How I Ditched Debt: Money Under 30
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David Weliver paid off $80,000 in debt in three years

What was your total debt when you started your repayment journey and what is it now?
How did you end up in debt?

What triggered your decision to start getting out of debt?
What steps did you take to reduce your debt? What resources or services did you use?
Did you make any other changes?
What was your biggest challenge paying off debt and how did you stay motivated?
How has your life changed for the better since you got out of debt?
How do you remain debt-free today?
How to tackle your own debt
- First, commit to paying off debt. You need the motivation to develop momentum and a vision of living debt-free.
- Build an emergency fund. Saving is crucial to paying off debt, because an emergency fund will give you breathing room and stop you from turning to credit cards for unexpected expenses. Five hundred dollars in the bank can keep many small emergencies at bay.
- Compare debt consolidation options, including balance transfer credit cards and personal loans.
- Pick a strategy. The debt avalanche worked for Weliver, but your situation could be different. Size up your debts and pick a payoff plan that works for you.
Article sources
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- 6. Federal Reserve Bank of St. Louis. Finance Rate on Personal Loans at Commercial Banks, 24 Month Loan. Accessed May 23, 2025.
- 7. National Credit Union Administration. Credit Union and Bank Rates 2024 Q4. Accessed May 23, 2025.
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- 9. The Pew Charitable Trusts. Payday Loans Cost 4 Times More in States With Few Consumer Protections. Accessed Apr 4, 2025.
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- 5. Consumer Financial Protection Bureau. Consumer Use of Buy Now, Pay Later and Other Unsecured Debt. Accessed Jan 27, 2025.
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- 13. Federal Register. Federal Interest Rate Authority: A Rule by the Federal Deposit Insurance Corporation on 07/22/2020. Accessed May 2, 2025.
- 10. Federal Reserve. Military Lending Act. Accessed May 2, 2025.
- 15. Center for Responsible Lending. Unsafe Harbor: The Persistent Harms of High-Cost Installment Loans. Accessed May 2, 2025.
- 16. Internal Revenue Service. Retirement Topics - Plan Loans. Accessed Apr 8, 2025.
- 17. Consumer Financial Protection Bureau. What Is a Debt Relief Program and How Do I Know if I Should Use One?. Accessed Jan 16, 2025.
- 18. Internal Revenue Service. Home energy tax credits. Accessed Mar 6, 2024.
- 19. Solar Energy Industries Association. Solar Power Purchase Agreements. Accessed Mar 7, 2024.
- 20. SolarReviews.com. Homes with Solar Sell for 6.8% More [2024 Zillow Data Study]. Accessed Dec 10, 2024.
- 21. Consumer Financial Protection Bureau. What are the costs and fees for a payday loan?. Accessed Jun 6, 2025.
- 22. Internal Revenue Service. Retirement topics: Exceptions to tax on early distributions. Accessed Apr 8, 2025.
- 23. Administrative Office of the U.S. Courts. Bankruptcy Basics. Accessed Apr 8, 2025.
- 24. Internal Revenue Service. Canceled debt – Is it taxable or not?. Accessed Apr 1, 2025.
- 4. Consumer Financial Protection Bureau. What is a payday loan?. Accessed Apr 17, 2025.
- 26. Consumer Financial Protection Bureau. Truth in Lending Act (TILA) examination procedures. Accessed May 2, 2025.
- 27. Experian and Oliver Wyman. Financial Inclusion and Access to Credit. Accessed Jan 23, 2025.