Debt Avalanche is working!!!

Status
Not open for further replies.
OK, just an update on my Avalanche plan. I've been sticking to it faithfully, and have now paid down $10k of debt, give or take a couple dollars. I've done some serious cutting back at the house as well. I've been realizing more and more what are NOT necessities. I've moved all of my debt to 0% interest for the next 12 months as well. That truly eases the pain on interest rates. I wanted to be done with it all by Jan. 1 2015. But as I look at and experience the overall realities of life and unexpected expenses here and there, it looks more like March of 2015 is going to be the new target date. FYI I was approx $29k in the hole! Far exceeding my debt comfort level. This has been snowballing for almost a decade now. All the while thinking that "someday" I'll take care of it.
Guess what............."Someday" has arrived.
Sure its painful to think where I could really be putting all this money, but the reality is that I already put it into debt.
SO I just wanted to give an update and hope that I can encourage others to do the same. Sometimes we just have to suck it up and deal with it.
 
banana2.gif
 
Congrats! Glad to hear it!

I only have student loans and a car payment.

Car payment will be going away next month ... hopefully! Then it's just student loans. Once I get my savings back up to a comfortable level, I'll be throwing more at them.

Have been trying to get a second job, but not having much luck here.
 
Originally Posted By: bustednutz
I've done some serious cutting back at the house as well. I've been realizing more and more what are NOT necessities.


Now, if most all people would realize this..... I haven't paid "One Penny" of CC interest in 27 years. Also paid off the House early. Owe NO ONE a Penny!

It's amazing how people are literally controlled by "things".

You're doing fantastic & keep it up!!
banana2.gif
 
Originally Posted By: bustednutz
OK, just an update on my Avalanche plan.

I've been sticking to it faithfully, and have now paid down $10k of debt, give or take a couple dollars. I've done some serious cutting back at the house as well. I've been realizing more and more what are NOT necessities. I've moved all of my debt to 0% interest for the next 12 months as well. That truly eases the pain on interest rates. I wanted to be done with it all by Jan. 1 2015. But as I look at and experience the overall realities of life and unexpected expenses here and there, it looks more like March of 2015 is going to be the new target date. FYI I was approx $29k in the hole! Far exceeding my debt comfort level. This has been snowballing for almost a decade now. All the while thinking that "someday" I'll take care of it.
Guess what............."Someday" has arrived.
Sure its painful to think where I could really be putting all this money, but the reality is that I already put it into debt.
SO I just wanted to give an update and hope that I can encourage others to do the same. Sometimes we just have to suck it up and deal with it.


Congrats on getting 1/3rd of your way through your debt in only 5 months!

I've had to dig my way out of much smaller amounts than you are, but it does feel really good when you get it completely cleaned out.

Once you clear out your debt, then you can start to pay yourself for everything that you have sacrificed over the course of this year. By increasing your savings, or starting a retirement fund, or investing in the stock market.

That is the official BITOG response, right guys?
Not, "Go right out and buy yourself the new car you've always wanted", though that's great fun, too.

I don't know what your credit score is currently, but even after you pay everything off, if your score is not fantastic, it will slowly start to go up every quarter, which will also make you smile. Mine just hit 796 the other week. Hasn't been this high since the 803 it was when I moved back to Colorado in '06, which was much much better that what it was when I originally left Colorado after my bad accident in '98.

Keep up the great work!

BC,
 
My score has hovered around 760 for years now. I've always done my best to maintain it.
I've already picked out 3-4 mutual funds that I want to start throwing money into for the future.
 
Status
Not open for further replies.
Back
Top