What does my debt look it? Thedebtfight
This little pig represent how I feel most days when it comes to my finances and if you're here, you might feel the same way.
So I mentioned a couple days ago that I was in a couple thousand dollars worth of debt. So let's list it all along with the stupid taxes that I'm paying on it.
As you can all see, in just credit card debt alone I have over $30,000.
Over $21,000 in a car loan and a personal loan.
Most days I sit here and ask myself, how in the world was I so stupid. I didn't get into $55k+ of debt over night, how could I let this happen? But I'm sure if you're here, you're asking yourself a similar question. I call credit cards, personal loans, and even car leasing/financing stupid debt.
Now your stupid debt might not be as bad as mine, or might be way worse! The point that I'm trying to make is that I am going to show you my journey of getting rid of all this debt without going bankrupt. I REFUSE to file for bankruptcy! Now wouldn't filing for bankruptcy make my life a little easier and a little more stress-free...yes. The problem is, I file for bankruptcy and I would still have the same bad money habits that I have now.
I need to learn how to properly manage all my finances in my life or else I'm going to end up in the same exact spot.
So please, bare with me as you follow my journey, follow my ups and down, my triumphs and failures. I will fail... a lot. But I'm not going to give up until I am completely debt free!
-Obie
I remember only too clearly when I learned this lesson, just about the same way you describe. It is all paid off now, I only have one credit card for emergencies. Both our cars are paid off and except for our house, we are now debt free.
This has given us the freedom to not have to work so hard to survive. Our efforts now are focused on "Building The Life We Want". It is a fabulous thing.
Good luck!
Thank you.
It really is amazing, that as a society, we aren't taught the proper techniques to manage our finances at a young age. Yes I sit here now, a little wiser, but only after accumulating all of this. Now starts my long, hard journey to get rid of it all.
@whatsup care to share any helpful tips that you have learned through your experience?
We questioned every expense we had. We didn't even have cable for a while. We treated everything we had like it had to last. We didn't buy anything over $100, without waiting a week to decide how bad we needed it. If we got any bonuses or extra's we paid our bills with it. Once we got rolling it went really fast. The first 6 months were hard.
Now we save in advance for any purchase. Instead of making a car payment with interest, we put away a car payment every month. We don't buy the car until we have the cash. It doesn't take long until you are far ahead of your peers with money, because so many people spend so much on debt and interest.
I really wish you luck and I support your desire to not be trapped in this forever.