Getting Debt Free

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As I have mentioned before I want to be debt-free this year (although I am pretty sure it will take 18 months to do it.

As much as I hate to I am going to list the amounts and how I plan to pay them off. A couple are medical bills, one is a loan, and the other 2 smaller ones are credit cards. I am going to pay the minimum on each every month then start with the smallest and work my way to the highest. Paying them off. Then start on the next using the amount plus what the minimum was for the previous ones.

So with a lot of work and a lot of penny-pinching I hope to have them all paid off in 18 months if not sooner.

  1. 18,600.
  2. 2493
  3. 2343
  4. 1512
  5. 1489

A total of 26,437 ugh that is hard to write. The medical bills are the killers but I get the rest paid off and will throw everything I have at them and hopefully get them wiped out.

Every month I will post how much I was able to pay down. I would really like to have it all paid off in a year but realistically it will probably take 18 months. Really hoping nothing major happens again so I can stay on track with it.

Are you trying to get debt free? If so come take the challenge with me and let’s wipe this debt out and not accumulate any more.

9 Replies to “Getting Debt Free”

  1. NRP

    “Debt Free….”
    Say it softly and it sounds like a beautiful song whispered in your ear.
    Speak it normally it sounds as wonderful as a hug from a good friend.
    SHOUT it from a mountain top and it sounds as the Earth is crumbling under your feet.

    There is no freedom in life with the burden of Debt being removed from your back.
    In the last several months I have become “mostly” debt free. I still have a very small Mortgage that I could pay off, but will NOT tap my “emergency cash” to do so.
    Let me tell ya, I will NEVER build up that debt again just because I want a new Widget.

    Credit Cards are the child of the Devil Himself, Just think on how much that $10,000.oo Credit cost you at 10% per year….. here let me help, Approx. $1000 per year if if if.
    A quick search on the net will let you know the “average CC debt is between $8300 and $9300…. Approx. $13.86 trillion JUST in CC Debt.

    BUT!!!!! Having $20-$30K available on CCs is a good thing JIC something Bad Happens, BUT always have a way out of this debt AND make darn sure it’s for a “Real Reason” not just cause ya want a new Truck at $85,000.oo.

    1. Post author

      You are so right nothing sounds better then Debt Free I can not wait to get there and then never again ( at least I hope) to have debt. And the new widgets are not worth getting into debt over.
      Have a great day

  2. Kellie

    We are also trying to get out of debt this year… though I think it will take possibly 12-16 months. Can’t wait and sure does require discipline! We live very frugally on one income. Groceries are hard and cost alot. Working on a deep pantry, but this is taking a good while and is slow. Thanks and we can do this!

    1. Post author

      Yes we can do this. Like you said a lot of discipline plus a little work lol. But we got this.

      Have a great day,

  3. Toni (in Niagara)

    We paid off the car loan 2 years ago. It’s a 2012 Honda that we bought new at the end of 2012. Several times during the last year of the loan, salesmen from the dealership phoned me to say that they were looking for 2012 cars, and that I could get a great deal on a brand new one. No way did I want to be tied to another five years of car payments so I politely declined. I get the oil changed as recommended, use snow tires in the winter, and my car has had very few problems. Speaking of oil, get the best you can afford – there is no savings in using cheap oil in your car. We don’t need a new car – ours still works just fine with just under 300,000 km. NOT getting a new car has saved us thousands of dollars.

    1. NRP

      Toni (in Niagara);
      “NOT getting a new car has saved us thousands of dollars.”
      You have that right, I drive a 2005 Chevy Duramax with right around 280,000 miles, runs GREAT but looks a little like me, ,old.
      People tell me I should get something new, So ok, I price the exact same truck in “New”. $82,000.oo I DON’T THINK SO…. hehehehe

    2. Post author

      I love not having a car payment it has been a good 8-9 years since we have had one. We are talking about having to get a different truck as bad as we don’t want to but it is getting to the point we don’t really have anything that we can trust to go very far. And we desperately need an extra truck that can pull a trailer ( mine just doesn’t have the power to pull a loaded trailer). We keep putting it off since we really don’t want a new payment.
      Have a geat day

  4. Chaniqua

    We have a plan to get out of debt. I’m thinking it will realistically take 2 years. All we need to do is stay committed to the plan. In 2 years we have a lot of things that will naturally come to the end of their planned payment cycle and will free up some cash.

    At that point I hope to be done with consumer debt, besides my mortgage. When we do buy cars it will only be when we can put $10-$15k down…which will require saving. We don’t buy heavily used cars due to my husband’s commute and living further out.

    1. Post author

      I know it looks so far in the future to be ut of debt but it all starts with the first step. I know when I look at mine it is almost overwhelming but I know it will be worth it one little step at a time. Same here we want a good down payment before we buy which we are going to have to do in teh near future.
      Have a great day