In 2016, Bernadette Joy was in debt over $300,000 with student loans and two mortgages.
Getting out of debt and saving money is at the forefront of most consumers' minds. Becoming debt-free may seem out of reach for some, but there are steps you can take to get started and get on the path to financial freedom. . That's a 4% increase from 2020 when factoring in inflation, rising interest rates and a lingering pandemic.
After graduating from the University of North Carolina-Chapel Hill with her MBA in 2016, Joy had borrowed $72,000 in student loans to complete the program. Plus she and her husband owed $181,000 for the mortgage on their primary residence and a $57,000 mortgage for a rental property, according to documents viewed by Insider.
"My husband and I chose a less traditional route to getting out of debt and even handling our money," Joy told Insider."If we had only worked our full-time jobs or simply paid the bills on time, we would still be in debt. It took an aggressive approach to become debt-free." "I wanted to start a business, but was afraid of the risks with that amount of debt," Joy stated. She further revealed that during this time she and her husband were living paycheck to paycheck.
"You have to use the debt as a motivating factor," Joy said ."Looking at that debt and knowing that it was preventing me from starting my business and moving on with the life I wanted made me want to repay it faster," Joy stated.While Joy and her husband were paying off their debt, they worked full-time jobs and had multiple side hustles.
Financial expert with a 300k debt? Sounds legit.
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