… that is to say, my net assets will be about $350 this Friday, which is okay by me because I’ll finally be debt free!!! Hap-hap-happy dance time! My consumer debt peaked at an amazing $74K (not a typo) four years ago, and I’ve climbed my way out of it. No more VISA bills, no car loans, no revolving credit line. Nothing. And I didn’t declare bankruptcy. That $350 will be mine, all mine.
I honestly don’t know how to spend money anymore – it’s all about denial and focus and always making myself go home and reconsider buying that Shiny New Thing.
And next Friday I’ll get the first paycheck in over 15 years (again, not a typo) that doesn’t have some sort of debt payment deducted from it – I’m wondering if I’ll look at my job differently now that I can feel how much I’m actually getting paid.
That is incredible, you should be very proud. Most people would find that to be nearly insurmountable, and the fact that you did it without declaring bankruptcy is to your credit. Way to go!
Wow, congrats, dude. Killing $74k in debt in 4 years is no small feat. You, sir, have much greater resolve than I ever will, and kudos on finally climing to the top of Mt. Debt and stomping it into the ground.
That is inspiring! I’m in the same sort of situation (not quite as bad) and have been mulling over the options. If you can do it, so can I. 4 years, you say? Then 2010 will be my goal. Thanks for sharing that it is possible.
How do you dig yourself out of a hole that big? I could ask how you dig a hole that big, but that is the easy part.
Are you going to carry on your saving to amass a small fortune? I would think that you should be able to accummulate a tidy sum in a short time if you start paying yourself instead of paying debtors. Since you are accustomed to the lifestyle of paying other people, keep paying the same amount to some sort of term deposits or mutual funds or IRA.
Way to go. Congrats. Amazing what a little will power will do for you.
And enjoy your new solvency.
(Anyone else read the thread tile and think “someone better get the glue?”)
Welcome to the very tiny and exclusive club of Tho$e Without Debt (TWD) ::insert registered trademark thingy:: and congratulations. Unfortunately, members are so scarce that you will be unable to strike up conversations about your success unless you visit every state in the union. Everyone else will hate you. I too traveled that lonely road and know your elation.
Serious kudos on this man. I’m trying right now to get my bills down to a tolerable level. I have a HUGE spending problem and for some reason don’t know how to kick it. For someone to break that habit, climb out of 74K in debt, and do it in FOUR years, you are truly an inspiration to all of us shiny bobble buying drones. I hope you can continue with this and best of luck in the future.
Possibly… and possibly not. Interest charges o interest charges mount very quickly. I was only 37k in debt and took 5 years to pay it off. Most of the Stuff I bought wore out before the debt did.
I’ve been debt-free for some time, but I’m about to go into debt to the tune of a hefty (as far as I’m concerned) house mortgage on Friday. It’s the good kind of debt, but I still have mixed feelings about it.
Having gone through school and college with much tighter budgets than any of my classmates, and later through grad school without getting student loans (so yes, I made enough to eat, but movies had to be carefully scheduled), I’ve sort of been where you are now. Shiny New Things occasionally are good, but they’re definitely not as important as some people think.
