Down With Debt
Exercise science major Emily (Hobizal) ’08 and biology major Colin Kambak ’06 accumulated debt while at Pacific University. Together, they carried some $60,000 in student loans, on the high side of average for an undergraduate today. Then there was the $22,000 on credit cards, amassed as Colin struggled to find steady work during the Great Recession. Add in a couple of car payments, and they were looking at $90,000.
The turning point came when they overdrew their bank account three times in a single day shortly after their wedding.
“Here I was with a new wife, and the first month I was asking her dad for $200,” Colin said. “It was not good.”
At that moment, they vowed they would never ask their parents for money again, and they would stop letting their debt hold them hostage.
Five years later, the couple was completely debt free, raising their first child, and ready to buy a home.