cancel
Showing results for 
Search instead for 
Did you mean: 

Debt Free Finally

tag
Gmoney144
Regular Contributor

Debt Free Finally

So. for the first time in 22 years I'm debt free.  I paid off Credit cards, student loans and a car loan   Still have a mortgage so technically not debt free. It took an near life threatening injury to alter how I looked at finances.  While recovering, I happen to browse these forums and 4 years ago I went to work to correct my financial status. First, I divided 15k in CC debt between 2 of my DW no interest CCs. Next I paid of my car in 2 years. Last, I paid off my student loan debt that was over 100k.  It was not easy and there were minor setbacks but we persevered.  Some things I would do differently at an early age?  Take a personal finance course in college.  I think it should be a requirement at a university. Attend a state or public university. I went to a private college and the juice is not worth the squeeze if one's majors in a non tech or science( as I did).  Maximize your 401k matching fund and start a business.  That is what Ive learned in the 4 years. Thanks to everyone for the great advice given. 




Business Cards
Message 1 of 15
14 REPLIES 14
pizzadude
Credit Mentor

Re: Debt Free Finally

Congrats on paying down your debts, great job !!  Glad that you're in a much better place now financially and hopefully credit / FICO as well.

 

I also wish that I had learned more of what I know now when I was younger, it would have saved me a lot of headache, money and credit problems.  But still thankful that I've worked through it, maybe I ended up learning more by going through all of those difficulties?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 15
IOBA
Senior Contributor

Congratulations!

Weu weu! Debt free!  Do the dance...you earned it.

 

Take steps to stay debt free & to save up for purchases.

Message 3 of 15
PNWRambler
Frequent Contributor

Re: Debt Free Finally

Congrats on being debt free!

Hindsight is always 20/20... But having made the mistakes and learned from them is far more effective than learning the concepts at a young age (although not necessarily recommended, hah).

Message 4 of 15
lovebackwards
Contributor

Re: Debt Free Finally


@Gmoney144 wrote:

So. for the first time in 22 years I'm debt free.  I paid off Credit cards, student loans and a car loan   Still have a mortgage so technically not debt free. It took an near life threatening injury to alter how I looked at finances.  While recovering, I happen to browse these forums and 4 years ago I went to work to correct my financial status. First, I divided 15k in CC debt between 2 of my DW no interest CCs. Next I paid of my car in 2 years. Last, I paid off my student loan debt that was over 100k.  It was not easy and there were minor setbacks but we persevered.  Some things I would do differently at an early age?  Take a personal finance course in college.  I think it should be a requirement at a university. Attend a state or public university. I went to a private college and the juice is not worth the squeeze if one's majors in a non tech or science( as I did).  Maximize your 401k matching fund and start a business.  That is what Ive learned in the 4 years. Thanks to everyone for the great advice given. 


Congrats on being debt free. Not an easy accomplishment, but you did it! 

Starting Score [FICO 9] - Nov 2020    Current FICO 8 Scores - 7/08/2022
                                   
Goal Scores

Credit Cards - Total: $10,750

Inquiries - 24 Months                                                   Most Recent Hard Pull
   
Goal Cards

Gardening since 05/04/2021 - Goal: 24 months
Message 5 of 15
DesertWanderer
Frequent Contributor

Re: Debt Free Finally

Congrats on your accomplishments!  I agree that financial education classes should be offered to young people.  My daughter's high school requires 10th graders to take a semester of financial literacy and a semester of entrepreneurship.  I wish I would have had something like that when I was a teen!



Message 6 of 15
babygirl1256
Senior Contributor

Re: Debt Free Finally

Congrats on being debt free . . . that's awesome and I totally agree . . . Maximize your 401k matching fund and start a business. Smiley Happy

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 7 of 15
FireMedic1
Community Leader
Mega Contributor

Re: Debt Free Finally

Thats awesome! Congrats! Its rare but you earned it..................

lights(1).gif


Message 8 of 15
TryItAgain
Regular Contributor

Re: Debt Free Finally


@DesertWanderer wrote:

Congrats on your accomplishments!  I agree that financial education classes should be offered to young people.  My daughter's high school requires 10th graders to take a semester of financial literacy and a semester of entrepreneurship.  I wish I would have had something like that when I was a teen!


Grats on your huge accomplishment 👏!!

 

No doubt  @DesertWanderer that financial literacy is something being sadly left out of most school curriculums. 

 

My kids hated how hard I drilled them down into money management and credit. This all so they didn't hit the pitfalls I did. Now they are tickled with daddy with their 800 scores and nice availability at mid-late 20s.

 

MyFico should be required reading for like 40hrs lol.

 

Grats again OP!

 

(Ch7 Discharged 12/12) AvgScore 807

Personal-
NFCU Platinum 50k | NFCU Flagship 20k | NFCU More Rewards 10k | NFCU NavChek PLOC 15k | PenFed Power Cash 25k | PenFed Gold 15k | PenFed Pathfinder 10k | PenFed OLOC 3K | GTE Financial CU 15k | VyStar CU Cash Back 25k | VyStar CU PLOC 15k | FNBO Evergreen 25k | FNBO 11.85K | BofA Cash Rewards 10.1k | Capital One Venture 13k | Capital One QS 7k | PNC Cash Rewards 15.5k | Citi Costco 8.5k | US Bank Cash+ 10k | Discover 14.8k | Discover 14.1k | Regions Cash 6k | Truist Enjoy Cash 9k | Truist Future 6.5k | Elan Max Cash 7k | Wells Fargo Reflect 20k | Fifth Third 7k | USAA PrefRew 15k | CFNA Tires Plus MC 8k | GM Rewards 3.5k | TD Bank Cash 3.5k | Amex BCP 3K | Lowes Store 30k | Sleep Number Store 13.5k | Home Depot Store 10k | Amazon Store 10k | Care Credit 15k | Walmart Store 6k | JCrew 25k | Jared 18.6k | HSN 4.1K | King Size 4k | Buckle 3.1k

Business-
Amex BBC 25k | Amex BBP 22k | Amex Business Platinum NPSL 30.4kPoT | Citizens Business Everyday 35k | Sams Club Business MC 25K | US Bank Business Plat 24k | Capital One Spark 2% 22k | Marcus GM Business 12.5k | Capital On Tap 2% 10k | Chase Ink 3k | Divvy 7k | PNC BLOC 50K | Citizens BLOC 50K | (Private) BLOC 75K | WEX Business Access Fuel 30k | Sams Bus Store 25k
Message 9 of 15
righthererightnow
Frequent Contributor

Re: Debt Free Finally

CONGRATS!!!!!




Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.