The Other Biggest Losers

Imagine what shape our economy could be in if everyone thought like this family. We might not be facing a housing crisis or massive unemployment, among other things.

Just 5 years ago, the Hildebrants of New Richmond, Wisconsin, were carrying more than $100,000 in credit card and personal debt. In those 5 years they have paid off everything by sheer determination along with hard work and a little frugality. These days the only debt they carry is a mortgage (it wasn't among the $106, 000 in debt that they've paid off).

Five years ago, Russell and Kelly Hildebrant had credit cards totalling about $89,000 and owed $17,000 to a family member. They were keeping current on all their payments, but their interest rates were climbing and they began to really struggle with the monthly payments.

The Hildebrant's mounting debt was not really the product of a lavish lifestyle. They just weren't as careful as they could have been. Russell worked as a chemist and Kelly stayed at home to homeschool the children. Family vacations were usually just visits to extended family and they rented a small townhome.

What contibuted to the slow decline were small things, such as always purchasing new clothes for the kids and name brand groceries over store brands. They also had some medical expenses related to Russell's diabetes and several miscarraiges that Kelly had experienced.

They knew that they had to do something but bankruptcy, the suggestion of several friends and family members, wasn't an option for Russell and Kelly. They contacted the Consumer Credit Counseling Service (CCCS) and came up with a 5 year plan to pay off their debt. To make the intense payment schedule work, they began purchasing generic grocery brands and clothing from thrift stores. They also stopped exchanging birthday and Christmas presents with family and friends and made due with one car for a long time. They still couldn't quite make the $2,000 per month payment so Russell took a second job cleaning a local grocery store at nights.

The schedule was grueling for the whole family, but it began to get better the closer they got to the end. Everything was eventually paid off and the family was able to purchase a home and Russell quit the second job. They have learned some valuable lessons and formed some good habits, such as bargain shopping. They remain debt free other than the mortgage.


Before I started reading this article, I was just expecting another story about a family living above and beyond their means because they just had to have this car or that house. I was certainly surprised when I read a little bit farther. This isn't a family who spent lavishly. I realized that a significant part of the debt were medical bills and they weren't living in a house that was too expensive for them. This family was even continuing to set aside ten percent of their income to go to their church as a tithe.

I read a little farther and discovered that it was really a slow decline and the mistakes that they did make, such as purchasing name brand groceries and brand new clothes, are mistakes any of us could make. I guess the little things really do catch up with you eventually.

I was very impressed that they decided to take the debts on and pay everything instead of declaring bankruptcy. That would have been the easy way out. I'm also impressed at the lengths they went to in order to pay $106, 000 in just five years. According to the article, when Russell took the second job his schedule went something like this: Wake up, go to job #1, work a full day, go home and catch a few hours of sleep, wake up and head to job #2, work from midnight to 4:30 a.m., head home, sleep a couple hours then head back to job #1 and start all over again. Talk about stressful! I don't know if I could handle it.

I also think it's amazing that this family was able to stick together during this process. Many couples end up divorced over money troubles that are really trivial. So, it really does make me wonder...what kind of shape would our country be in if more people had this kind of determination and willingness to take responsibility for their finances?