Here is an article which I found very inspiring. It is the story of a young woman who found herself, early in life, with a large debt load, and poor job prospects. What is inspiring is how she addressed the problem, took ownership of it, and did what was necessary to get her financial life on track. You can read the article here:
Of course, we are frequently asked for advice regarding how to get out of debt. And though the answer is almost always the same, and is certainly not complicated - the choices that must be made are not easy, and often require enormous self restraint and personal sacrifice.
This woman is a textbook case of how to get out of debt.
1. Build a penny pinching ultra low overhead lifestyle. This woman had the advantage of being young. She hadn't grown accustomed to a certain lifestyle. But for those with serious debt problems, everything about your lifestyle needs to be on the table. Living arrangements, transportation options - everything.
2. Make debt elimination your top priority. In his popular personal finance class "Financial Peace University" Dave Ramsey talks about attacking debt with "Gazelle Intensity". What is gazelle intensity? It is the focus and determination shown by a gazelle trying to escape a lion. Because if you fail to get out of debt...well you know what happens to the gazelle if he lets his attention stray from the problem at hand!
3. Make extra money. This woman found an opportunity to work summer festivals making funnel cakes at $200/night. Very creative. I was wondering where these types of venues find all their workers!
I shouldn't retell her story...read the article and let her share in her words. And share with someone who needs some help with their own debt problems.