Debt. Is it good or bad? Useful or evil? That depends on who you ask. Some will call it a tool. Others, a trap.
Our episode, Debt: “The Good, the Bad, and the Ugly,” raised that very question. One clip from our episode follows a determined DJ who conquered credit card debt once and for all:
One thing’s for sure: large amounts of debt can be life-changing. It’s estimated that 40 million Americans have student loan debt. Forty. Million.
Among the horror stories of overwhelming, endless payments to student loan and credit card vendors shine a few hopeful ones. With a little lot of perseverance and self-control, some deeply indebted grads have conquered their debt at a speed that is impressive (to say the least).
Kristen Seaton has one such story. When she graduated from college, she did so dragging $67,000 in student loan bills behind her. Most student loan repayment plans would have suggested she pay off the loans in a matter of decades. She did it in two years.
Her story is one of reducing expenses drastically (her car cost just $300) and calling in accountability. Today she’s a (grown up) Biz Kid, running her own business out of a home she owns. You can read more about her inspiring story here.
She’s not alone. When Jared MacIlvaine got married at the age of 25, he and his wife had a combined $72,500 in student debt. 20 months later, it was gone. He turned his rollercoaster of a journey into a free eBook. His hope is that others will be inspired to tackle their fears and pay off their debt.
These stories aren’t just entertainment. They’re stories of what is possible when people get determined and get creative.
Are you an educator looking for an engaging way to teach your students about debt? Our free lesson plans were created with you in mind. We paired our episode, “Debt: the Good, the Bad, and the Ugly,” with lesson plans mapped to state and national standards. Download them today for free.
So what’s your story of paying off loans? We’d love to hear it in the comments section below.