Milestone alert!! Under 20k!!!!!!!
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| Tue, 05-31-2005 - 1:36pm |
Just checked my debt spreadsheet and realized I've hit a major milestone as of May 31. NOT including our car, and not including our mortgage, BUT including all cc debt, a credit line, a large loan from Dad and two smaller no-interest loans from family (one of which we have been told they will not accept repayment on, but which we will find subversive ways to repay nevertheless), our debt total is just under 20k today.
Our "visible" consumer debt--ccs and credit line (loans from family don't show on credit report, so we call it our "invisible debt")--totals well under $5500.
October 2002 our debt had hit its all-time high of over $32,000. Nearly three years seems like a long time to pay off only $12,000, but it's gaining momentum. We expect to have the remainder paid off in no more than three years. If my business continues to do well, it could be as early as early Spring 2006, possibly sooner.
That first part always seems so hard, and so slow. But the momentum builds.
Thanks for letting me celebrate.
Heather

Heather - yay!
All my best,
Danni
Thanks!!!
:)
Thanks, Becky!! You are such a great inspiration and a terrific leader for this board. You can always be relied upon to have helpful and encouraging feedback. I appreciate it. :)
Yes, the house was a huge milestone, and we are SOOOO grateful and so happy that we went on and did it instead of waiting until all our debt was paid (we'd still be living in an apartment! With two little boys!!). The benefits of living here have been huge--having an extra bedroom, we were able to accept a live-in part-time nanny in exchange for her room and board and therefore get "free" babysitting while I established the business that is now helping pay the debt down faster; gardening has helped us eat more nutritiously for cheaper; having an outdoor freezer has allowed me to stockpile cheap sale-purchased items, thus further reducing our food budget; and so on. And that's just the material benefits--the emotional and physical benefits are even huger--room for the kids to play, exercise outdoors every day, the pond to explore across the street, and so on. I wouldn't go back for anything!
That's why my first advice to homeowners with debt trouble is often, "pay the mortgage before anything else!" LOL Because I so desperately would fight to keep our house, having lived the alternative. Especially with kids!
Anyway, thanks so much for the supportive feedback.
Blessings,
Heather