I love a good one debt free story! If you are looking to learn how to pay off debt, the 18 stories I am about to share will teach, motivate, and inspire you.
When I paid off my $ 40,000 student loan debt in 7 months, I spent a lot of time online reading how other people paid off their debt.
Because I wanted to pay off my debts as quickly as possible, I knew I needed additional motivation.
Finding a good debt-free story would give me the boost of energy I needed to keep working on my sideline jobs, finding new ways to save, and spending all of my extra money on debt.
I've also learned so many great tips and tricks for paying off my debts that I wouldn't have heard about them otherwise. Not all of the tips I've read about worked for me, but some did.
By reading other people's debt repayment stories and learning how to get debt free, I think you can find motivation to settle your own debts.
You can learn new approaches to debt settlement. And you will find that paying off your debts is possible.
You may find a debt free story in this article that really suits you – maybe the person was in a similar situation to you, had more debt than you, etc. Finding a debt free story that inspires you can be really motivating.
One of the things I also enjoy reading about in these stories is how paying off debt has changed the person's life for the better.
And learning how to get out of debt can lead to many positive aspects, such as:
You can finally feel less financial stress.
You can stop living from paycheck to paycheck.
You may be able to use this money for something more important, like retirement.
When you achieve debt freedom, you may have other life goals, such as: B. travel more or looking for a better job.
In today's article, I'm sharing 18 interviews and guest posts with people who share their debt-free story. You will learn how much debt they had, how long it took to pay off, and what they did to make this possible.
While some of their debt settlement strategies may seem crazy or impossible to you, they do show that debt settlement is possible.
But don't be discouraged if it takes longer than what you read about in these stories. It's not about comparing yourself to others and everyone has to start somewhere. Even if you can cash out a fraction of what the people listed below can do or take twice as long, you are still doing something to make your life better.
Below are 18 great debt-free stories to keep you motivated.
1. How Amanda paid off $ 133,763 in debt in 43 months
Amanda paid off $ 133,763 in debt in 43 months.
In this debt-free story, you'll learn:
How Amanda got into debt.
Why she decided to get out of debt quickly.
She cut spending so she can quickly pay off her debts.
What she thinks about the cash envelope method.
The sacrifices she made to achieve her goal.
What she did to stay motivated.
Read more under How Amanda paid off $ 133,763 in debt in 43 months.
2. How we paid out $ 266,329.01 in 33 months
Lauren Mochizuki is a nurse, wife, and mother in the emergency room. She and her husband paid out $ 266,329.01 in 33 months.
Here's the rationale of who Lauren was before she was serious about paying her debt:
“Woman, 25 years old, nurse, recently married, lives her life without considering finances. Often eat out, go to concerts, travel abroad, never voluntarily work additional shifts, live beyond their means. Bought a brand new Subaru Forester, husband also bought a brand new car, lives in 1,100 square feet apartment. Total debt: $ 266,329.01. "
Read more under How we paid out $ 266,329.01 in 33 months.
3. How I paid off $ 29,000 in debt by living in a van
Sarah paid off $ 29,000 in debt by living in a van all day. I love this debt free story because I'm just like Sarah – I love to travel, but I hate to move! She could combine these things and pay off debts.
“Why do I live in a van? As a traveling doctor, I usually work in health care facilities for 13 weeks. The decision to downsize was originally derived from my inherent laziness. You see I love to travel, but I hate to move. The thought of having to work less every time I move was very motivating. In my first three years (before Vanny) I would pay for short term furnished apartments which were very expensive. Most of the time, I found the case myself, and it cost between $ 1,600 and $ 2900 a month. I could think of so many better ways to spend my money and I quickly began to work out alternative options. I was very intrigued by the tiny home life revolution that I had read about. "
Read more under How I paid off $ 29,000 in debt by living in a van.
4. How our family of five went from a poor home to a debt free home in 3 years
Do you feel poorly housed? Here is a great post from Renee on how she and her family went from poor home to debt free in just 3 years.
