Transcript for How 1 woman paid off $24,000 in debt in 15 months
Now an inspiring story about digging your way out of debt. One newlywed managed to pay off $24,000 in just 15 months. Rebecca Jarvis is here to tell us how she did it and how you could do it too. Rebecca, everybody is wondering what her formula is. This is also a wake-up call. U.S. Credit card debt recently topped a record $1 trillion but this newlywed, she figured her way out of it, $24,000 in debt paid off in a little more than a year and not only inspiring but possible. Here's how she did it. When Anna got married there was a hitch. Her husband Aaron was ready to have and to hold her but wasn't so excited about sharing his bank account with her. I bought what I wanted when I wanted and spent the way I wanted. I think the bombshell was when I learned she was about $24,000 in debt. I'm like, this guy that I love is not wanting to share finances with me. Reporter: After their honeymoon Anna got to work and did something remarkable. She did a spending fast to shred her debt. The spending fast is where you spend on needs only. Reporter: That means just the essentials, pay your bill, food you cook at home, that's it. Needs only. No wants allowed. Then she took it to the next level. Doing a reverse budget. Reverse budget is where you take the last three months of your bank statement, credit card statements and you're going to take a pen and paper. Reporter: Going line by line you write down everything you've spent, categories like food, rent, medical, clothing, pizza. Reverse budget shows us an itemized list of everything that you're spending on. Reporter: The reverse budget showed her real spending habits forcing her to change her ways. She started to spend less, paid her bill, she shed that $24,000 in debt in just 15 months. I took control over it. Since getting out of debt I now run three businesses that I love. I'm a mom now. We own a house. It's totally changed my life. She continues to share how she did it on her blog and in a book introducing her method to thousands of people online including a debt spending support group on Facebook where members uplift each other's progress by saying things like awesome, I can't wait for my next paycheck to throw more money to my debt and, that sounds so brave of you. That group has collectively erased $3 million of debt in just two years. $3 million of debt in just two years. This is a very big deal and just like going on a food diet or setting a fitness goal, finding those allies that support group, the friends, the partners to join you in the debt diet is so important, that is what's going to help motivate you, Michael. I could imagine one key would be figuring out what you really need and what you really just want. Going through that list is so important and a lot of people can also help themselves, Michael, by figuring out if they can transfer that debt to a new lower interest rate credit card but that can come with some issue, first of all it takes about a 600 credit score or above to get that credit card. Cards can come with fees so you want to check. That can outweigh the benefit sometimes and finally, penalties can be higher if you miss the payment so you have to make sure if you're committed to that new credit card or the new personal loan you have to make sure to make those payments along the way. Don't get to the point where your payment is lower, I can spend more money? Exactly. You have to stick to it. Also if you're pot going to do the new credit card pay down the highest interest rate credit card first. All right. Needs versus wants so my kids really didn't need that iPhone. Okay. Thank you, Rebecca. Appreciate that.
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