The Debt Free Road Trip
Is there really a road to being debt free?Yes.
Unfortunately, it isn't a short road that ends at the end of the block. It turns out that road is quite winding with some unexpected detours and even some u-turns. Perhaps if we had kept our eyes on the road ahead, we wouldn't have been distracted. But who doesn't fiddle with the car radio, look at the passing scenery, have some coffee, and talk to (and get distracted by) your passengers, especially during a long road trip. And believe me when I say long.
Last August, my husband and I took a long hard look at our finances and realized just how much in debt we were. We owed $39,787.51 to two credit cards, a car loan, and student loans. We decided to embark on a 34-month journey to be debt free by May 2008. Once you factor in interest, that figure comes out to be about $43,500! However, I must admit that this figure doesn't include our mortgage. That's a whole another journey in itself.
As of today, nine months after starting this adventure, my husband and I have paid off $8,678.80 worth of debt. But, we also added $791.80 to the balance and extended this now torturous trip. Our new calculation is to be out of debt by August 2008 -- three months later than orginally planned.
What I'm hoping to accomplish by literally posting the route of my road trip to debt freedom is to better keep my eyes on the road and not let those tempting roadside attractions distract me anymore. I desperately need to get to my end destination. The sooner the better!
posted by CloverJelly @ 5:05 PM
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