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    Our Debt Breakdown vol.1

    April 27, 2017

     

    Let’s Talk About Debt Baby!

    When my boyfriend and I first sat down and started talking about debt, I really knew nothing about debt payoff strategies, and the benefits of paying off debt quickly. Honestly, with my limited experience, I thought it was normal for the average person my age to have some sort of credit card debt and/or student loan debt. I was lucky and fortunate enough that I had very limited experience with any kind of debt, but I knew this was not the “norm” for people my age.  In fact, for a long time, I was very secretive about not having debt. It was a stepping stone that a majority of my peers were experiencing and I, fortunately, was not. For that reason, I neglected to talk about my financial situation and not having debt.

    We have been working very hard the past year to minimize our debt, and have really come up with a solid plan that both organizes our finances and creates a “light at the end of the tunnel”, so to speak. When we started this journey, our debt consisted of the following…

    -Bank of America Credit Card

    -Capital One Credit Card

    -Amazon Credit Card

    -2 Auto Loans

    -PayPal Credit

    -2 Personal Loans through 2 different Credit Unions

    -Multiple student loans…(Tyler wasn’t so lucky, and made some poor spending decisions in college)

    To break down our current debts and the order we are paying…

    Drum roll…

    Phew… that is both nerve-wracking and relieving to put out there!

    Our (my) goal is to complete everything but the car loan and student loans by September, 2017. That is when the dreaded student loans will come out of deferment, and it will be time to tackle that substantial obstacle. This takes our debt pay-off journey to a whole other level.

    So, don’t leave me hangin, share with me what you have going on debt-wise and any goals you have for paying it off! I will be talking about our budget in the future and have some simple resources you can start to use as you are on your debt-free journey!

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