I’ve never been an advocate for debt. In an ideal world, people wouldn’t carry consumer debt because it limits financial freedom—freedom to save, invest, and spend on the things that truly matter. But sometimes, life throws unexpected challenges our way, and even the most financially responsible people can find themselves in debt.
How We Landed in Debt
My family has always tried to be good stewards of our resources. We budget wisely, spend carefully, and do our best to avoid unnecessary debt. But unforeseen health-related circumstances completely drained our emergency savings and left us with no choice but to rely on some credit to pay bills.
It was a difficult reality to face. We had worked hard to stay debt-free, and suddenly, we were in a position we never thought we’d be in. It felt like taking two steps forward and three steps back. But life happens, and rather than dwelling on the frustration, we focused on finding solutions.
How We Tackled the Debt
Once we realized the situation, the most important thing was to get organized and create a plan to pay it down. Here are some of the strategies we used:
✅ 0% Balance Transfer Credit Cards – To buy ourselves time and avoid high-interest rates, we transferred balances to 0% APR credit cards. While this isn’t a permanent fix, it helped us manage payments while formulating a solid debt repayment plan.
✅ Strict Budgeting – We doubled down on budgeting, making sure every dollar had a purpose. We prioritized essentials, eliminated non-essentials, and made sure we weren’t adding to the debt while working to pay it down.
✅ Avoiding Overspending on Credit Cards – We continued using credit cards for planned spending, but we became extra cautious. The goal was to prevent the debt from growing while we tackled what we already owed.
✅ Seeking Guidance – Sometimes, an outside perspective is invaluable. Seeking financial counsel helped us develop a realistic strategy and provided encouragement along the way.
✅ Increasing Income – Cutting expenses is one side of the equation, but increasing income is just as powerful. Whether through side hustles, selling items we didn’t need, or looking for additional work, we found ways to bring in extra money to accelerate our debt payoff.
Life Happens, but a Debt Plan Helps You Move Forward
Many people don’t get into debt because they’re reckless or irresponsible. More often than not, unexpected life events—medical emergencies or job losses are the main culprits. When that happens, the key is to pause, assess the situation, and develop a clear debt plan to get back on track.
Debt doesn’t have to be a permanent situation. With discipline, patience, and a strategy, it’s possible to regain control. The important thing is to avoid the cycle of continuously relying on debt to make ends meet.
If you’re in a similar situation, know that you’re not alone. And more importantly, know that there is a way out. It may require sacrifice and persistence, but financial peace is always worth the effort.