Sherman and Cristina Merricks held enormous student debt but were able to pay it off in 27 months; budgeting is key, as is keeping the faith, they said.
's Financial Peace University course at the beginning of their marriage — which they credit for their new understanding of debt and how to get rid of it.
Megan McConnell, senior director of public relations for Ramsey Solutions, said the course gives step-by-step guidance for how to pay off debt. With every $1,000 the couple paid off, the kids filled in a space on an at-home chart. Merricks said this helped the kids understand why"no" was sometimes their parents' answer when the kids asked for things; the process also showed the children how to set and achieve a goal. In just 27 months, the couple said they paid off $203,000 in debt. "I really do feel that was just the Lord's blessing. He was just blessing our business," said Cristina Merricks.
Sherman Merricks believes if the government does choose to forgive student loans, then the taxpayers will be the ones paying for it.
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