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Couple pays off $46K credit card debt

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Many Americans are saddled with credit card debt and most feel like it's a hole they can never dig themselves out of, but one Colorado couple showed that paying a huge debt is possible and threw a party to celebrate.

Many Americans are saddled with credit card debt and most feel like it's a hole they can never dig themselves out of, but one Colorado couple showed that paying a huge debt is possible and threw a party to celebrate.

In September of 2005, Sherrie Muldoon and her husband Dan had $46,244.78 in credit card debt. To celebrate, earlier this month the couple threw a party following the mailing of their last credit card payment - but of course everything for the shindig was paid for in cash.

Sherrie Muldoon said that the 43-month ordeal not only put the couple in a better financial situation, but it was a weight-loss boost as well.

"When we mailed that last certified check, it's a great weight loss program," she told the Gannett News Service. "I was 100 pounds lighter."

In order to get out of debt, the couple say they took on extra jobs, and only spent money on things they knew they could afford.

Most financial experts agree that creating a budget and sticking to it is one of the best ways to get out of debt. For many people, using a prepaid credit card or prepaid debit card is good way to make sure the budget stays in place.


 
 
 
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