Crazy Money! Four Sisters Get Out Of Debt

It’s Crazy Money Day! 

Years ago, Good Morning America ran a story of four sisters who joined forces to pay off their cumulative debt. Originally from Dallas, Texas, the women, who were all in their 30’s, had a combined income of $106,000. Their combined debt? $182,000, thanks to student loans, car payments, and credit cards. The 4 sisters worked as a team to pay off the debt. First, they moved in together. Then, they deposited their individual paychecks into a joint account. They held weekly “sister meetings” where they gave each other an allowance of only $75.They stretched their income by sharing entrees when eating out and shopping for clothes at thrift stores. They got rid of cable TV which saved them $175 a month. That equaled $2,100 a year. They combined car insurance policies to save $190 a month, which saved another $2,000 a year.

The 4 sisters chose to pay off their credit card debt first and their student loans last. Within one month, each of the sisters’ credit cards were paid in full, and, within six months, they paid off their car loans. Their student loans were paid off 18 months after they started, making them completely debt-free. Now that is crazy good!

No matter how far in debt you are, I hope you’re inspired by their story! If you’re married, I encourage you to work as a team to tackle your debt. Commit your plan to the Lord, trust in Him, and see what happens when you work together! And if you need some extra help with your credit card debt, Christian Credit Counselors are experts! They’ll create a debt management plan specifically for you. For more information visit crown.org/ccc.