How this couple retrained their personal spending habits and got an education in debt management to pay off $109,000 in debt in just 50 months.
Brian and Lynn Brandow of Ronkonkoma, New York, admit they"never really had a plan" for their personal finances."We thought having credit cards and minimum monthly payments are normal. When I was trying to plan a summer vacation for the family and realized we didn’t have any cash savings and were basically maxes out on all of our credit cards, I realized we made too much money to be in that situation," Brian Brandow recently told"Good Morning America.
"Good Morning America" is highlighting inspiring individuals who became debt free at various stages of their lives with"GMA’s Ultimate Debt Diet: Debt Free At Any Age.” After realizing the avalanche of debt they were under, Brandow said,"I sat my wife down and told her we were out of options. The credit cards wouldn’t extend their line of credit. We were backed into a corner ... We owned a home with a mortgage. Had a second mortgage and 5 credit cards."
"In the meantime, we agreed not to charge any further debt on the cards," he said."The first couple of months were rough. It was getting used to new behaviors and spending less. We created a budget. Subscription services like Sirius satellite radio and Gamefly for the kids, we got rid of to save money."
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