Debt Free: A new chapter

[guppy]

I've posted a few times in these forums and in the blog section (though I'm not very prolific), but the majority of my time has been spent lurking at this site. I credit savingadvice with starting me on my road to financial freedom. In June 2008 we owed over 305k to credit cards, car loans, student loans, and two mortgages. Today we owe a little under 244k to two mortgages (on two properties). Over 61k of debt GONE. Thank you savingadvice .

[bjl584]

Congrats!! Eliminated 61K of debt is a great achievement. Keep up the good work.

[guppy]

Thanks - It took a while but it was worth it!

[maat55]

Congrats. Being debtfree is liberating. Saving for future consumption provides extra security, not to mention good ole American self-reliance.

[MKKShah]

Congrats. That's a great feeling. I too paid down debt from a peak level of 30K. Certainly not as tough as 61K, but I know how that feels.

[LivingAlmostLarge]

Congrats! Wow!

[crazyskunk82]

Congratulations! It's very exciting to see someone hit that milestone! We're about halfway done, with $22,000 to go. I can't wait until we are debt free.

[YLTL_Dan]

Awesome work! Keep kicking it!

[SnoopyCool]

I wish there was a "Like" button for these posts. Congratulations!!

[BudgetSurgeon]

I've posted a few times in these forums and in the blog section (though I'm not very prolific), but the majority of my time has been spent lurking at this site. I credit savingadvice with starting me on my road to financial freedom. In June 2008 we owed over 305k to credit cards, car loans, student loans, and two mortgages. Today we owe a little under 244k to two mortgages (on two properties). Over 61k of debt GONE. Thank you savingadvice .

It's always great to hear success stories like that. Now let's keep the ball rolling. Let's try to pay some more of that outstanding debt down. In my opinion, the key to becoming financially stable, and eventually wealthy, is to eliminate all (or most) debt. Further, continue to work on reducing your monthly budget, month-over-month. This is a way to increase your income every month (from a completely different angle), and has been the cornerstone of my personal success over the years.

Continued success,

BudgetSurgeon

[DogDiva]

Congratulations on your success...since I am new here, it is great to see someone post their wonderful results thus far!

[EEinNJ]

Congratulations on paying off so much debt!

As someone who is completely debt-free, I want to comment from my perspective and raise a question.

I wonder what people who are struggling with debt, from credit cards to cars & student loans, envision what their lives will be like when they achieve their goal.

Peace of mind? Freedom to tell off the boss? Feeling "Rich"? Having cash to buy "stuff"?

To tell the truth, being debt-free is not an exalted, blissful state. It only means you're not paying interest on the things you pay for.

You still have to pay taxes, insurance, and all your other bills- and life isn't getting any cheaper. And if you want to STAY debt free, you have to continue earning, budget & save for big expenses. That is, financial freedom does not come without financial responsibility.

What will your life be like when you're debt free?

[snafu]

Good on new for getting your debt under control so quickly. You've certainly saved yourself a ton of interest on sums owed. I wonder if you'd be willing to share what action you took. What was the effect on your family? What kept you motivated? What was the most difficult? I'm sure that others who are ust starting or are somewhere on the road to reducing their deb would appreciate hearing about your experience.

Congratulations.

[Savingbtime]

I've posted a few times in these forums and in the blog section (though I'm not very prolific), but the majority of my time has been spent lurking at this site. I credit savingadvice with starting me on my road to financial freedom. In June 2008 we owed over 305k to credit cards, car loans, student loans, and two mortgages. Today we owe a little under 244k to two mortgages (on two properties). Over 61k of debt GONE. Thank you savingadvice .

Wow that is one heck of an accomplishment... Keep up the excellent work!!!! Again

[debtupset]

I know you started this thread a while ago, but congratulations! I've seen you on here a few times. That's quite an accomplishment and one that I wish more people sought.