Saturday, December 02, 2006

Champions of Debt Elimination

For inspiration on eliminating debt, read about success stories in the 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, 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:, Paul Anderson

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

    Copyright © 2006 Achievement Catalyst, LLC


    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...


    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!