Getting rid of debt is never easy. Some take the slow and steady approach, and some get aggressive. Most people will find the aggressive approach impossible or unattractive, but it's worth seeing how it can be done.
A recent graduate of the Harvard Business School recently paid off $90,000 in student loans over the past seven months. How? By going to extraordinary measures: practicing extreme frugality, getting a second job, and getting a few extra bucks by sharing his home.
Granted, most readers will say that they don't earn as much as this guy and they're not willing to break the law (by carrying around a flask of alcohol). Fair enough, but maybe you don't pay off your debt as quickly as he did -- you can still find creative ways to aggressively eliminate debt. If you can pay your 25 year loans off in seven years (instead of the seven months in this story), you're coming out ahead.
While Mr. Mihalic is a undoubtedly a fortunate individual who was able to attend Harvard, he also went above and beyond what most of us would do to wipe out debt.
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