Joe Mihalic started a website called No more Harvard Debt to encourage others to pay off their student loans. Student debt has tripled over the last 10 years and the median loan balance is $12,800 with a quarter of students owing more than $28,000.
After Joe received his MBA from Harvard Business School he went on a spending spree buying a house, cars and motor bikes. He also said he was spending $1300 a month just on entertainment. Joe had an interview on CNN and gives some great tips on destroying debt. He said he felt trapped and he wanted to get his finances under control. Here are Joe’s debt reduction strategies:
1. Used Craigslist to get two roommates
2. Didn’t go out to eat
3. Took on a second job as a landscaper
4. Sold much of his stuff
5. Planned free dates
Joe now has many more options since he paid off the $90,000 in student loans and feels a sense of Freedom. I also included a great interview with Dave Ramsey. Check it out and let us know if you are working on paying off your student loans.