Comments on: Our Journey To A Debt Free Life http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/ About finding balance in your life, connecting with who you are, and creating a lifestyle where you wake up each morning eagerly anticipating the day ahead. Tue, 07 Feb 2012 15:29:49 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Diana in BGKY http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-28388 Diana in BGKY http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-28388 I have a similar story. When I bought my first house for $85,000 in 1995, I owed more than $10,000 in credit card debt and had a new car that I'd borrowed about $10,000 for a few months before (mine had been in an accident and was a total loss). I'd put $5,000 toward the car and paid only closing fees on the house. Then the furnace went out, and I limped through the winter--which can still be harsh, even in Nashville. I put a new system in, as cheaply as possible (thank goodness I found someone reliable through a friend). He was about to put a water heater in for me when the bottom came out of mine. I'd bought one on a credit card with no balance and paid it off in three months. That was when I said enough. I started to pay my car off. Though it would have made sense to pay off the credit cards first, I wanted the car paid off. The one that was wrecked was a month from being paid off, and I wanted my car to be mine only. It was in the spring of 1998. After that, I took the car payment and extra payments and put that toward my credit card. Throughout this time I moved balances to lower and no-interest cards, taking advantage of the offers a good credit rating gave me. I paid those off in the spring of 1999. I'd decided to move out of a larger city and to a smaller city near my family. I put the car up for sale and made money on that, though it was four-months later. To save money, I lived at my mom's (in a room with four cats) and commuted (less a commute than the old house). When I bought the new house, in 1999, I vowed to pay it off. With no credit card debt and no car payment, I made extra payments every month. With every raise, I allowed myself a treat of some kind from the first paycheck, then the additional money went toward the house. In 2004, I paid off my house. Then I saved enough money to work part-time for three years and pursue my dream. I'm back to full-time work, but still pursuing and still debt free. I am back in school, paying for it as I go. But I've always done that, even as a young adult. And I have a B.S., two masters, and now am working toward a third. There are many great things about being debt free, but the amazing thing that few people tell you about is the buying power you get. Things cost what they cost, not the cost plus interest. I hope to never carry a credit card balance again and will only go into debt if I need something that is imperative to my life or future. I have a similar story. When I bought my first house for $85,000 in 1995, I owed more than $10,000 in credit card debt and had a new car that I’d borrowed about $10,000 for a few months before (mine had been in an accident and was a total loss). I’d put $5,000 toward the car and paid only closing fees on the house. Then the furnace went out, and I limped through the winter–which can still be harsh, even in Nashville. I put a new system in, as cheaply as possible (thank goodness I found someone reliable through a friend). He was about to put a water heater in for me when the bottom came out of mine. I’d bought one on a credit card with no balance and paid it off in three months. That was when I said enough. I started to pay my car off. Though it would have made sense to pay off the credit cards first, I wanted the car paid off. The one that was wrecked was a month from being paid off, and I wanted my car to be mine only. It was in the spring of 1998. After that, I took the car payment and extra payments and put that toward my credit card. Throughout this time I moved balances to lower and no-interest cards, taking advantage of the offers a good credit rating gave me. I paid those off in the spring of 1999. I’d decided to move out of a larger city and to a smaller city near my family. I put the car up for sale and made money on that, though it was four-months later. To save money, I lived at my mom’s (in a room with four cats) and commuted (less a commute than the old house). When I bought the new house, in 1999, I vowed to pay it off. With no credit card debt and no car payment, I made extra payments every month. With every raise, I allowed myself a treat of some kind from the first paycheck, then the additional money went toward the house. In 2004, I paid off my house. Then I saved enough money to work part-time for three years and pursue my dream. I’m back to full-time work, but still pursuing and still debt free. I am back in school, paying for it as I go. But I’ve always done that, even as a young adult. And I have a B.S., two masters, and now am working toward a third. There are many great things about being debt free, but the amazing thing that few people tell you about is the buying power you get. Things cost what they cost, not the cost plus interest. I hope to never carry a credit card balance again and will only go into debt if I need something that is imperative to my life or future.

