Describe a debt you have yet to repay.
That was today’s topic on the PostADay challenge.
I am currently taking a 13-week class, Financial Peace University, by Dave Ramsey. It is being offered at my church. This class is focused on teaching you how to eliminate your debt and live debt-free so that you can enjoy your life and have some peace and security regarding your finances. I have learned so much from this class, not just about eliminating debt, but also on how to plan for the future, with retirement plans, investments, learning about credit card scams, and getting useful information about insurances. There are several steps involved in Dave’s debt elimination plan. Step #2 is the Debt Snowball. It is where you list all of your debts from smallest to largest, and then you attack them with intensity. Once you pay off the first one, you move on to the next one, adding to it the payment you would have paid from the first one, and so on, so that you are piling money onto your debt, knocking them out. I have been able to pay off several small debts now, and only have my car loan and my student loan left. Both of these will take a lot more time to pay off, but I am confident that someday in the near future, I will be debt free.
With today’s postaday topic, I don’t really have any debt that I haven’t started to repay. I would say I’m the most frustrated with my student load debt. I was just telling my friend at lunch today that it has been almost 11 years that I have been paying on that debt, and the overall total has only gone down about $7000. How is that possible??? I still have a long way to go on this one, and sometimes I get discouraged that it will never be paid off, since the daily compound interest makes it seem like the balance never goes down. But now that I have eliminated my smaller debts, I am going to be attacking my student loan more aggressively, and hope to see more of a change with the balance.
What debt do you have yet to repay, or seems like it will never get repaid?
Walk A Mile In My Shoes 
April 6th, 2011 at 2:44 pm
I admire you for trying to pay off your debts! We couldn’t handle it anymore, so we filed bankrupcy. and are just now slowly climbing out of the hole! I wish you lots of luck on paying off those bills!
April 6th, 2011 at 2:55 pm
thank you! It has not been an easy road. Hang in there!
April 6th, 2011 at 9:45 pm
It seemed to take forever to pay off my student loan, but I just kept making the low monthly payments over 10 years, as there was no interest and it made more sense to pay off other stuff.
Man, was I happy when that was paid! It used to be in the past, people would pay off cars/pay off their homes, etc before retiring.
Now, they are saying most people are not expected to live long enough to pay off their homes. Homes have gotten too expensive and cars! MAN! It went from a 5 year loan when I purchased a new car in my early 20’s and now, we have a 7 year loan! They had to extend the lengths of loans, because people couldn’t get into the cars any longer. We’ve still got 3 years on my mommy-mobile. (grrr.)
Sandi
http://www.ahhsome.wordpress.com
April 7th, 2011 at 6:19 am
Luckily I don’t have any debts yet 🙂 And if I’ll finish studying in the next five years I won’t have a debt for that either. Since I’m almost done I guess I’ll manage that!
I think it’s great of you to have payed of all your smaller debts. You’ll manage the larger two as well, I’m sure!
April 8th, 2011 at 1:03 am
Best wishes on your effort and congrats on taking charge of your financial life… It is not easy especially for those without work. Managing our funds well is so important. 🙂
Eliz
April 8th, 2011 at 7:10 am
Thank you!
April 8th, 2011 at 9:00 am
Congrats! We started taking control of our money situation last year (or at least we’re trying to 😉 ) We have no credit cards, no car payments, got rid of our land line phone and cable…so no major debts other than the house payment & usual bills but there never seems to be enough money
April 8th, 2011 at 10:24 pm
Where is that darn money tree??? LOL
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