Success Stories: Four Families Conquer Debt

Hear how people who beat their money problems. You might learn something!


U.S. News and World Report shares money lessons from four families that destroyed their debt. Here’s part of one…

For years, Christina and Jim Harris enjoyed a picture-perfect life. Jim’s remodeling business brought in about $100,000 a year; Christina, 36, managed the company and raised their three kids, now 8, 12, and 15. Then came the recession. It was “like falling off a cliff,” Christina recalls. “Our income basically dropped by half, but we didn’t cut back on expenses.” By August 2008, their credit card debt stood at more than $50,000 and they found they could no longer make the minimum payments. Some people recommended bankruptcy, recalls Jim, 38, but “we decided we should pay the money back. We’re not deadbeats.”

“Nobody forced me to buy that $600 Coach bag,” Christina says.

The credit counseling service that Christina consulted got the Harrises’ lenders to drop rates as high as 32 percent to as low as 7 percent. The couple agreed to make one consolidated payment of $1,400 a month to the agency for four years, which the agency would then dole out to the banks.

If you need help with debt, check out the links below. And read the story linked above for advice and others’ stories.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

More Money Talks News

Comments

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,323 more deals!