Local couple gets out from under debt

Think you can't get out of debt? Yes, you can. Just this past week, one Indianapolis couple said goodbye to their credit cards that carried more than $60,000 in debt. Full Story
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Lynn

Columbus, IN

#1 Mar 29, 2009
This is totally awesome!! I wish everyone had the insight to do this. I only have $2200 in debt and I will be debt free too! Just last January, I had over $23,000 in debt. I put myself on a budget and sold, sold, sold. My income has now been cut, but I am still ok. I couldn't have said that over a year ago. Way to go!--Congratulations!!!!!
Jimmy

Carmel, IN

#2 Mar 29, 2009
Wonderful and congratulations to these people. More people should work at doing this. We did and it feels great.
Double Dee

Fishers, IN

#3 Mar 29, 2009
Congrats!!! That is just wonderful. It is great that you didn't take the easy way out.
Lois

Indianapolis, IN

#4 Mar 29, 2009
Congratulations - job well done. I think a lot of people could tke lessons from you two.
wow

Indianapolis, IN

#5 Mar 29, 2009
wow
Thanks

Woodstock, IL

#6 Mar 29, 2009
Congratulations to you, Mr. and Mrs. Hein. Paying off over $60k in four years is very impressive. I am glad you had self-control, but I know you had to sacrafice during that time. You are an inspiration to others, including myself. I find it so hard to stick to a budget, especially with two kids, as they ALWAYS want or need something.
Tom Dolan

AOL

#7 Mar 29, 2009
My wife and I paid off all of ours debts in 5 years. We started in late 2003 and had $73,000 plus in debt with credit card and equity loan debt and one vehicle. With her working as a CSR I was able to put 80% of my paycheck into the bank. Every two months we would pay off or pay down a credit card. I was also able to get the equity loan down to $28,000. At that time I recieved a credit card offer...one I could not refuse, 0% for 10 months. The CC company that made us the offer let me increase my credit amount to $28,500 by lowering credit on 2 other cards with the same company to $500. we transferred the equity loan to a credit card. Sounds nuts but it worked, I paid $1000 a month for 10 months and dropped it down to $18,000. Guess what, we got another offer for 0% on another card so we just transferred the $18,000 to it, dropped it to $8000 when it was up and still had bank cards offering 0% again, paid the last one off and now have no credit card debt at all. During this time we paid our utilities mainly with my wifes income but we also managed to get her a new Sturn Vue, pay it off in 2.5 years, get a new furnace/central air, new home windows and take some nice vacations,( New York, Niagra Falls, Las Vegas and Washington DC ) and pay for it by having one of us bank most of his earnings and the other covered expenses. I know how hard it would be to do this right now for most people, my wife lost her job last year so we are very lucky to have accomplished this but it can be done, being debt free is like having the doctor tell you there is nothing wrong and your are in perfect health...RELIEF! Use this downturn in the economy to cut back and save, what a great time to see how much you can save and payoff debt!
atomsend

Indianapolis, IN

#8 Mar 29, 2009
Great, now you reported a story that about 1% of the people actually care about, with the suits getting a 800 billion bailout and then going on a spa retreat, it sure motivates me to to be successful, hey but kudo bars, basketball tournaments and exercise, and everything is good all the time.
Tobi

Czech Republic

#9 Mar 30, 2009
Where are the stories about those of us who have always been financially responsible? What about us boring folks who don't use cards, or pay them off every month, and put away savings instead of buying consumer products willy-nilly? I certainly do not know how these people got so deeply in debt - if it was a medical situation, etc, then of course they should be admired for what they have accomplished. But if they got in over their heads because they lived beyond their means, then it's a little hard to celebrate their "achievement".

If more people had learned the value of delayed gratification, rather than running up ridiculous consumer and mortgage debt, this country wouldn't be in the horrible mess it is now.
Ginger

AOL

#11 Mar 30, 2009
We did just about the same as the Hein's. However we were retired. It was almost imposssible to talk to CCC, for they said go to work. My husband had two heart attacks and I was also unable to work. We are both in out 70's. We paid off $49,000 in dept in 59 months. Paid $866.00 a month and that was first each month. Our income didn't change and we still made it. It was very hard and we had to work at it. I am very happy for the Hein's for what they did, knowing the things they had to give up.
Telmark

Chico, CA

#12 Mar 30, 2009
It sure is good to hear "can do" stories like this these days.

However, let's keep in mind that our government continues to push their sales tax driven "credit and interest rate" based economic ideals on us (at our expense).

“Alley Cat Blues”

Since: Sep 08

Location hidden

#13 Mar 30, 2009
I think it's easier for couples to get out from under debt than it is for a single person. As a single, divorced person, I struggle with debt, and I know that I could save money by not going out, by just staying home and watching TV or movies, reading a book, gardening, etc., but one can only do that for so long without getting totally bored. It's easier if you have someone around with whom you can share those activities. Plus, you have the sense of "fighting the battle" together. Of course, you can have friends over, but it's not the same as having someone who is a real partner.

