Search for tips to pay off debt and you’ll likely find lofty advice like “reduce your living expenses so more of your money can go toward paying down your debt.” If you can find a way to eradicate the need to pay rent, you can free up a big chunk of change to put toward paying off your debt instead. But living rent-free just isn’t a reality for most people. Add on to rent all the other bills you need to pay in a month and there may not be much left to devote toward your goal of debt freedom.
Iryna Hlushakova knows how much work it takes to manage multiple financial responsibilities while also paying off compounded debts. After their relationship ended, she wanted to repay her ex-boyfriend the money he contributed to their apartment and her car. She also worked to pay off several thousand dollars on her credit card and two personal loans. All her debts amounted to well over $20,000.
The kicker is that she did all of this while renting and financially supporting a family member. Here, she shares her story and experiences, along with tips that worked for her and the advice she has for others who are struggling to pay off debt while renting.
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