I read somewhere if you owe more money than you make in a year there is no way to get out of debt. Is this true? It is absolutely not true. What needs to happen is a reduction of expenses such that a person does not continue to spend more than s/he makes. Then significant debt paydown can occur.When I got my first job after graduate school, I had $35K in debt and I made $39K a year. It took me about 4 years or so to pay down $23K of that (the rest is ed loan) and save about 1/3rd of that in an efund. It may take some time and perserverance, but I would argue that the only time it really *is* hopeless is when credit cards total 2 or 3X one's salary. That is probably an amount that is difficult to get out from under. -b-
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