By now most of you know that I have a lot of debt that I’m working on paying off. I managed to get it under $64,000 last year which was good for me. After adding debt (car note) in 2018, I needed a good year to happen. I’ve been at this journey for 5 years now. It hasn’t always been the easiest for me. When I tell people that I’m actively paying the debt down, I get different responses. Some people say that it’s not possible to pay it off. They’ve said that I only need to pay the minimum because I will have debt forever. When I hear stuff like that I choose to simply ignore it. I know quite a few bloggers that have paid their debt of including His & Her Money, Making Sense of Cents and Dear Debt. I know that it will happen. Everyone’s journey is different. In this article, I want to go over the reasons that I chose to pay off my debt. If you’re thinking about doing this or currently going through this journey, these reasons may resonate with you as well.
Having debt is something that has become very normal in this country. Have you ever sat back and thought about that? Why are people in crazy amounts of debt? Are they trying to keep up with the Joneses? I don’t want to be normal. I’d rather be debt free. I’ll be able to do much more without having to pay hundreds to these companies each month. There is nothing cool or fun when it comes to owing debtors thousands of dollars for years. It’s a damn shame debt has been normalized. I want to eliminate this debt so that I’m not considered normal anymore.
Tired of Student Loan Bills
Luckily, I’ve been able to make my monthly payments to my federal and private loans for a while now without any problems. I haven’t received any harassing phone calls from them in years, but I can remember when they used to bug the hell out of me at least 5 times a day. I still get a monthly statements from them and honestly, I can’t wait until its history. My private loans used to be with Sallie Mae. I dislike Sallie Mae so much that I’ve come up with a t-shirt design to show people how I really feel. Check it out below.
About two years ago I consolidated my Sallie Mae/Navient loans with Earnest. I was able to get a lower payment and a much better interest. If you are in a situation where your loan payment is a bit much, check Earnest out today. If you are approved, you also get a $200 bonus. Click the link below to see if you qualify.
Not Able to Save or Invest that Much
With all this debt that I have, I’m not able to save or invest as much as I want to. I’ve started to save a little more, but because of this debt snowball that I’m doing, I can’t save too much. With this debt eliminated, I’ll be able to save hundreds per month. As for investing, I have been doing a little bit with Robinhood. They give new users one free share of stock. Get your free share here. I plan on growing my portfolio. Also, I signed up for a Tela Holcomb’s Stocks and Profit Course a while back. I haven’t logged in a while, but I plan on changing that very soon.
Traveling is very important to me. It truly is my anti-drug. When my debt is eliminated I will be able to do more of it. Besides completing another cross-country trip, I would be able to visit other destinations such as Hawaii, Egypt, and Rio de Janeiro. It would be much easier to book those trips without having to worry about paying my debt first. Traveling is when I feel the most alive. I can’t describe the feeling. I know I need more of it though. I want to be able to help others do some traveling as well.
Do More for my Family
Without my debt, I’d be able to do more for my family. I’d also be able to assist them with paying off their debt if they needed it. I’d also be able to pay for a family trip by myself. This is something that I’m looking forward to. It will feel so good to give back and help.
Show others it Can Be Done
The final reason that I want to pay off my debt is to motivate and show others that it can be done. Once the debt is gone I want people to realize that if JB from Atlanta can do it then so can you! This hasn’t been the easiest task, but I’m ready to make it happen. In the past, when I said I was going to do something, I usually did it. Paying off this debt is no different.