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It is possible to get rid of $90k in debt quickly

Or so goes the story from Josh Mitchell at the WSJ. He interviewed Joe Mihalic, a graduate from Harvard BS, who faced $90k in debt. Mr. Mihalic did all of the sensible things like never eating out and saving every cent he could. And he raided his 401k which may not make sense to some people, but it got him out of debt. Read on.

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This entry was written by admin and posted on May 21, 2012 at 8:24 pm and filed under Uncategorized. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.

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3 Comments so far (Add 1 more)

  1. He paid off his 90k debt by having a Harvard MBA and a 6 figure salary.

    MYSTERY SOLVED?

    Should have been a story about someone with a Liberal Arts BA because that would have been interesting.

    1. Kevin Matchstick on May 21st, 2012 at 8:49 pm

  2. Yup, you’re right but his salary wasn’t that high. Plus, smaller salaries can pay off smaller debts with the same rules.

    2. admin on May 21st, 2012 at 11:52 pm

  3. He was also able to save by bringing a flask into bars (his scrimping) while making a six figure income.

    Also great was WSJ’s story about how no one need worry about student loans as a threat to the economy as the government has the debt, with little exposure to banks. And since there is no bankruptcy protections the government will eventually get their money- out of our dead indentured servant fingers, presumably…

    3. cristine on May 24th, 2012 at 9:30 am