College debt delivered me back to my parents' doorstep

My name is Gina Eaves. I’m 30 years old. And I’m broke.

I didn’t deliberately succumb to my self-defined debt status. On the contrary, my post-high school path resembles that of many young adults. I pursued a higher-education route, in my case via two North Carolina colleges. Although I took a mid-college hiatus, forsaking text books and lectures for overseas travels “to discover myself” (or so I told my parents), I finally completed college. And while my job journey took a few twists and turns, I eventually acquired my current post at The Daily Dispatch.

Yet two years later, and similar to most 20- and 30—something-year-old professionals, I repeat: I am broke.

I earned a four- (well, technically five-) year degree. And by the grace of God and my supervisors, I’ve maintained my career. So why is that, despite these apparent achievements, I have no money?

Because like most college graduates, I’m in debt. Namely credit card and student loan debt.

A decade after leaving Epsom for college, this academic debt delivered me back to my parents’ doorstep. Admittedly, living at home with my middle-aged parents and 17-year-old senile cat, Sassy, isn’t where I expected to be at this point in my life. Yet, like most graduates in my post-college debt dilemma, there seems to be no end to the monthly reminder that education not only pays off, it requires payment.

Compared to most debt-ridden Americans, I suppose I’m a little-leaguer in the game of borrow and pay. Let’s face it – I have no mortgage. But only because I can’t afford a mortgage. Or rent for that matter. Not unless I’m willing to dig for dimes beneath couch cushions to buy such nutritional groceries as Vienna sausages and beans and franks.

So how does someone in my cash-strapped situation trade debt for financial freedom?

Enter my friend and Franklin County native Clarky Davis, The Debt Diva.

Davis is a debt management expert for CareOne Debt Relief Services. With more than 10 years of personal and professional experience, she offers financial fitness education and “real world” money-saving tips to help consumers trim their spending in just about every area of their lives.

After discussing my debt dilemma with Davis, I’m confident that a parent-free home is in my future. But like any achievement, there are steps to reaching that tin-roof house in the fields. Aware that most folks financially falter from time to time, I’ve included The Debt Diva’s money-management strategies. Although geared to my situation, the steps below can benefit anyone seeking a specific financial goal.

1) Get a plan. Know what you want to accomplish, set a date, and implement a strategy for that goal.

2) Get engaged with your current spending. Once you’ve paid your bills, where’s the rest of your money going? Are your spending habits helping you meet your goal?

3) Can you accomplish your goal with the budget you have? Ask yourself if accomplishing your goal is important enough to make a change. You can’t complain if you’re not willing to make a change. Sometimes you have to make uncomfortable changes to meet your goals. This could very well mean a second job. Remember, just because you need a second job now doesn’t mean you’ll need it forever. Understand your financial situation is going to change.

4) Consistency is key. Make all payments on time, each and every month. And monitor your ratio of credit to debt. Creditors monitor these two factors more than any other.

5) Save. Start moving money into a savings account! Build up your savings account before paying off the mortgage (or car) early. Both of these can be repossessed — but your savings account can’t!

6) Team up with someone who’s in the same cash-strapped situation. Share your experiences as you commit to living similar frugal lifestyles.

7) Stay focused on the positive! Check every month to watch your debt go down and your savings go up. Be your own cheerleader, and remember – you won’t be broke forever.


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