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.