A single mom who found herself saddled with more than $34,000 in debt six years ago is sharing her journey to becoming debt free and is now empowering other single mothers to take control of their finances.
But even though she wanted to get started, King wasn't sure where to begin. So she turned to blogs and social media to figure out what she needed to do in order to chip away at her debt, which consisted of an auto loan, multiple student loans, credit card balances and personal loans -- all of which totaled approximately $34,907.
Along the way, King figured out what would and wouldn't work for her, kept up with consistent payments and allocated extra money, like her tax refunds, toward her debt. When life happened and she found herself off track, she would reset and come up with another plan, all with her long-term goal in mind."What worked for me is shifting my mindset of what success was and what was enough because we often tell ourselves, 'I'm not making enough.
"I'm a young, Black single mom on a single income, low income. I didn't find anyone that looked like me," King said. "I just wanted to show other women that they could do what I was doing and that they didn't need a super high income and that it was possible, just trying to be the representation that I didn't have."
After starting her debt-free journey in 2016, King finally paid off her final debt four years later -- two student loans of around $10,000 -- in 2020. For her last debts, she also switched from the snowball to avalanche method, listing out all her debts along with their interest rates and then tackling the debt with the highest interest rate first before moving to the next one.
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