$26,500 in Student Loans Paid Off in Just 2 Years

CNN recently wrote an article telling the story of a Brian McBride. Brian has lived the life of many Americans. He graduated High School, chose a major, took out a bunch of loans to finish school and finally graduated from Arizona State University in 2010. The only thing that makes him different from his peers is that just 2 years from graduating, he is completely debt free.

Coming out of college, Brian owed $26,500 in debt. $6,500 of that was for a car, the rest were student loans. He says that he initially feared paying off that debt for years to come, but after he did some number crunching and cut back on a lot of expenses, he was able to pay the car off in just 6 months, and finish off his student loans in the year and a half to follow. So, instead of paying off student loans into his late thirties, he’s 25, can pay all of his bills and feels a sense of freedom he hasn’t felt before. His peers tip their hats to him because he has accomplished the seemingly impossible. His strategy for doing so was quite remarkable. He learned to sacrifice for his goals.

He set a goal to pay off his car bills in just 6 months (before his student loans started coming in). He set a goal to pay $1,000 a month and realized that wasn’t possible on the budget he was living on. Brian cut down his expenses until he could afford to meet his goal. When he finished off the car, he was blessed with a higher paying job and set new goals. The result was a lot of cold winter nights, hot summer days and scraping mold off of older vegetables. His blessing was the sweet freedom that he experiences entering 2012.

He lived without certain luxuries—like heating during most of a Green Bay Winter, and staying in instead of going out to dinner. He disciplined himself and made his way to the top of financial liberty in just 2 years when most thought he couldn’t for at least 10. Would you like to get out of debt fast? Where can you sacrifice to get yourself out?

At Check City we are firm believers that when loans are used the proper way, great things can be accomplished.

Source:

http://money.cnn.com/2013/01/08/pf/debt-payment/index.html

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