]]> By: Amy http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-25847 Amy http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-25847 Thanks for your post. I so hope that someday we can be debt free. My dh owes an insane amount of student loans, I feel like we will die before they are ever paid in full. :-( Thanks for your post. I so hope that someday we can be debt free. My dh owes an insane amount of student loans, I feel like we will die before they are ever paid in full. :-(

]]> By: Amanda http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-25661 Amanda http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-25661 Hello! Thank you for sharing your story. My fiancee and I are getting married next Saturday, and have worked to not only pay cash for the wedding and honeymoon, but also pay down our debts. We will have both of our consumer debts paid off by July of this year, and then it will be the rest of my student loans to tackle. Then we will just have the mortgage. By July, it will have taken us about a year of focused efforts on the debts to have paid off $20,000, plus to have paid for the wedding/honeymoon with cash. Then I have $9,000 left in student loans (down from $42,000 just 4 years ago!). Such a great feeling to know we will be debt-free! Hello!

Thank you for sharing your story. My fiancee and I are getting married next Saturday, and have worked to not only pay cash for the wedding and honeymoon, but also pay down our debts. We will have both of our consumer debts paid off by July of this year, and then it will be the rest of my student loans to tackle. Then we will just have the mortgage. By July, it will have taken us about a year of focused efforts on the debts to have paid off $20,000, plus to have paid for the wedding/honeymoon with cash. Then I have $9,000 left in student loans (down from $42,000 just 4 years ago!).

Such a great feeling to know we will be debt-free!

]]> By: Dougster77 http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-25362 Dougster77 http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-25362 I absolutely love your site. You speak the truth, living without debt is awesome. I absolutely love your site. You speak the truth, living without debt is awesome.

]]> By: Shirley http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-5487 Shirley http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-5487 Jean, actually, I have some future posts planned that will cover these subjects. Thanks for your interest! Jean, actually, I have some future posts planned that will cover these subjects. Thanks for your interest!

]]> By: Jean http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-5485 Jean http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-5485 Can you tell us more about becoming debt-free? Did you keep any money in savings or apply it all to your loans? How long did it take you to become completely debt-free ... specifically to pay off your student loans and car loans? Thanks!! Can you tell us more about becoming debt-free? Did you keep any money in savings or apply it all to your loans? How long did it take you to become completely debt-free … specifically to pay off your student loans and car loans? Thanks!!

]]> By: Jon in France http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-4033 Jon in France http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-4033 Debt is just pernicious. We are fortunate that at a relatively early age we are free of debt, save for a small amount "owned" by our business that is secured on assets well away from anything personal. Having a business debt in France makes a lot of sense for the tax regimes but personal debt here is strictly controlled and difficult to come by. I used to think that that was short-sighted and just bad buisness sense when the rest of the world seemed to be enjoying consumer led booming growth. Now I see that they might have a point... Debt is just pernicious. We are fortunate that at a relatively early age we are free of debt, save for a small amount “owned” by our business that is secured on assets well away from anything personal.

Having a business debt in France makes a lot of sense for the tax regimes but personal debt here is strictly controlled and difficult to come by.

I used to think that that was short-sighted and just bad buisness sense when the rest of the world seemed to be enjoying consumer led booming growth. Now I see that they might have a point…

]]> By: orneryswife http://www.choosingvoluntarysimplicity.com/our-journey-to-a-debt-free-life/#comment-1240 orneryswife http://www.choosingvoluntarysimplicity.com/our-simple-life-getting-out-of-debt/#comment-1240 We are in the process of paying off our debts, and at our current rate will just have the house left in another year. I like the idea of living simply like you do, but my husband is not quite there yet. I am patient though. someday! Thanks for the neat story, it is encouraging to read about people who have gone where we want to go! TM We are in the process of paying off our debts, and at our current rate will just have the house left in another year. I like the idea of living simply like you do, but my husband is not quite there yet. I am patient though. someday!

Thanks for the neat story, it is encouraging to read about people who have gone where we want to go!
TM

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