Paying Off $20K in Credit Card Debt: A Personal Story and Strategy
Photographer Jodi Blodgett is on a mission to eliminate her $20,000 credit card debt by the end of 2024. Running a small business while raising two kids, Blodgett shared her struggles with managing finances and why she hadn’t been able to tackle her debt sooner.
Blodgett, like many Americans, cited insufficient income as the main obstacle to paying off her debt. A recent survey by GOBankingRates found that 41% of respondents agreed that they didn’t earn enough money to get out of debt, with women slightly more affected than men.
To tackle her debt, Blodgett is using the debt avalanche method, focusing on paying off the debt with the highest interest rate first. She also plans to diversify her income streams by offering photography workshops and participating in community events to generate additional revenue.
Blodgett’s story serves as an inspiration for others struggling with credit card debt, showing that with determination and a solid plan, it is possible to work towards financial freedom.
