$13,369…that’s the amount of credit card debt I was blessed to be able to pay off in the past 11 months. But before I throw up the celebratory confetti I’ll be honest and say that if you had asked me a year ago how long I would have speculated it would have taken me to do this, I probably would have erred on the side of caution and said least a couple years. I mean, after all I had semi-tried before and always had to resort back to using my cards in times of financial emergency….but I’ve never gotten it all paid off.
Don’t get me wrong….the commitment to “knock it all out” was loooooong overdue. It hadn’t been enough for me to calculate the small fortune I’ve forked over to landlords in NYC rent with nothing to show for it….nooooo. It wasn’t until I had paid over $10,000 for a 2-year acting conservatory out of pocket, that the lightbulb went off for me. It was then that I asked myself “if I had it to give someone else….why and the heck couldn’t I do it for myself?” I had had enough of the debt merry-go-round, and I was ready to get off. Who’s ready to come with me?!
In honor of my blog’s 3 Year Anniversary on May 19th (wow…time sure flies) I am doing something frugal, yes…but a little more than you’re used to hearing from me. I am gearing up on May 1st for my next challenge — paying off my student loans of $8,654.65 (they were much higher before, trust me) in the next 365 days. Let me just put my cards on the table and share that the fact that I’m declaring this publicly, scares the beejuz out of me. After all…I wanted to chronicle my credit debt pay off mission with you all before I began last year….but what if I failed — miserably? If no one knew…no one could bare witness to the peaks and valleys I had experienced along the way. But I want to conquer this one (along with anyone else who wants to join me).
WHAT: I’ll be paying off $8654.65 worth of student loan debt by any means necessary. I’m a freelancer, so having a direct deposit taken out every month doesn’t work for me….but I will take on extra work and systematically assign the respective checks for that work, towards getting the debt down.
WHEN: The next 365 days; from May 1, 2014 – May 1, 2015.
HOW: I’ll be ringing in about once a week to give you an update on my progress. Keep in mind that some weeks there may not be a lot of movement, but it’s a mini-marathon, and not a sprint.
Have any debt you’d like to kick to the curb in 2014? Done it before and have tips you want to share? Tell me below. #FrugalnomicsPayOffYourDebtChallenge.