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Debt Free Finally

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. 




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Message 1 of 10
9 REPLIES 9
pizzadude
Moderator

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 10
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 10
PNWRambler
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 10
lovebackwards
New 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 - 6/09/2022
                                   
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Inquiries - 24 Months                                                   Most Recent Hard Pull
   
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Gardening since 05/04/2021 - Goal: 24 months
Message 5 of 10
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 10
babygirl1256
Valued 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 10
FireMedic1
Super Contributor

Re: Debt Free Finally

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

lights(1).gif





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 8 of 10
TryItAgain
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!

 

Message 9 of 10
righthererightnow
Frequent Contributor

Re: Debt Free Finally

CONGRATS!!!!!




Message 10 of 10
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