The family shared their experience on how to quickly get rid of debt in the $ 123 thousands

The couple, who did not deny themselves a new iPhone, car, furniture and other luxury, told how in three years she got rid of the debt of $ 124 thousand.

Фото: Depositphotos

29-year-old Chris Espinosa and his wife 28- year-old Morgan from Oklahoma owed more than $ 88 000 for student loans, $ 29 000 for a car, $ 5 200 for wedding rings.

At the beginning of their relationship, the couple earned $ 28 000 for two, but they could not resist buying a new Toyota Prius, luxury iPhones, jewelry and furniture.

Debt caused tensions between Chris and Morgan, so in May 2015, they decided to do everything to pay off the debt as quickly as possible.

They decided to spend at least half of their total income on debt repayment each month, moved into a tiny apartment and set a strict family budget to achieve their goal.

They also changed their fashionable car to a more affordable one, Morgan began to clean houses for extra money, and they also sold unnecessary furniture.

After three years of “extreme budgeting,” the couple fully paid off their $ 123,742.01 debt.

“Within three years, we each got raises that gave us a big boost to get us out of debt,” Morgan said. “We started living on just one salary, and every month we paid at least $2000.”

The pair lowered the speed of the Internet in order not to pay for what they do not use. In addition, they changed the insurance policies of a cell phone provider. They also sold their trendy iPhones and things they didn’t need.

15 June of this year, the couple celebrated a lack of debt, after they paid off the last credit card payment.

“We'll never have a credit card again, that's for sure. The last three years have really changed the way I think about money,” Chris said.

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