HRH Posted May 3, 2014 Report Share Posted May 3, 2014 Well ladies and gents, in case any of you are in the same boat, I'm offering you a little hope. I've been in a debt plan for about 5 years now, and with my bonus for hitting a record month at NAPA in March, I was able to pay off the last of my credit card debt. I was at $15k about 5 years ago. Been plugging away at it since then, fortunately at 0% interest when I got into the debt management plan. Otherwise I'd still be upside down. As of May 1st, the only debt I have is my mortgage on the house. It IS possible. Sometimes you have to learn the hard way; you have to adapt and learn how to live WITHIN your means, not outside them. All my debt was due to cars, racing, and poor choices with my money. It will never be that way again. I wish all the rest of you fighting the same thing the best of luck. It is great when you're out of debt. 14 Quote Link to comment
thisismatt Posted May 3, 2014 Report Share Posted May 3, 2014 Congrats! My wife & I have had no debt since Christmas of 2012 (we don't own a home, so eventually we will likely end up with mortgage debt). A lot of people think a budget holds you down, but it's actually pretty liberating & a relief to know where your money is going and what you can freely spend. 1 Quote Link to comment
wayno Posted May 3, 2014 Report Share Posted May 3, 2014 Congratulations, it feels good doesn't it. :) I was in trouble for a while, I had a $12,000 debt and paid it off in 6 months($2000 a month), so I thought I would do it again and bought a new rigid wing hangglider for $8,000 under the assumption that I would pay it off in 4 months like I did the other debt, well the room mate decided that he needed to get out of debt himself, so he decided to sell the house, I didn't want to move so I raided my IRA for $25,000 for the down payment, I had to pay a large penalty for doing that, it also went on the credit card, so I went from owing nothing to owing $18,000 in 6 months, it took me years to get out of that debt, when I bought the house, all of a sudden I had all these bills I did not have before, one day I had $5,000 in petty cash and that is what I owed on the card, I could not seem to get it below $5,000 before the winter came and work died off, so I sighed and paid it off, it was the smartest thing I had done in years, it felt so good, it felt better than when I paid off the house, there is just something wrong about owing money on a credit card, pay it off every month or cut it up, that is my attitude about them now. Quote Link to comment
HRH Posted May 3, 2014 Author Report Share Posted May 3, 2014 Thanks guys, I agree, it does feel very liberating. I'm actually having to force myself to keep my pissed-off edge since I still live in the ghetto. Can't be too happy, people will know! :D 1 Quote Link to comment
ggzilla Posted May 3, 2014 Report Share Posted May 3, 2014 Dun woory, someday you'll get out of Spokane .... 1 Quote Link to comment
Tristin Posted May 3, 2014 Report Share Posted May 3, 2014 This is something I need to tackle. Even with all the money I was making in the Service, I was stupid with my money. Now I need to dig my way back out. Things are tough, but Im sure itll clear up. Just have to put forth the effort. Congrats on being debt free. Way jealous. Quote Link to comment
dvdswan Posted May 3, 2014 Report Share Posted May 3, 2014 that's awesome congrats. I've been debt free since 2012 except for the mortgage. Quote Link to comment
Draker Posted May 3, 2014 Report Share Posted May 3, 2014 I just went $11k further in debt yesterday. I'm not dumb with my money though. Key is buying things that are investments. Or buying cars that you won't be immediately upside down in. If you get in a pinch, sell. Also, be able to afford your payments. Congrats HRH. That shit isn't easy. Quote Link to comment
Cleopatra Jones Posted May 3, 2014 Report Share Posted May 3, 2014 Congratulations! It is a beautiful thing. I'm a miser when it comes to money but many years ago the lack of work sent me into debt for a while. So happy to owe no one anything. It's a great feeling. Quote Link to comment
paradime Posted May 3, 2014 Report Share Posted May 3, 2014 Shit, I still have $50k in student loans from the last degree. At least I own my Datsun free and clear. Quote Link to comment
izzo Posted May 3, 2014 Report Share Posted May 3, 2014 I just went $11k further in debt yesterday. I'm not dumb with my money though. Key is buying things that are investments. Or buying cars that you won't be immediately upside down in. If you get in a pinch, sell. Also, be able to afford your payments. Congrats HRH. That shit isn't easy. I like your investment! Its a good looking rig. hopefully selling me the 4x4 can afford you a cheese burger now :) Quote Link to comment
Royal Sierra Posted May 3, 2014 Report Share Posted May 3, 2014 Im on my way to the no debt thing. I have about 10k give or take in truck payments and medical bills. Thats why I moved to AK so I can live rent free and pay it all off..I'll be back in jan/feb Quote Link to comment
mrbigtanker Posted May 3, 2014 Report Share Posted May 3, 2014 I am glad you feel debt free, but in reality we all will never be debt free. Own a house even if you pay it off you still owe property tax's on it. Its good to be credit debt free thats for sure and i have known that for a long time. I will just say this if you new what I paid a month for one thing I pay, it would make most of you puke,and not once but twice. And it aint child support.lol But I think every one once in there life has been down in the dumps financally and the best part any one can do is learn by those mistakes and more importanly dont make them again. 1 Quote Link to comment
john510 Posted May 3, 2014 Report Share Posted May 3, 2014 Nice job of working your way out of a hole. Quote Link to comment
mrmark Posted May 3, 2014 Report Share Posted May 3, 2014 The wife and I are on track to be debt free in 30 months. She's an ex-credit card junky but we've been on "the mend" for a couple years now and things have never looked better as far as our debt goes. Congrats and I'm right behind you ! ! ! 1 Quote Link to comment
datzenmike Posted May 3, 2014 Report Share Posted May 3, 2014 Matt, lend me a grand??? Quote Link to comment
Mattndew76 Posted May 3, 2014 Report Share Posted May 3, 2014 HRH keep paying those payments into a savings for a place outside the ghetto. You qualify for USDA Guaranteed loans too. Lots of options and help around for median level incomes. If that is a motivation...... Great job leveling out. Cash is the best way to pay for stuff. Credit is for homes and not really anything else in my opinion. Quote Link to comment
bananahamuck Posted May 3, 2014 Report Share Posted May 3, 2014 We have owned everything out right since 2005 and still make payments of $200. a month to the county in property taxes. :sneaky: 2 Quote Link to comment
LenRobertson Posted May 3, 2014 Report Share Posted May 3, 2014 Hey Matt, this is one of the best topics I've seen posted on Ratsun in awhile. Hope it will let people who are living in debt understand they don't have to keep doing so. I've never understood taking 6% to 18% (or maybe even more) of nearly all the money you make and giving it away to a bank or credit card company. I have no debt and a little money saved, but now I'm a super miser. You've seen my house and know the Datsuns I drive. I've got the money to spend, but prefer to hang onto it. Len 1 Quote Link to comment
maltese Posted May 3, 2014 Report Share Posted May 3, 2014 I will just say this if you new what I paid a month for one thing I pay, it would make most of you puke,and not once but twice. And it aint child support.lol Drugs? 1 Quote Link to comment
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