Pay off Credit Card and Student Loan Debt. I graduated during the recession, and spent several years after waiting tables because the job market was so competitive. I paid for college by taking out student loans, and at the time interest rates were 12%. I made payments of over $750.00 per month for five years, and the principal didn’t budge. In order to make those payments, and pay for my living expenses, I had to live paycheck to paycheck. Any emergencies or unplanned necessities had to be charged. I am now $85,000 in student loan debt and have $14,000.00 in credit card debt. I am single and have a good job, but with these two crippling balances, I can rarely afford to go out or purchase anything that isn’t a necessity. My debt has become a prison. If these debts were gone, I could finally be free and able to help others.
