Light at the end of the tunnel
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Anonymous
| Two years ago, I posted about what a mess we were in - underwater on our house, turned off 401k investments to save money, horrendous debt from cars, student loans, and credit cards. Second mortgage was coming due on a 15-year interest only loan, it was a mess. Found Dave Ramsey, listened to you all, built out a solid budget and future debt reduction plan. In two years, we have paid down $85,000 in debt and have one year left with another $80,000 to go, God willing. Paid off the second mortgage, refinanced the first, paid off one loan, one credit card, one car, and the second car off next month. Bare bones spending, and will continue until we reach our goal. Turned 401k back on, though only at 7% but will incrementally up it with each debt paid off. Will go full max next year. One day I'll have enough energy to find my original post, but I state this update here to let others know that it can be done. It's unpleasant but it's better than the alternative. Debt sucks!!! Never again!! |
Anonymous
| Wonderful. Pay with cash always. No debt. |
Anonymous
| Great job, OP!! |
Anonymous
| Congratulations, that has to be a huge weight off your shoulders! |
Anonymous
| A seriously impressive achievement, my hat is off to you. |
Anonymous
| Op here, thanks all. It's been a hard lesson learned. |
Anonymous
|
You did good OP. Real good.
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Anonymous
| Yoohoo! Great job. |
Anonymous
| Just curious. How much do you make that you could pay off 85,000 in two years? I am super impressed but worried you make 400K which does not match my income. |
Anonymous
not the OP but paid off about 100k in two years still have 40K to go. HHI is 220K. The how did part wasn't just cutting back and writing checks I started w/ cashing in a pension which I carefully reasoned out for 38K net, about 28K in a 401K loan, a total of 52K came from existing income which meant cutting off almost every extra possible. So 2 years later in a much better place and the end is in sight |
Anonymous
| Great job op!!! |
Anonymous
|
Great!!!
I look forward to being you, on a longer timeline...but we just keep plugging away. Thanks for sharing. Helps me stay motivated. |
Anonymous
| Great job OP, keep it up. |
Anonymous
| Awesome! Can you find your original thread? |
Anonymous
| That's awesome, OP! Please keep updating because I'm sure you're an inspiration for others in the same situation. |