What's the most debt you've had and how did you handle it?

Debt Management
1

I’m curious about people’s experiences with debt. What’s the largest amount you owed, and how did you deal with it? How long did it take to pay off?

2

My family was in $80k of debt. It started with a few car loans and student loans, but medical bills from a child’s long illness pushed us way over. We had to go full-on strict budgeting to dig out. Took almost six years, but now we’re down to just $3k left.

3

@Reagan
It took a lot of discipline and effort, but I’m so thankful we stuck with it!

4

@Reagan
I thought I was drowning with $25k in student loans and credit cards, but your story gives me hope. Thanks for sharing.

5

@Reagan
Glad it helped! It’s tough, but worth it.

6

@Reagan
Not everyone likes Dave Ramsey, but his approach worked for us. It’s all about discipline.

7

I owed $15k and worked 64 hours a week for eight months to pay it off. It was exhausting, but I made it.

8

I had $25k in credit card debt. It took 18 months, but I chipped away by cutting expenses, boosting income, and using balance transfers to lower interest. Staying consistent was the key for me.

9

Mal said:
I had $25k in credit card debt. It took 18 months, but I chipped away by cutting expenses, boosting income, and using balance transfers to lower interest. Staying consistent was the key for me.

What’s this balance transfer thing? I haven’t tried it.

10

@Vero
It’s when you move your debt to a new card with a lower interest rate. Helps save on interest, but you have to stop using the old cards!

11

@Vero
I tried that once, but ended up with double the debt. Definitely not for everyone.

12

I had over $120k in student loans for a degree I didn’t even finish. I’ve paid it down to $40k by living simply, refinancing, and learning as much as I can about managing money.

13

I had $22k in credit card debt. I moved to a cheap apartment near work to save on gas and other expenses. Took 18 months, but I’m finally debt-free.

14

Reagan said:
I had $22k in credit card debt. I moved to a cheap apartment near work to save on gas and other expenses. Took 18 months, but I’m finally debt-free.

That’s inspiring. Congrats!

15

I chipped away at credit card and student loans weekly. Now I’m five weeks away from clearing my student debt completely.

16

Zya said:
I chipped away at credit card and student loans weekly. Now I’m five weeks away from clearing my student debt completely.

Congrats! That’s a huge milestone.

17

Vero said:

Zya said:
I chipped away at credit card and student loans weekly. Now I’m five weeks away from clearing my student debt completely.

Congrats! That’s a huge milestone.

Thanks! I’m lucky my loans weren’t too high. I’ll be debt-free by Thanksgiving.

18

This has been a really helpful thread. Thanks, everyone!

19

I’m $150k in debt. Enrolled in a debt management plan, which cut my interest and payments in half. I also donate plasma twice a week and do online surveys to make extra money.

20

Branley said:
I’m $150k in debt. Enrolled in a debt management plan, which cut my interest and payments in half. I also donate plasma twice a week and do online surveys to make extra money.

Debt management plans are great! I’m with MMI, and it’s been a lifesaver.