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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

The post The Age Old Question: Should You Pay Off Debt or Save? Should you pay off debt or save? So, you want to get started on debt repayment so you can focus on other financial goals? Should you pay off debt or save? appeared first on Penny Pinchin' Mom.

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.) But it wasn’t a decade of nothing but paying off debt. When we first started we couldn’t have even conceived of becoming completely debt free. What inspired you to get debt free?

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Meet Doug & Laura. They Paid off $23,000 in 16 Months. | Debt Free Stories

Family Balance Sheet

We paid off just over $23,000 in one year and four months. The debt consisted of my student loans and a car loan. What inspired you to get debt free? Was there a particular event? I went through Dave Ramsey’s Financial Peace University when I was 18 years old. Make paying off debt a priority.

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Meet Amanda & Daniel. They Paid Off $68,000 in Debt in 8 Months.

Family Balance Sheet

The debt included about $30,000 in student loans, some medical debt, IRS debt, and a small amount on a credit card. What inspired you to get debt free? Was there a particular event? We definitely spend a lot more money on eating out at restaurants and using babysitters now that we are debt free.

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What Is A Personal Loan?

Savings Corner

Working to improve your credit score and reduce your debt-to-income ratio before applying can help get you the best loan terms. Common reasons include paying off debt, financing a large purchase such as a vehicle or a boat, or covering the cost of a major expense like a wedding or a home renovation.

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Find out how Lydia & her Husband Paid off $36,000 in Debt in 2 Years

Family Balance Sheet

We paid off $36,000 in student loans, credit cards, cars and a bit of medical debt. What inspired you to get debt free? Was there a particular event? When we were paying off debt we chose not to spend money traveling, but honestly our children were also too little to travel. To pay off our home early.

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How Angela & Jeff paid off $58,000 of Debt in 2 Years

Family Balance Sheet

Other than the student loans, everything else was consumer debt from 13 years of trying to “keep up with the Jones’ “ We finally managed to get the debt paid off two years and two weeks from the time we started this journey. What inspired you to become debt free? Was there a particular event?

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