According to many financial reports, over 70% of Americans are in some form of debt.
It's surprisingly easy to find yourself in a seemingly inescapable hole. All it takes is a college education, a car, and someplace to live. To really spice things up, throw in a few medical bills and credit card interest.
But you can get out of the hole no matter how bad your debt is.
Here are 10 people who faced massive debt and came out the other side.
1
50 Cent: $32 Million
The rapper filed for bankruptcy after dealing with lawsuits and unpaid fees. However, he continued to work and sold an undisclosed but large amount of bitcoin.
2
Michelle Whitley: $120,000
This DC based wedding photographer recounted facing almost $120,000 in debt after graduating. She eventually paid everything off, thanks to reducing expenses and expanding her business. Shockingly, she credits Dave Ramsey’s books with helping her.
3
Toni Braxton: $50 Million
Heavy spending in addition to some serious medical bills forced the pop star to file for bankruptcy in 2010. However, she continues to release music and eventually pulled herself out of the massive hole.
4
Rho Thomas: $678,000
With a combination of credit card, student loan, and car loan debt, this Atlanta lawyer found herself significantly in the black. Cutting back on expenses, selling household items, and letting her naturally higher salary work for her helped her pay down her debt.
5
Kim Basinger: $8 Million
Multiple lawsuits put Basinger’s movie career on hold, including an $8 million case for backing out of Boxing Helena at the last minute. She also bought a town in Georgia with the intention of turning it into a tourist attraction. She appealed her movie case and earned her way out of further trouble with a continuous successful career.
6
Jim Luoma: Hundreds of Thousands
This Virginia man racked up hundreds of thousands of dollars in debt, thanks to a failed business startup. He slowly paid it off by advancing his career as a fiber optic worker and tackling the smallest debts first.
7
John Corocan: $755,000
Law school, car payments, and a rental property sent this future Clinton White House aide into the hole. Realizing his salary couldn’t help him, he took a risk and started his own law firm.
8
Shane Jackson: $30,000
After helping a family member pay medical expenses, this Hawaii academic advisor fell into the red on credit card debt. Using a debt relief program to help him negotiate down interest rates, he also picked up a second job delivering food.
9
Allen Iverson: Multiple Millions
Thanks to heavy spending, Iverson filed for bankruptcy in 2012 after his lucrative NBA career. He owed almost $1million to a jewelry store, and more in missed child support and taxes. However, Reebok gave him early access to some of a $32 million trust the company set up for him.
10
Maria Nedeva: More Than $100,000
Credit card debt and the slowing of Nedeva’s husband’s business hit the couple hard. They took out a consolidated loan to close multiple credit card lines, before focusing their efforts on cutting spending and working that down.
