Rachel Jordan’s days can stretch from 5 a.m. to midnight, and sometimes, she works multiple days in a row. At 43, she’s one of many Americans juggling two jobs to manage debt. With around $75,000 in student loans, Rachel puts in about 70 hours each week to chip away at her financial burden.
Although her loans are currently in forbearance, Rachel aims to pay at least $1,600 a month, aspiring to reach $2,000 eventually. Living in Tampa, Florida, she shares a one-bedroom apartment with her French bulldog. She keeps her expenses low, focusing on debt repayment. Her day starts with servicing commercial real estate loans, followed by a shift at Target in the kids’ clothing section.
Rachel started this intensive routine last year after realizing her debt situation was unsustainable. To hold herself accountable, she shares her journey on platforms like YouTube and TikTok. “I knew I had to tackle this now,” she reflects, “or it would follow me for life.”
During the pandemic, her debt ballooned to over six figures, including credit card and car loan debt. “I made poor spending choices—buying groceries and clothes I didn’t need,” she admits. Like many, she used credit cards for that short-lived dopamine rush but quickly learned the weight of this choice.
According to the Federal Reserve, total U.S. household debt reached $18.8 trillion last year, driven by rising living costs. Many, including Rachel, have turned to services like buy now, pay later to manage expenses. In her journey, Rachel successfully eliminated her credit card debt last year, which shifted her perspective on finances. She now treats her credit card like a debit card, only spending what she budgets each week.
Rachel never received financial education while growing up, so she describes her journey as a process of learning through experience. “I discovered a Roth IRA from TikTok. It’s been eye-opening,” she shares. Her short-term goal is to pay off $25,000 of her student debt by October. Additionally, she has begun saving for retirement and aims to reach a total of $100,000 in her savings and retirement accounts, having already set aside over $13,000.
Sharing her story online serves as both a motivational tool and a form of therapy. “It keeps me accountable,” she explains, noting the supportive comments she receives from viewers. Many express gratitude for her transparency, saying they felt motivated to face their own debts.
Rachel’s student loan debt stems from two undergraduate accounting degrees. Though she applied for loan forgiveness in 2022, progress has stalled. “I haven’t heard anything,” she says, reflecting on the uncertainty that complicates her financial decisions. While her loans are currently on hold, she’s torn between waiting for forgiveness and tackling the debt head-on.
Living in this “limbo” is frustrating for Rachel. She worries what could happen if policies shift. “I want to be debt-free, regardless,” she asserts. Despite her hard work, she feels behind on her retirement planning. “I can’t dwell on it too much, or I’ll feel overwhelmed,” she admits.
“I’m maximizing every dollar towards my savings and debt,” she concludes. “I’m doing all I can.” Rachel’s story highlights the struggles many face while navigating a complicated financial landscape.
For more insights on managing debt, visit The Federal Reserve’s findings for updated statistics on U.S. household debt trends.
