The idea behind this blog is to show our Journey to Freedom from Debt, hopefully informing and inspiring others to make that same journey.
Pretty typical guy, husband, father of 3 great daughters who woke up one day in 2008 and realized, “Jeez… we’re outta control!”
It first started out when I saw how much we were paying in credit card interest each year … around $2,000. Now, at the time, we had been playing the “Chase the 0% rate” game and doing pretty well in that game. So $2k was enough to make me think (for a change). The first step was to get past the initial stages.. you know… these
- Denial (“We’re OK, we’re paying our bills”) to
- Acceptance (“Ok, we’re in deep do-do… let’s see how bad”) to
- Planning (“Let’s line up the debts..”)
Thanks to some great websites, Dave Ramsey‘s plans and a whole bunch of sweat and some discipline, we took our total consumer debt from $68,200 to zero in just over 3 years. (This does not include Mortgage.. that’s up next)
In 2008, when we ‘woke up’, I had been doing some consulting work for a Mega-Church. Their income was purely based on donations… which were diminishing. That, along with the beginnings of ‘doom/gloom’ about a Recession had us take some pretty strong measures.
- Stop all my contributions to my 401(k). Yes, I know how important it is to save, but remember.. we were $68,000 in debt. Short term it made absolute sense and I’d do it again in a heartbeat.
- Take the list from ‘Planning’ (above) and start a Debt Snowball. (There’s a whole other series on Debt Snowball that I’ll discuss, again.. what worked for us may not work for you)
I hope you enjoy it and most of all participate !