Here's a quick snapshot of their debt-free history:
“Three years ago my marriage was on the rocks, I felt aimless in my career, our family life was chaotic, and we were officially in the middle of the madness of a maddened house arm. We got to a point where we knew we were either going to cut our losses and walk away from our marriage or get a hit and sell the house that ruined us. "
Read more under How our family of 5 went from poor to debt-free in 3 years.
5. How I paid back $ 65,000 in student loans while investing
Do you want to pay off debts and invest at the same time? Here is a great debt settlement story that shows exactly how it can be done. I have a lot of questions about whether you should or not Pay off debts or save / investand this story proves that you can do both.
Read more under How I paid back $ 65,000 in student loans while investing.
6. How we visited 8 new countries in 2 years – while paying back $ 58,000 in student debt
This couple paid off $ 58,000 in student loans while traveling! This is an incredible debt free story that you will want to read if you enjoy traveling too.
“My husband and I got to explore eight new countries together and still pay back $ 58,000 in student loans. It was hard work at times, but it also inspired an even greater love of travel and gave us the financial freedom to pursue freelance careers. Now I move to a new city almost every month and the dream of full time travel I had as a kid has come true. "
Read more under How we visited 8 new countries in 2 years – while paying off 58,000 student debts.
7. How we paid off $ 100,000 in debt on a single income
This is the story of Sarah paying off $ 100,000 in debt on a single income. Sarah was a home mom and she was very serious about budgeting to get out of debt.
Here's a quick snapshot of that debt-free story:
“We've outlined a paycheck budgeting strategy using a zero-based budget and created a budget folder to help us keep track of our finances. This strategy has helped us pay out $ 100,000 in 4 years on a single income while growing our family (and we are NOT rich!). "
Read more under How we paid off $ 100,000 in debt for a single income.
8. How I Repaid $ 30,000 in Student Loans in 2 Years by Paying the Minimum Amount
Alyssa Hunt paid back $ 30,000 in student loans in two years while simply paying the minimum amount. I know this seems like the exact opposite of how she would pay off her debt so quickly, but you'll find out how it worked in Alyssa's debt-free story.
Here is a quick snapshot:
"I owe my success to two important decisions:
The decision not to consolidate my loans.
The decision to only pay the monthly minimum.
The reason I chose not to pool my loans into one huge loan was because I focused on paying back one loan at a time. "
Read more under How I Repaid $ 30,000 in Student Loans in 2 Years by Paying the Minimum Amount.
9. How (and why) did we pay off $ 34,000 in debt in our first six months of marriage?
This is a great debt free story from Zach Buchenau. A reader of Making Sense of Cents, he shares how he and his wife paid off $ 34,000 in debt in the first six months of their marriage.
Read more under How (and why) did we repay $ 34,000 in debt in our first six months of marriage?.
10. How this family pulled into the "hood" and paid off $ 120,000 in debt
Aja McClanahan made great sacrifices to pay off $ 120,000 in debt!
In this interview you will learn:
How she got out of debt.
How she kept up with her debt discipline.
The sacrifices she made to get out of debt.
Your tips for paying off debt when you run out of money.
How she increased her income so she could pay off debts.
What she would do differently and more!
In her article, Hood Rich, How Life In The Hood Saved Our Finances, she says, “We live in Because Hood Is Life. Yes, our home is here. A house on the next block costs $ 2,500. "
Read more under How this family pulled into the "hood" and paid off $ 120,000 in debt.
11. How We Paid $ 100,000 in Debt in 40 Months: Marriage and the Military
Nolan Martin is a military officer who successfully paid off $ 100,000 in debt in just 40 months.
“We tried hard to start our lives together. Fresh out of college and new to the military, I convinced my wife, Erin, to marry me. Like most new couples, we both entered the relationship with a lot of debt on both sides. I was fortunate enough to receive a $ 35,000 career starter loan. Erin represented "normality" in America with over $ 40,000 in student loans. Then, of course, came the things you need to buy in a new marriage: the car, the house, and the puppies. On February 1, 2012, we had over $ 100,000 in debt. "
Read more under How We Repaid $ 100,000 in Debt in 40 Months: Marriage and the Military.
