"Just as the rich rule the poor; so the borrower is servant to the lender."
My husband and I have been working on paying down our debt since last summer. After reading Dave's Total Money Makeover we both decided that we had had enough of owing money. The Bible teaches us that we are to owe no man. At the beginning of our marriage we only had $3,500 in student loans and no other debt. Unfortunately we decided to listen to what others were telling us and take out student loans, car loans, and a mortgage. We did not know that there was any other way. Debt was just something that everyone had. We were even told that student loans are considered "good" debt. How could we have been so blind.
We are now paying off a student loan we used to pay for a truck that has been totaled for almost 3 years now. My husband was always against taking out loans, but I usually managed to talk him into it. Thanks to him we have a lot less then we might if I had gotten my way.
Thrift Florida Mom is hosting a monthly debt buster meeting. I have decided to join in. We have a HUGE goal this year. I believe that you should always aim high. If you don't you will never know what you can achieve. If you don't make it at least you gave it all you had. I have prayed about this so many times. I am trusting the Lord to help take care of us. I know he has put it on my heart to be debt free. With the Lords help it is possible although it will take sacrifice and extra jobs. I would love to hear from you. Any encouraging words you can leave would be greatly appreciated.
I am going to follow the lead of Florida mom and list out my debts so that each month you can see my progress and hopefully you will be inspired to tackle your debt this year.
Car loan $6,300 - We owed around $14,000 last June
Student loan $8,500
Student loan $10,500
These are approximate numbers. I have the 2 student loans in forbearance right now. We are putting everything extra we can toward having the car paid off by May or June. My ultimate goal would be to be debt free by January 2010 which would mean paying $2,100 a month toward debt. My family thinks I am crazy. My husband teaches at a technical college and I stay home. To help with this goal we are on a very strict budget and we are planning to take on some extra jobs.