How This Couple Paid Off $61,000 In Consumer Debt In 16 Months

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Imagine you’re on your honeymoon in a beautiful, tropical location. Now, imagine just wanting to take your new bride on a snorkeling excursion, something you’ve always wanted to do. Now, imagine the realization of $61,000 in consumer debt smacking you in the face at that very moment. Unfortunately, this wasn’t imagination, this was the reality for Michael Lacy and his wife, Taylor. And this is their debt-free story.

A Rocky Start

Adult man, standing man, man with folded arms

Michael had a rocky start when it came to money. His early childhood was spent in a struggling single-parent household. For years, he watched his mother work multiple jobs just to make ends meet and put food on the table. He also watched as his friends were showered with the latest toys and clothes and always wanted the same.

The only pieces of financial advice Michael remembers hearing as a child were, “you’ll always have a car payment” and “you need to keep a credit card for emergencies”. Staying out of debt and building wealth wasn’t part of the equation.

Adulthood For The Win

Things improved for Michael after high school but didn’t get much easier until he was solidly in his 20s.

He lost a job making $29,000/year, but thanks to a referral from a friend was able to nearly double his income by the end of that same day when he landed a job at Coca-Cola. Unfortunately, just like a lot of other people earning good salaries, that didn’t stop Michael from getting himself into consumer debt.

Enter that credit card for emergencies…

A Credit Card For Emergencies

As an adult, Michael signed up for his first credit card that he vowed would be used for emergencies only. And he kept that vow – at least for a long time. Then, one night he had car trouble and was a long way from home. He had no choice but to pull out that card and use it for the emergency to get him back on the road.

The problem is that one use broke the seal and he started using the card for more than just emergencies. He started using it for things he didn’t just need but for things he wanted too.

Michael continued his quick descent into debt before tying the knot with his wife, Taylor.

Let’s fast forward to their beautiful honeymoon in the Florida Keys.

Snorkeling Gone Wrong

Snorkeling was something Michael and Taylor had always wanted to do. And their honeymoon in the Florida Keys seemed like the ideal time to do it. Although Michael had been secretly stressing about every dollar being spent on the honeymoon, he still signed up for the snorkeling trip.

After having to turn around due to bad weather, the couple was offered a refund or a credit to return the next day. Taylor wanted the credit and he wanted a refund. This ignited a torrential argument on what was supposed to be a very happy time for the newlyweds.

Not long after, they found themselves discussing money and their debts on the balcony of their honeymoon suite. They added everything up to realize they were deep in debt, to the tune of a combined $61,000 in car loans and credit cards. That meant their monthly payments for consumer debt alone was just over $1,500.

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Young family. Husband, mother, and daughter. Family of 3 in the woods — The Lacy family after their debt-free journey.

After the realization that his new marriage was already suffering under the crushing amount of consumer debt they had unintentionally racked up, Michael and his new wife Taylor knew they had to make changes fast.

Immediately upon returning home from their honeymoon they devised a debt freedom plan that meant cutting back on nearly everything in an effort to eliminate their debt in record time. And that they did.

It wasn’t easy at first. Michael admits that Taylor had a few growing pains with sticking to the post-honeymoon plan but they worked through them. Eventually, through dedication, persistence, and what Michael refers to as the Debt Hybrid method (a combination of the Debt Snowball and Debt Avalanche methods), he and Taylor were able to toss about $3800 each month toward their debt by focusing on four key areas: housing, transportation, food, and clothing. By doing so, they were debt-free in 16 short months.

Now that’s what I call incredible! Listen to the whole story here!

Michael Lacy is a husband and father living in the heart of Texas. He has taken his financial turnaround seriously and now uses his story to help other people create a strong financial future through his blog, Winning To Wealth.

Follow Michael at Winning To Wealth on Facebook, Instagram, and Twitter.

Overwhelmed By Debt?

If you’re overwhelmed by debt and can’t make methods like the Debt Snowball or Debt Avalanche work for you, it might be time to talk to a professional who can offer solutions.

Debt.com offers a free evaluation to help you understand your options, then they connect you with accredited service providers that can help you get the help you need. You can also call 844-213-9902 to speak with a certified debt specialist immediately.