September 30, 2011
Couple Pays Off $92,000 in Debt
One couple from Jackson, Michigan was faced with more than $90,000 in credit card debt. Instead of walking away from it, they tackled it head on and became debt-free in five years.
At one point, Jerry and Sue Bailey had 17 credit cards. After paying for their children's weddings, private school tuitions and emergencies in the home, they accumulated $92,000 in debt.
"When you have a little on each one, it doesn't take very long until you have an insurmountable debt," said Jerry Bailey.
Being in financial trouble also meant getting those dreaded calls.
"We've all seen those commercials on TV. The person who's afraid to go to the mailbox for fear of the bills that might be there or afraid to answer the phone because of debt collectors. That was us," Jerry Bailey said.
The real wake-up call came in 2005 when the couple requested a loan from their credit union. The loan officer pulled up their credit report and told them that they were in financial trouble.
"She said not only can we not give you a loan but I would seriously ask you to consider filing for bankruptcy," Jerry Bailey said.
Instead of doing that, the couple contacted GreenPath, a credit counseling agency, to ask for help. They then started tackling their credit card debt by paying off about $665 each month.
"There were weeks when we didn't have money for groceries. We had to go without a lot of things. Our home had to go without repairs that were needed," Jerry Bailey said.
With sacrifices, Jerry and Sue Bailey paid off their debt by 2010. According to Jerry Bailey, they're now focused on putting away savings from each paycheck and only spending what they have.
The above statements do not represent those of Weston & Associates or Michael Weston and they have not been reviewed for accuracy. The statements have been published by a third party and are being linked to by our website only because they contain information relating to debt. Nothing in this article should be construed as legal advice given by Weston & Associates or Michael Weston. To view the source of the article, please following the link to the website that published the article. Articles written by Michael W. Weston can be viewed here: To report any problem with this article please email mail@westonlegal.com.
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