From $17,000 CC debt to nearly debt free :D (3 months to go!)

**Readysteadylove** · 09-19-2011, 02:31 PM

Really glad I found this forum

. I've been on a 'frugal living' kick for the past year and in the last six months, have stepped up my game. I really love reading through these posts - there are some great tips and ideas out there!

Personal 'almost there' success that I wanted to share because I am super proud of myself. This time, last year, I was $17,000 in credit card debt! Today, I'm at a little over $4,000 and based on my very simple spreadsheet I put together to keep me on track and motivated, I should be completely debt free by the end of December (Merry Christmas to me!). My original game plan was to be debt free in 12 months but I had a few financial emergencies that set me back however - 15 months isn't too shabby

.

Being frugal alone wasn't enough for me to come up with this kind of dough to pay off such a tremendous debt but it certainly has helped me along the way and I feel it also helped me truly understand the value of a dollar. I thought I'd share a bit about how I managed to pay off such a huge amount of debt for anyone who's interested - albeit I'm sure it won't be helpful to everyone - maybe it'll be an inspiration to get creative on finding solutions to your own financial troubles if you're in a similar boat.

First, I came to accept that based off my existing income, I could only afford to put forth a couple hundred (if even that) per month towards my debt. It was quite the wake up call when I realized that I could very well spend the rest of my 30's and 40's trying to pay down my debt on a very restrictive budget that would leave me virtually unable to make any purchases, take a vacation or save for my future (for the record, I had just turned 30 when I finally sat down and figured out how much credit card debt I had actually managed to accumulate). As much as I hated the idea (and still dislike it to this day), being a single homeowner with no kids, I decided that I needed to at least try and monetize the additional space in my home that wasn't being used by me.

Fast forward to today and I currently have 2 roommates in my 3 bedroom house and 100% of their rent and share of utilities have gone towards my debt every month in addition to the extra couple of hundred dollars I had originally determined I was capable of pitching in if I stuck to a strict and minimalistic budget (that's where the living frugal part comes in). Yes, I lost the luxury of having a home to myself and it's a bit chaotic at times (biggest irks involve dealing with other people's 'mess' in the kitchen, television volume when I'm trying to relax, and my younger male roommate who has to be reminded on a regular basis that food items in the fridge are not a free for all) but the tradeoff of being able to pay off my debt so quickly has made it a worthwhile experience for me.

So what am I going to do once I get debt free? Well, originally I was going to KICK MY ROOMMATES OUT and treat myself to a more 'relaxed' spending budget of maybe an extra $100 a month

. However... after realizing how much money has slipped through my hands in the name of paying off a debt (mostly due to my poor spending habits), it hurts a bit to realize that had I always been more responsible, instead of a debt free life I could be living a debt free life with $17,000+ in the bank! Lately, I've been feeling a bit more motivated to try this roommate and budget thing one more year

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**nodmicks** · 09-19-2011, 02:41 PM

Way to go! Thanks for sharing your story!!!!

**Russ** · 09-19-2011, 02:42 PM

WOOHOOOO! Way to go and welcome to the forum!

**pinetree** · 09-19-2011, 05:28 PM

Congratulations!

**homemaker66** · 09-19-2011, 07:32 PM

CONGRATULATIONS!!! Thanks for sharing your story. Keep up the great job.

**l8eebugg** · 09-19-2011, 07:42 PM

You did GOOD girl! I would stick with the roomate idea for another year if you like them and feel safe. I have thought about it but have daughters that I would worry about. Prehaps when they move..bonus I would probably enjoy the company if it were the right person. Keep us posted on your progress.

**mango** · 09-20-2011, 01:18 AM

You're doing great - well done!

**Ponderer** · 09-20-2011, 10:03 AM

I would love to know more about how it has been as a landlord. I have flirted with this idea myself as I have a 3 bedroom house and it is just me. I am in a nice little residential neighborhood fairly close to the freeway and think my house is set up to work for this concept as it is a split bedroom rambler.

How did you find tenants? What has been the pitfalls you have had to deal with?

Congrats on your success and willingness to compromise a little bit for now, to focus on the big picture of later!!

**Debbie-cat** · 09-21-2011, 02:32 AM

Congratulations!!! Welcome to the village!!

**frugalfranny** · 09-21-2011, 02:35 PM

Congrats.........you should be proud of yourself.

It isn't always easy to stay on track......keep it going.

If you can 'tolerate' the roommate situation, you could build up a nice little nest egg when totally out of debt.

**frugal me** · 09-21-2011, 02:49 PM

CONGRATULATIONS!!! Thanks for sharing your story.
Welcome to the village.

**esb3357** · 09-24-2011, 08:09 PM

Congrats. That is amazing. We have also had a roommate this past year. It has help us tremendously to keep out of the red, and actually put some savings away while I finished my masters. Keep up the good work.

**khaski** · 09-25-2011, 08:43 AM

WOW!Good for you, you should be super-proud of yourself, that's terrific! Kudos to you, please let us know how you do, we all love to hear other people's success stories- helps keep us motivated!