said...

    Ah ha...I see the nice image now :). It's always nice to see things evolving.

    Super Saver said...

    GolbGuru,

    I thought the article was a great example of an "I can do it" attitude by all the people it covered. Your post on this article sure generated a lot of comments. It started a very interesting discussion.

    Thanks for the compliment - three columns, pictures ... hmm, what's next? Haven't tried video or pod casting yet:-)

    Andy said...

    I'm also inspired by those who really pay down their debt quickly. I wish I had the same energy and drive to build up my retirement at the same rate!