Good Morning America and ABC News ran a story of four sisters – ages 34, 33, 32, and 30 – who joined forces to help each other pay off all their cumulative debt. All the sisters are originally from Dallas, Texas, and had a combined income of $106,00. The sisters' combined debt had ballooned to $182,000, thanks to student loans, car payments and credit cards.
Image originally featured on Good Morning America
Instead of cowering to the debt, the four sisters came up with a novel way to pay it off, by banding together and attacking it as a team.
The first step the sisters made was to move into together and become roommates again, saving $400 per month.
Next, the sisters deposited their individual paychecks to a joint account and held weekly “sister meetings” where they gave each other an allowance of $75 each every two weeks for spending money.
The sisters spread that $75 out by sharing entrees when they went out to eat and shopping for clothes at thrift stores.