$25,000! The amount I racked up in debt was pretty massive. The worst part of it all was I ended up with this huge amount of debt within one year. I was young, restless and like everybody else wanted all the new gadgets, brand name clothes and everything that appealed visually.
When I was going to college I started getting credit card offers left and right. Some were pretty low with $300 credit and some well over $5,000. I was in heaven. I didn’t hesitate swiping my credit cards for anything. If I liked it and the credit card had enough balance, the thing I had my eye on was mine. Within a year I realized that my credit card spending had gone so overboard that my minimum payments alone came to about $900. I had a job but while working in college I certainly didn’t have anything that would support paying minimum payments on credit card that was equivalent to a house payment. Well, that’s my past. It’s been 4 years since then and I am completely debt free. The only thing I owe now is a mortgage which I plan to knock it out by 2015. I bought my house in 2008.
It feels good to know that I don’t owe anyone anything. Although the economy is trying to find it’s way to recapture the essence it once had, I have been doing better than ever. Here are a few things I did to knock my debt to $0. Read the rest of this entry »