Today was three and half years in the making, and there are times I never thought my wife and I would get see this day. Three and half years ago we were in debt. Big time credit card debt. I’m talking over $20,000 in credit card debt. In fact, I can remember begging a credit card company for a credit limit of $18,400 so we could put most of our debt on one card. In addition to this debt we had another card with a small amount on it – small compared to the other credit card. So around $20k in total. In addition to this credit card debt we owed an additional $20,000 on our car. Needless to say, we were hurting financially and we knew it.
In February of 2006 we decided to do something about it. We stopped using our credit card. We didn’t cut it up. Instead, we put it in a block of ice. It was in the freezer for about 6 months before we cut it up entirely. We also got on a budget. We talked with a friend and she put us on a budget. We haven’t been the best at sticking to the budget. Finally, we worked hard. I would take an extra gig here and there. My wife really stepped up and started taking every remote she could. She also looked for strategic ways to bring in extra cash or cut spending. This was the thing that helped us out the most.
Well, after three and a half years I can say that we have finally paid off our credit card debt. That’s right. We owe nothing on our credit card and it feels AWESOME!!!! (We would have paid it off yesterday, but he credit card company was going to charge us $10 to do that. There was no way I was giving those guys another penny!)
Over the past three years I have learned so much about finances – specifically finances when it comes to marriage. First of all, it is so important for a husband and wife to be on the same page financially. When Ceci and I were on the same page we really started to see some progress in our finances. Secondly, I have learned the value of hard work. There were times when we wanted someone to take care of our debt. We wanted a big check to come in the mail, but it didn’t. This debt was whittled away slowly over time. Knowing how long it took to get out of debt will prevent me from ever getting back into debt. Finally, I learned the importance of giving. Yes there was a time when we weren’t giving. I thought we couldn’t afford to give. But in all honesty, we couldn’t afford not to give. In the last year, we really made the biggest headway in our debt. It was also the year, we gave the most away. Interesting.
Well, the day is here. We are officially out of credit card debt. Now, we are not debt free. We still have a ways to go. We owe some cash on our house and $5,000 on our van. But that’s it, and it feels so good. So, now we celebrate this huge day, and we get back to work to tackle our remaining debt.