Going into debt can be fairly easy. Shop some, travel some and eat out some. The ensuing debt can accumulate rapidly. Debt relief, however, does not always come as easily, for consumers in Texas or anywhere else.
For some people, buckling down and living frugally is the first step to financial freedom. They then take the money they’ve saved and apply it to what’s owed. It isn’t easy, but many say the sacrifice is worth it once that last payment has been made.
One family of four is paying off more than $125,000 in debt. They are sharing their struggles and triumphs through their website. They took the stance that debt was the enemy that took away their ability to live as they wanted. This approach made it easier to make the sacrifices necessary to achieve their financial goals.
One man lived on a greatly reduced discretionary budget for years to allow him the means to pay off the debt he’d acquired during a career change. He shared a house with other men in similar circumstances to save on living expenses and garner additional funds for debt repayment. He says the day he made his final payment was one of the most gratifying he’s ever experienced.
Although there are success stories in Texas and elsewhere, for many people the debt they are battling seems to be gaining the upper hand. For them, bankruptcy may be the best way to achieve debt relief. Wiping the slate clean and starting fresh could be the way they are finally able to positively change their financial future and begin living the way they imagined they could, without the presence of massive debt weighing them down.
Source: CNBC, The long and grueling road: Getting out of debt, Linda Federico-O’Murchu, March 14, 2014