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03-29-2005, 10:22 PM #1
Any debt reduction success stories??
I know that a lot of us here are trying to reduce our debt. What I was wondering if any of the members here would care to share your debt reduction success stories. I love reading success stories-keeps me motivated.
So, who's first?
- 03-30-2005, 10:51 AM #2
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I want to start by saying that Gripey and I aren't completely debt free yet. We still owe on a business property but hopefully will be paying this off in about 2-3 yrs. instead of the planned out 11 more.
Starting in about the year 2000 we began with a $300 a month "snowball payment" added to Gripey's pickup payment of $388.01 and paid off that note 7 months early.
We then rolled that $688.01 over onto another car pmt. for ds and paid that off about a year early. We continued to do this over and over paying off 2 more car loans, a home improvement loan, a home mortgage, a mortgage on one of our businesses, and last but not least our business property. To date we've paid over $140,000. in debt back much earlier by making the snowball payments, payments that we were making anyway only adding the $300 per month to it and rolling it over and over to the next payment amount. It has gone very fast. We have slacked off of the snowball payment on the business property which I really wish we hadn't but we needed to build up some savings for emergencies and honestly we got tired of feeling so strapped. If we had stayed with the snowball payments to the letter we would have paid off our bus. property in 2003. Man I wish we would have and looking back over our figures on this has given me a renewed purpose of paying extra on the property.
I want to say ANYbody can do this. It just takes some determination, so intestinal fortitude and the burning desire to be debt free. I know that it's possible. The trick is to never look at the money that you don't owe on one loan anymore "extra" money. Just keep on track and keep rolling and snowballing. It goes very fast that way and you're there before you know it.
Next?03-30-2005, 05:22 PM #3
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Wow Lisa- That is inspirational!03-30-2005, 05:27 PM #4
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Oh I love these stories! I have one to share though its only a small accomplisment for me.
As a single mom I had fallen into the credit trap early on. I carried around 3 cards with high interests that were maxed out. I paid the bare minimum and could never manage to get the amounts down!
One I started getting savvy to finances I sat down and figured out by doing the snowball method mentioned in TG -- that I could get rid of this once and for all.!
It took me a year but now I have one GOOD credit card with low interest that I seldom use with the balance paid off every month. TG I saw the light!03-30-2005, 09:47 PM #5
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We paid off the credit card and the student loan (18,000). I have quit my job. It is so much nicer to not have to work and homeschool the boys.
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