The Internet is replete with sad tales of debt that people have found themselves entangled in, whether personally or as part of a business. Debt is a serious issue and can cause significant distress, leading to personal stress, financial loss and even business failure. The good news is that whilst debt can often feel inevitable, staying in debt is most certainly not. There are a multitude of strategies to help get you debt free and in this article, we are exploring a handful of debt recovery success stories to help keep you motivated and on the right path.
6 Debt and finance recovery happy endings
It’s easy to bury your head in the sand with debt and ignore the spiraling cycle that put you there in the first place. This couple decided they’d had enough when their amassed debts reached a huge $60,000. They took stock of their situation, made a plan and stuck to it until they became gloriously debt free.
Debt can come in any shapes and sizes
Debt can come in many shapes and sizes, often none larger than the mortgage. A mortgage is a debt that can quite commonly remain for most of your life, often relying on cashing in your pension to finally clear the debt once you reach a pensionable age. This couple decided they were going to get rid of their mortgage in just five years, and that’s exactly what they did. What’s more amazing is they achieved this by living on one salary whilst the using the other salary exclusively to pay off the mortgage in full.
This man found himself at the raw end of a legal wrangle with an ex-employer who had treated him most unfairly. With professional assistance and a stoic determination he was ultimately rewarded with positive results from a debt related lawsuit; proof that positive outcomes are achievable even when things seem tough.
What might seem like an impossibility to some can turn into a miraculous success story to others. This couple managed to pay off $29,000 of debt whilst only actually earning that very same amount per year.
This family team managed to pay off a staggering $110,000 of debt in just 32 months; their secret (as with so many debt recovery success stories) was meticulous planning, a little bravery and teamwork. Their blog tells their exciting story, covering the tough times as much as the highs.
Have you heard of the debt snowball method? This is a wonderful case study about how a man managed to clear more than $100,000 worth of debt in just 17 months by using this strategy. With a snowball strategy you focus on the smallest debt first, paying off the easiest amounts until it’s cleared. The money you were using to pay that debt is then rolled over on to the next largest debt until you have snowballed right up to your largest and final debt. Find out how this man made it work for him.
There is always light at the end of the debt tunnel, all you need is a plan and the determination to see it through.