Only my opinion; I wouldn't mind hearing about others' experiences in this regard.
Foolish Pleasure

Indianapolis, IN

#14 Mar 30, 2009
Congrats for getting out from under all that debt!!!!!
THYME OUT

Noblesville, IN

#15 Mar 30, 2009
Tobi wrote:
Where are the stories about those of us who have always been financially responsible? What about us boring folks who don't use cards, or pay them off every month, and put away savings instead of buying consumer products willy-nilly? I certainly do not know how these people got so deeply in debt - if it was a medical situation, etc, then of course they should be admired for what they have accomplished. But if they got in over their heads because they lived beyond their means, then it's a little hard to celebrate their "achievement".
If more people had learned the value of delayed gratification, rather than running up ridiculous consumer and mortgage debt, this country wouldn't be in the horrible mess it is now.
I have to agree anyone who has maxxed out 16 credit cards should not be applauded in any way.Maybe if more emphisis in this story was what the F@#$ where they thinking then I could applaude the story.

“Alley Cat Blues”

Since: Sep 08

Location hidden

#16 Mar 30, 2009
THYME OUT wrote:
<quoted text>I have to agree anyone who has maxxed out 16 credit cards should not be applauded in any way.Maybe if more emphisis in this story was what the F@#$ where they thinking then I could applaude the story.
Sheesh! Hey, so they used bad judgment, made a mistake or whatever. The point is, they've worked their way out of it. I doubt that they're looking for your applause, but some people may be able to relate to their story and learn from it. Lighten up!
Critic

Crawfordsville, IN

#18 Mar 30, 2009
Jupiter wrote:
<quoted text>
Sheesh! Hey, so they used bad judgment, made a mistake or whatever. The point is, they've worked their way out of it. I doubt that they're looking for your applause, but some people may be able to relate to their story and learn from it. Lighten up!
A MISTAKE, sounds as though they made a ton of mistakes over an extended period of time. Just like persons who eat themselves into a gross and unhealthy state, then have surgery to solve the crisis rather than doing it on their own through diet and exercise. Let's give the persons who are self-disciplined some credit and recognition instead of those who are irresponsible and then lionized and excuses made for and by them. Granted there are exceptions, but the majority of cases are a result of bad decisions and lifestyle. Yes this is about financial matters but there is a parallel.

“Alley Cat Blues”

Since: Sep 08

Location hidden

#19 Mar 30, 2009
Critic wrote:
<quoted text>
A MISTAKE, sounds as though they made a ton of mistakes over an extended period of time. Just like persons who eat themselves into a gross and unhealthy state, then have surgery to solve the crisis rather than doing it on their own through diet and exercise. Let's give the persons who are self-disciplined some credit and recognition instead of those who are irresponsible and then lionized and excuses made for and by them. Granted there are exceptions, but the majority of cases are a result of bad decisions and lifestyle. Yes this is about financial matters but there is a parallel.
So in your view, it would be better to keep reprimanding them.

“Alley Cat Blues”

Since: Sep 08

Location hidden

#20 Mar 30, 2009
Tobi wrote:
Where are the stories about those of us who have always been financially responsible? What about us boring folks who don't use cards, or pay them off every month, and put away savings instead of buying consumer products willy-nilly? I certainly do not know how these people got so deeply in debt - if it was a medical situation, etc, then of course they should be admired for what they have accomplished. But if they got in over their heads because they lived beyond their means, then it's a little hard to celebrate their "achievement".
If more people had learned the value of delayed gratification, rather than running up ridiculous consumer and mortgage debt, this country wouldn't be in the horrible mess it is now.
Haven't you ever heard the expression, "Don't judge a person unless you've walked a mile in their shoes?" You never know how a person can fall into debt; many times it's beyond their control, and not just due to medical problems.
Critic

Crawfordsville, IN

#21 Mar 30, 2009
Jupiter wrote:
<quoted text>
So in your view, it would be better to keep reprimanding them.
No, ignoring them and concentrating on persons who have been responsible, the persons who deserve more credit than those who constantly continue to mess up.
I stated, there ARE exceptions, but that's just what the term implies, exception to the norm.
Not getting in such a state is really very elementary, you don't spend more than your earn, just like you don't consume more calories than you expend.
Naturally the trend has reached the point than no one takes any responsibility for their actions, it's always the fault of someone else or a situation "beyond their control".
Tobi

Czech Republic

#22 Mar 30, 2009
Jupiter wrote:
<quoted text>
Haven't you ever heard the expression, "Don't judge a person unless you've walked a mile in their shoes?" You never know how a person can fall into debt; many times it's beyond their control, and not just due to medical problems.
Well, to be fair, I said a medical situation, ETC.- leaving open the possibility that the debt was a result of some other unavoidable circumstance. Of course I understand that people don't always run up debt for the fun of it. Unfortunately, there are many, many people who do. I'd wager that poor judgment, not personal tragedy, is the reason behind most out-of-control credit card debt.

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