A few months ago, I finished paying off all my debt which consisted of a car loan, student loans, and credit card debt.
I wanted to graph my debt so I went looking for all my monthly statements to do so, but could only back to August 2017.
I do know before that it was upwards of $45k at its peak.
I’ve been deep in debt since 2010 in an endless cycle of paying the minimum.
Even when extra money found its way to my checking account, I’d blow it on something that gave me temporary happiness.
It wasn’t until early this year where my car lease on my Honda Accord coupe was ending, and I went looking for a new lease.
After looking up the crazy car insurance prices on the new leases I wanted, it turned me off from getting a new lease and I decided I’d just get a loan and buy out my car.
This is where I got extremely lucky and blessed: my fiance offered to pay off my car. In the graph above, you can see the big dip from January to February.
(I’m aware not everyone gets these breaks when trying to pay off their debt, but it can happen.)
From then on, with 8 months left before we got married, I was obsessed with paying off my debt and beginning a marriage debt free.
I watched a lot of Dave Ramsey videos off youtube religiously. I got on a strict budget for myself, and every time I got money unexpectedly it went straight to the debt.
The first one to go were my 5 student loans with a balance of about $5k. I took out the smallest one first, and then it took off from there.
I had cash just sitting inside my dresser from the sale of my motorcycle. That went straight my student loans and finished them off.
The next one was my Citi card with a balance of about $4k. This was when I realized when you obsess about something and have a goal in mind, you can attain it.
I started selling off stocks I had. I spent a lot of time buying them, and at one point became obsessed. But the goal of being debt free was greater than all the time I spent buying stocks.
The last one to go was my Bank of America card. The promotional rate of 0% was expiring, so I transferred it to Discover for another promotional rate of 0% apr, but with a 3% balance transfer fee.
Now, I hate Discover. I still remember opening that account just so I could transfer debt to them from another credit card.
This was the hardest one to pay off. I was so close to my goal of being debt free, but still not there yet.
Again, I obsessed over paying this off. I went to sleep thinking about it. I even watched Dave Ramsey videos of people doing their debt free scream.
I still remember the week before I knew I was going to be debt free. Discover had a balance of $248.59 and I still couldn’t believe it.
I got my next paycheck on a Thursday, and I remember using Bill Pay to send off the last payment of $248.59 to Discover. It was an amazing feeling!
I was literally throwing 2 middle fingers up to my laptop saying FUCK YOU!!! to the man. What an amazing feeling to be debt free.