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The Jesse Mecham Show

Ep 11 Debt Story: Meet Siobhan

The Jesse Mecham Show

YNAB

Kids & Family, Education

4.71.1K Ratings

🗓️ 21 February 2019

⏱️ 13 minutes

🧾️ Download transcript

Summary

Siobhan came to YNAB looking for a solution to her debt—$60k+ in student loans and $16k+ in credit card debt. Flash forward, and she's on track to pay the last $30k off by next year. What a difference a couple of years can make!

Transcript

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0:00.0

Welcome everyone to another episode of debt stories real people beating debt and winning financially.

0:06.0

Today we meet Chivan who lives in Jacksonville Florida with her two kids ages 8 and 15.

0:12.0

Like so many other wine

0:13.2

Ambers, Chavan realized that she needed a budget

0:15.6

when it was time to face her student debt.

0:19.0

After I finished my MBA was just kind of shocked at the amount of student loan debt I had gotten myself

0:27.0

I was I was totally terrified of looking to see what the final amount was.

0:33.4

And then I saw it and it was ended up being just over

0:38.1

between 60 and 70,000 just in London.

0:42.2

Almost done with I'm not completely done with just in 2001 debt.

0:48.0

Almost done with that, I'm not completely done with that, but I've got about 30,000 left of that.

0:58.9

It should be wrapped up next year, but I also had credit card debt too. So and that was about 1617,000 and that's all gone now. And I've only been with Wienab since February of 2017. So it's been a little over a year.

1:04.0

More than $46,000 of debt repaid in a little over a year?

1:10.0

Amazing.

1:11.0

But how does someone so driven, end up in so much debt to begin with?

1:15.8

It was mainly from after my divorce the things that would just pop up, like car insurance

1:21.4

that you might forget about and then just trying to fit

1:25.9

having the two kids with one income. I'm in my later 30s now but I had never had

1:32.1

credit card debt I always shied away from it so it kind of piled on pretty fast. It was really kind of scary.

1:41.1

Big life changes often lead to big financial changes and it can be tough to find your new baseline

1:47.0

even if you're paying attention like Chivon.

1:50.0

To be honest it's kind of sad that it's I can't even tell you exactly what it all was.

...

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