Credit Debt Finances & Money

Personal Finance Bloggers are getting rid of debt!

Since starting this blog 3 years ago, we’ve shed almost $90,000 in non-mortage debt! All we have left is about $12,500 on my Honda Ridgeline loan and under $10,000 on my student loan (need to update the debt scales for April). I haven’t really sat down to think about that great accomplishment, mainly because we still have over $20,000 in consumer and education debt on our plate. However, for now my student loan is deferred as I’m back in school (6 credits for a graduate degree will do that).

But in the last few days, I’ve seen two other bloggers make major accomplishments:

– First, Tricia from Blogging Away Debt tackled the credit card beast and paid off over $37,000 in credit card debt. We started with about $20,000 (it peaked at $25,000 actually), so I know that monkey on your back!

– Next, Chief Family Officer is debt-free (except for the mortgage)! Follow the link to find out more about how they accomplished such a major feat.

Congratulations to both bloggers, and to all you readers who are pursuing a life of debt-freedom. However, many of us will never be totally debt-free, since we’ll probably have mortgages, but there is such a thing as “good, bad and ugly debt“. Your first goal is to get rid of the bad and ugly, and then focus on reducing the “good” debt. We all need a place to live and a decent education or training to find good employment.

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Clever Dude

10 Comments

  • Wow! Thanks so much for the highlight, Clever Dude!

    You’ve done amazingly well, too – that’s a LOT of money you’ve paid back already. I totally understand where you’re at, but be impressed with your accomplishments – I am!

  • Excellant !!!!! even this blog post giving extra energy to finance blogger. congrats for maintaining relations with bloggers around you to get undated information time to time.

  • Nice work! Keep it up! I know from my own experience how it feels to shed those layers of debt…

    We were just about to finish when I accepted a buyout so we put our aggressive debt reduction on hold. But as I zero in on landing a new job I’m so eager to get going again!

    Thanks for sharing an motivating!
    Dave

  • In January of this year I started with just over $15K of high interest revolving debt and have it down to under $12K, so have paid off over $3,000 in just 4 months.

    I CANNOT WAIT to pay off this portion of my debt. After doing so will have just student loans & mortgages left, which I will then start hitting heavy!

    Good blog…very clever 😉 (pun intended). I’m following now, both on Twitter & RSS. Found you via an @fcn tweet (I’m an author on FCN).

    Cheers!

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