12. This couple paid off $ 62,000 in debt in just 7 months
James and his wife paid off $ 62,000 in debt in just seven months! Her debt-free story is about making a profit on her wedding, combining her finances, and paying off $ 62,000 in debt in seven months. Their lives changed drastically when they learned to get out of debt.
Here's a quick recap of how they went into debt:
“I was 22 years old, just four months in my military career, and owed over $ 115,000. All I had to show was a fancy diploma, a 3 year old Mazda, and over $ 1,100 / month in debt. "
Read more under How my wife and I paid off $ 62,000 in debt in 7 months.
13. How this couple paid out $ 10,000 in 10 weeks
Cassie has paid off $ 10,000 debt in 10 weeks and shows you how to make it happen too.
Here's a quick recap of their debt-free history:
“Even though we knew we were in student debt, we always assumed we would just pay the minimum until it was gone, and that would be it. What did we find when we did the math? It turns out that my wife and I owe nearly $ 200,000 in total (OUCH!). Even worse? The minimum payments don't even cover the interest, which means that no matter how many payments we make, we will never escape the grip of that debt. "
Read more under How we paid nearly $ 10,000 in 10 weeks.
14. How I used eBay and flea markets to pay off over $ 100,000 in debt
This is a great debt free story about how taking a side job can completely change your life.
Here is a quick summary:
“To date, we've paid off $ 96,500 in student loans, our wedding of $ 15,000, credit card debt of $ 5,000, a car of $ 6,500, and more than half of our mortgage – $ 76,600 and that counts! No, we have not received an inheritance or won the lottery. Our secret? An extremely frugal lifestyle, complemented by reselling used goods on eBay. The used items come from the weekly flea markets, property sales and auctions that we participate in. "
Read more under How I used eBay and flea markets to pay off over $ 100,000 in debt.
15. How this couple paid off $ 204,971.31 in debt
Claudia and Garrett have paid off an insane amount of debt and are now living debt free!
They sold their 1,500 square foot home, downgraded it to a 500 square foot house, sold 80% of their belongings, went on the side like crazy, and managed to pay off $ 204,971.31 in debt.
Yes, they paid off over $ 200,000 in debt!
Please go to How this couple paid off debt of $ 204,971.31 read the whole debt free story.
16. How we paid off $ 195,000 in debt in 18 months
Sami and Dallas began their debt free trip in January 2016 and were debt free through July 28, 2017! You paid off $ 195,000 in debt and you have a great story to tell.
In this interview you will learn:
How they got into debt.
Why they decided to pay it all off.
How they managed to pay it off in just 18 months.
Why they decided to pay off their debts instead of mainly investing.
Your tips for others to pay off debts.
How their debt settlement history is different from others.
The financial goal that you are currently working on.
Read more under How We Repaid $ 195,000 in Debt in 18 Months!
17. How I paid off my $ 400,000 mortgage in 7.5 years and before I was 32
Rob has an incredible debt-free history. He was able to repay his $ 400,000 mortgage in just 7.5 years before he was 32.
"I was one of those weird kids who couldn't wait to finish college. I've always had a long-term focus and used college as a stepping stone. One day during my freshman year I remember going to class with a friend and said I couldn't wait to graduate and make some money. My friend turned to me with an incredulous look and confessed that he intended to live it while he could. Needless to say, that I probably didn't enjoy college as much as others. "
Read more under How I paid off my $ 400,000 mortgage in 7.5 years before I was 32.
18. How I Repaid $ 40,000 in Student Loans in 7 Months
Okay, this story is my own, but I'm still very proud of it paid my student loan debt.
By the time I finished my Finance MBA, I had around $ 40,000 in student loans, including debt from my bachelor's degrees. I was able to pay everything off in just seven months because I found ways to make extra money!
Read more under How I Repaid $ 40,000 in Student Loans in 7 Months.
Would you like to learn how to get out of debt? How far are you from debt-free?