I ran across an article on MSN that I felt that I had to share. This person ran up $80,000 of debt from credit cards and student loans. It took David three years to eliminate this massive amount and become debt free.
David ran into the same issue as many other people do when they first leave their parents home. People get accustomed to living a certain lifestyle while living at home which is from the parents paying for the majority of the expenses. When the young adults leave home, they attempt to live the same lifestyle that they are accustomed to. Before you know it, credit cards are maxed out and your in over your head.
“As soon as I started earning a little bit of spending money, I spent it all. I think if I had learned to save, it would have colored my whole relationship with money, and I don’t think I would have gotten in the situation that I got into. Plus, I would have had all that savings 15 years later.”
David struggled for 3 years to eliminate his debt, but he was lucky enough to have a good paying job, and was able to reduce his expenses to only the basic needs. David’s story is an inspiration to us all.
David currently runs a personal finance blog to help people transition from broke college students to your professionals.