She Strengthens

The Weight of Living Well: Financial Struggles Behind the Scenes

As we navigate the complexities of our financial lives, it’s easy to assume that others have it all figured out. But the truth is, financial struggles can affect anyone, regardless of income level or profession. I’ve had the privilege of hearing from individuals from all walks of life, and one thing is clear: debt is a common thread that can weigh heavily on our minds.

The Debt Dilemma

For many, student loans are a significant source of financial stress. With the average millennial debt for a Bachelor’s degree hovering around $31,000, it’s no wonder that making student loan payments has become a familiar struggle. But what happens when you’re earning a good income, yet still struggling to make ends meet? This is the reality for Devon, an associate attorney from rural Pennsylvania, who has shared her financial story with us.

A Closer Look at Devon’s Finances

Devon’s income is substantial, with a base salary of $72,500 and a side hustle that brings in an additional $15,000 per year. Her husband, also an attorney, earns a base salary of $75,000. However, their combined income is offset by significant debt, including $16,000 in undergraduate loans, $175,000 in law school debt, and $6,000 in credit card debt.

Seeking Clarity and Control

Despite their best efforts, Devon and her husband feel overwhelmed by their debt. They’re unsure of how to tackle their financial situation, and the large monthly payments seem to barely make a dent in the principal balance. Devon has come to terms with the fact that she’ll be paying off her student loans for a long time, but she’s struggling to understand why her debt doesn’t seem to be decreasing.

Expert Insights from Andy

Andy, founder of Student Loan Hero, offers some valuable advice to Devon. Firstly, he suggests that she focus on paying off her credit card debt, which likely has the highest interest rate of all her debt. By tackling this debt first, Devon can free up more money in her budget to tackle her student loans.

Andy also sheds light on the challenges of Income-Based Repayment plans, which can lead to longer repayment periods and more interest paid over time. He recommends that Devon explore refinancing options, which could help her consolidate her debt at a lower interest rate and save money in the long run.

Taking Control of Your Finances

Devon’s story is a reminder that financial struggles can affect anyone, regardless of income level or profession. By seeking help and guidance, we can begin to take control of our finances and work towards a brighter financial future. Whether you’re struggling with debt, saving for a big goal, or simply trying to make sense of your financial situation, remember that you’re not alone.