Some days, Rachel Jordan starts her work at 5 a.m. and finishes as late as midnight, often working 70 hours a week across two jobs to manage her $75,000 in student loan debt. Although her loans are currently in forbearance, she aims to pay at least $1,600 monthly towards her debts. Living in Tampa, Florida, Jordan balances her time between servicing commercial real estate loans and working at Target, where she focuses on children’s clothing. She began this dual job routine as a strategy to tackle her unsustainable debt, documenting her journey on social media platforms like YouTube and TikTok for accountability and community support. Throughout the pandemic, her financial struggles escalated, leading her to accumulate around six figures in debt, which she is actively working to reduce while also learning about financial management along the way.
Why It Matters
Total U.S. household debt reached $18.8 trillion at the end of 2022, driven by rising living costs and increased reliance on credit. Many Americans are facing similar financial challenges, as evidenced by the surge in alternative payment options like buy now, pay later. Jordan’s experience highlights the growing trend of individuals seeking multiple income streams to address debt, especially in the wake of the economic impacts of the COVID-19 pandemic. Additionally, the lack of financial education for many, as Jordan points out, contributes to the cycle of debt that millions face today.
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