One day in 2006 I got a reality check...my husband and I were in over $50,000 worth of debt. I sat down and calculated what we owed and to who and the lump sum of it all was completely overwhelming. I was heart broken that we had let ourselves get to this point...borrowing money for anything and everything we wanted but were too broke to pay cash for.
The success story comes in when we decided to stop the behavior of borrowing and over spending. We attended a financial course that showed us how to chip away this debt one creditor at a time, which is what we did. We paid off small debts first to gain a sense of accomplishment and worked our way up to the big one...my student loan. We sold stuff, created a monthly budget (and stuck to it!), and locked down our spending to a minimum until all this was paid back. It took us two years of strict dedication to our plan, but we did it!
I can not describe in words how it feels to be free of debt and back in control of our money. This has allowed me to go back to school to become a Nurse and allowed me the freedom of not working while attending such a rigorous program. Of course, the second time I went to school not one student loan was taken. It is also freeing to graduate school without the baggage of student debt looming.
We've been able to share our success story with others and encourage those who are in similar situations. There IS a light at the end of the tunnel so keep chipping away at it!