Time to ramp it up & pay off debt!

Visitor (not verified)
anonymous user
Registered: 12-31-1969
Time to ramp it up & pay off debt!
Mon, 08-13-2012 - 10:52am

Hi everyone,

I'm enlisting your help/support as my DF & I have decided we want to pay the remaining debt I have of $16,162.00 before December 31st 2012! 

I agree it's a big challenge to pay off that much in 4 1/2 months but I am so done with this burden and I'm mentally prepared to do what's needed in order to accomplish it.  I've re-organized the budget and barring Murphy deciding to thwart with our plans the DF and I will get it done even factoring in that we are getting married in October.  We already live very simply so it was more a question of re-directing our savings towards debt.  I had planned to save $10K in savings by year end but I currently have $3K plus my RRSP's and DF also has $3K so I think we'll be safe to stop the savings temporarily to implement this plan.

I have a couple of motivating reasons:

1.  I will be self-employed as of Sept 1 2012 - I'll be working for my current company on a long-term contract basis until Sept 2013 at least.  As we know nothing is truly guaranteed and I just feel that it would be prudent of me to be debt free in the event the contract ended sooner than expected.

2.  My mom was released from the hospital on Saturday - she spent 24 hours due to a high fever & bladder infection.  Both her and my step-dad are ailing and they also need some financial assistance.  My uncle and oldest brother will pitch in a monthly sum (nothing much but better than nothing) while I will shoulder the greater portion.  I am grateful to be able to help them and if more is required of me as time goes on then I can easily handle it because I will be debt-free.

3.  Finally, I am beyond fed up of paying debt.  I started this journey in July 2009 with over $55K and I have struggled so much to pay it off to this point and I would love to end 2012 with a $0.00 balance!!! 

So I welcome your thoughts/insight. 

I now have 20 weeks as my countdown to debt freedom.  Special mention to Norma who with her countdown inspired mine :smileyhappy:




iVillage Member
Registered: 03-15-2012
Mon, 08-20-2012 - 9:39am

How inspiring!  Go for it.  Even if you don't meet your deadline of Dec 31 - you will still be way ahead of the game!  Good Luck!