How one couple paid off $126K debt in under 4 years
Jasmine and Jay McCall share the plan they used to become debt-free.
An Atlanta couple who have achieved their debt-free dream is sharing the five-point plan that they said helped them shed $126,000 of debt in less than four years.
Jasmine and Jay McCall say they were saddled with two types of common debt. "We were in about $126,000 of debt. 96,000 of that were student loans. And about 30,000 of that was credit card debt," Jay McCall told "Good Morning America."
The McCalls say tackling debt is as simple as following five key steps.
1. Create a budget.
“We found out that you can create a budget based on your lifestyle, it doesn't have to be so restrictive,” Jay McCall said.
2. Live off one salary.
3. Sell stocks to pay off debts.
4. Negotiate lower interest rates.
5. Get a side hustle.
The McCalls also share their money lessons through the website and blog called “Stack the Wealth.”