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Married couple overcomes overwhelming debt

Debts from credit cards, mortgages and other types of loans are not always a person’s favorite thing to think about. This is why many people in Texas and other states decide to ignore their growing piles of debt. However, many times, a person will come to a point where he or she can no longer ignore overwhelming debt. This is what happened to one married couple when they finally decided to do something about their debt issues.

The couple had previously lived a life of carefree spending with the wife working in her own optometry practice and the husband working as a teacher. They attributed much of their debt on credit cards due to traveling. Living in a rural area, the couple loved to get away and take trips to other cities and states. Also, due to their high income and strong credit score, creditors were quick to loan them money.

However, the couple’s attitude toward debt changed dramatically after the arrival of their daughter in 2007. After their child was born, the couple began to worry about what would happen if for some reason one of the parents were not able to work and earn money. Also, concerns about paying for their daughter’s college education began to enter the picture.

Although this couple was eventually able to climb their way out of their overwhelming debt problems, many in Texas and other states may find it almost impossible to do. This could be due to one’s individual circumstances, which will be different for each person. In many of these instances, it may be best to consider filing for a personal bankruptcy. This can result in the discharge of many debts owed to creditors.

Source: Business Insider, "How One Family Paid Off $30,000 Of Credit Card Debt In Less Than 2 Years", Libby Kane, May 29, 2014

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