Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMike CrisolagoThu, September 17, 2026 at 11:25 AM GMT+2 5 min readErin SpencerAt age 24, when most people's careers and financial journeys are just starting, Erin Spencer decided she needed to start over.A combination of student and car loans, credit liabilities, a bad breakup and "living outside my means" left her $65,000 in debt, as she said in People. So when a trusted colleague suggested she file for bankruptcy, she went for it."I couldn't afford the monthly payments toward my credit cards and line of credit, so when I filed, I was able to take a breath and almost start over," Spencer told Moneywise.Must ReadJeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 — 6 ways to build wealth like a landlord without actually being oneDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake.