Rachel Jordan’s days often begin at 5 a.m. and extend well into midnight, a grueling schedule she sometimes maintains for consecutive days.
At 43, Jordan represents one of many Americans juggling multiple jobs to manage debts accrued earlier in life. With approximately $75,000 in student loan debt, she frequently works up to 70 hours a week to chip away at her financial obligations.
Though her loans are currently in forbearance, she strives to make monthly payments of at least $1,600, with an ambitious goal of eventually reaching $2,000.
Residing in Tampa, Florida, Jordan lives in a modest one-bedroom apartment with her French bulldog, focusing on minimizing expenses to prioritize her mortgage. Her professional history includes repaying commercial real estate loans, a task she balances with her job in Target’s children’s clothing department. After completing her initial work, she takes a brief pause to care for her dog before diving back into retail.
This routine began last year when Jordan recognized the unsustainable nature of her debt. To maintain accountability for her financial goals, she actively shares her debt-free journey through videos on platforms like YouTube and TikTok.
Reflecting on her experience, she noted, “If I didn’t take action now, this debt would follow me for the rest of my life.”
Navigating Debt Challenges
The pandemic significantly impacted Jordan’s financial landscape, contributing to an accumulation of nearly six figures in student loans, car loans, and credit card debt.
She admits to using a portion of her debt for everyday necessities like groceries and gas, but also for unnecessary purchases at stores like Target. “I turned to credit cards for that quick dopamine hit to get through tough times,” she explained.
Jordan’s story is echoed by many, as the total U.S. household debt surged to $18.8 trillion at the end of last year. The relentless rise in living costs has prompted consumers to explore alternative payment options, such as “buy now, pay later,” for routine purchases.
Determined to take control of her finances, Jordan began making payments last year, managing to eliminate her credit card debt. Her cautious approach means she avoids overwhelming pressure, acknowledging that excess stress could be counterproductive.
This mindset shift has transformed her relationship with money. She now treats her credit card like a debit card, only spending within her budget and paying off expenditures weekly.
The Importance of Community Support
Sharing her financial journey online has provided Jordan with a modest supplemental income and served as a therapeutic outlet to navigate her debt experience.
“Creating content has kept me motivated and grounded,” she noted. “The determination to stick to my financial plan has been pivotal.”
In addition to tracking her progress, social media has facilitated a supportive community for Jordan, connecting her with others facing similar financial struggles.
She has received numerous encouraging comments on her YouTube videos, with viewers expressing that her story inspired them to take action on their own loans. “During the pandemic, I often felt isolated in my debt situation, but sharing my journey online showed me I wasn’t alone,” she said.
Jordan has transitioned from seeking retail therapy to finding satisfaction in her financial achievements. “Buying something at Target used to give me a thrill, but now, each payment I make feels rewarding.”
Enduring Loan Uncertainty
Jordan’s student loan burden stems from earning two accounting degrees from the University of Phoenix and Western Carolina University.
In 2022, she applied for student loan forgiveness pertaining to her first degree. Although she received initial acceptance notification, she has encountered a frustrating lack of follow-up. “I haven’t received any updates since then,” she remarked.
Currently, her loan situation remains in limbo as she awaits a decision, intensifying her anxiety over future debt management. “The Department of Education informed me that my application is still in progress,” she explained.
This uncertainty complicates her financial decision-making, as Jordan grapples with whether to make minimal payments while waiting for forgiveness or to clear her debt outright.
An ongoing fear of regulatory changes under different administrations further complicates her financial choices, prompting her to prioritize avoiding additional loans.
Even if she successfully pays off her existing loans, Jordan acknowledges the pressure to catch up on her retirement savings. “The current economic climate weighs heavily on me,” she shared. “I’m putting everything I can into savings and addressing my debt.”
