A few years ago we were struggling to maintain the minimum payments on all of our debt obligations. We knew we wanted to pay it off, but we didn't have any extra money to make it happen.
Finally, we came up with an idea so simple that it allowed up to pay off $6500 in ONE DAY! If you want to pay off debt fast, you need this tip.
We were drowning in debt. 2 college degrees bought with student loans, 2 cars bought on credit, 1 failed business that we were still paying for... all totaled it added up to over $73,000!
Something had to give, but we weren't making enough to pay anything off. We were making extra payments when we could but it was disheartening to not see a big win.
So we made a drastic {but so simple} decision.
How We Paid Off $6500 in One Day
With low incomes and a ton of debt, we only had one choice if we wanted to see real change: We sold a car.
With that one decision we paid off $6500 worth of debt in one day!
Of course, there are repercussions to choosing to only having one car, but the benefits of seeing that huge leap forward really motivated us to bear down and really get our debt paid off.
It also had the added benefit of freeing up quite a bit of money in order to start snowballing our debt payments!
Bottom line, tough choices have to be made and I am so thankful we made them! I know you will be too :-)
Related: Why I DITCHED The Dave Ramsey Envelope System
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Lady Lilith says
Nice idea. I am putting every extra penny into paying off my debt as fast as I can. For me, it is the slow wins that will one day show huge results.
Victoria says
Amen Lilith! It’s hard to not see the big wins sometimes, but every little bit counts and one day it will all be paid off! Good luck and thanks for stopping by!!