Do you any of you wonder why I give you a detailed report on my debt-reduction progress? I think that our society has gotten to the point where it thinks that debt is not only acceptable, but that it is expected. I cannot tell you how many times friends and family have asked me and my husband when we will buy a house. When I explain to them that we are getting out of debt and will someday buy a house debt-free, God willing, they usually give me this slightly stunned look as if I just said the most outlandish thing they have ever heard.
If you would like to learn more about why we live debt-free, you can check my post directory, or see my first debt progress report HERE.
So why the progress reports? I want to be that one voice in a sea of others that is encouraging you to get out of your debt, use God's financial blessings responsibly, and eat the elephant that is your debt one bite at a time until it is gone. If you can see me slowly get out of debt and remain true to the principle, I know that you can also do it. I truly believe that God blesses us as we move in the direction he wants us to go, so I encourage you to look at your debt and pray about what God would have you do with it. My husband and I completed the Jim Sammons Financial Freedom Seminar and it convicted us to live debt-free.
When we started the financial seminar we were nearly $85,000 in debt, without a mortgage! Thanks to student loans, credit cards, and a car loan, we were overwhelmed at how long it would take us to get rid of that debt. On top of that, we couldn't even begin to save for a home until the debt was done.
6 months ago in June 2012 we had $50,983 in debt. Now, 20 months after making the decision to live debt-free, we are down to $39,886. I cannot tell you the relief at seeing my debt begin with the number 3. There is still a lot that needs to be done, but I see now that this mountain is climbable. We see now that we should be able to get out of debt by the end of 2014 if God continues to bless us as he has been.
And as low as our interest rates are, we still lost $2850 in interest since June 2012. Isn't that just sickening? What would you do with $2850 extra dollars? That is money God provided us with and we just threw it away.
I am so happy that my husband and I were able to make this kind of dent in our debt, especially since we also bought a car last October debt-free.
I am a little nervous at what my progress report will look like this coming summer, as a few things have changed recently. I am no longer working full-time and bring home a lot less money than I used to. We also decided we need to travel this year a bit to see family and friends we have been neglecting. So pray for us please that we will remain diligent and that the Lord will continue to provide for us as we try to eliminate the debt in our lives.