Today is the day I have been waiting for for years!! I never wanted to be in this situation but I suppose I can see how I got myself in it.
It all started at the age of 26, I got a line of credit, bought a lot of stuff I didn’t make use of like I wanted, then bought a car and got myself into $20,000 worth of debt by the age of 30. Then I got married and added another, over $10,000 to my pile of debt. It was about $37,000 worth of debt that I had accumulated and had no idea when there would be an end. I saw myself only getting further into debt. My husband and I at the time were already struggling so I decided to talk on everything in terms of the financial aspect and took a consumer proposal.
I saw it coming. I saw every opportunity that the bank would give me to get more credit and took it. I saw myself taking it and not seeing myself getting out of it. Even though I didn’t need it, I took it. When I told the bank I needed another loan for my wedding, when I asked for $10,000 he said, why take $10,000 when you are approved for $20,000.
That was it for me.
So my credit went from mid 700’s to the 500’s real quick.
I was now paying off that debt for the next 5 years and of course, my credit suffered from it. People often ask why I didn’t make my husband pay for a portion of it and simply put, I didn’t care. At that time I was making a bit more than him and because the majority of it was mine even before we met, I wasn’t going to make a big deal of it.
The 20th of every month came and went and five years ago, February 2020 looked far away, but it is finally here!
As I write this, that debt is now cleared. The final payment has been made and I can now work towards clearing up the new credit card – but that will be paid off with my tax return. Wahoo! Not one payment was missed nor was it late and for that, I am also happy.
It feels so great to be debt free. I think a big reason why I never wanted to buy a house in the past was because I hated that feeling of being in debt. Sure, it’s for a house but simply looking at that negative number every day for the rest of my life is something I didn’t want to see, even though I would be paying that much each month for a rental vs a mortgage.
Being (almost) debt free, at least being debt free to the over $20,000 I had to pay is such a great feeling. And I simply wanted to hop on the inter-webs today to announce this and announce how happy I am to be relived of this debt!
I mean, I won’t have to worry about debt again simply because I am going to win that LottoMax jackpot but even if I never wanted to attract that lottery win, I’d still never allow myself to get into that situation again.
I’ve learned much!