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Family cuts $123,000 worth of debt
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The Hildebrandts from New Richmond, Wisconsin were your typical American family. For 16 years, they overspent and accumulated $123,000 of debt, which was mostly credit card. With a debt more than twice their annual income, the Hildebrandts knew they needed to take responsibility for their actions. So Kandy cut the budget leaving less than $5 to spare at the end of the month.
The Hildebrandts saved $70 a month by doing their own car repairs, $250 by stretching leftovers, $150 buying at thrift stores, and $200 a month by cutting their own hair. Russell got a second job. He worked as a chemist during the day and as a custodian at night, and he saved gas money by sleeping in his car in-between jobs. Their twins even contributed by putting together newsletters and selling them to relatives. The Hildebrandts also used a credit counseling service to help organize their debt and reduce interest charges.
After four in a half years of cut-backs, the family became debt-free and bought their first house.
For more info: http://www.wsaw.com/home/headlines/64721917.html#
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