Like most people these days I have debt. I took out loans for college and grad school. It is pretty standard practice but like most college kids, I didn’t realize the hefty price of what I was doing. That is a whole post for another day.
Toward the end of my undergraduate career, I got a credit card. I wanted to build credit so that I could buy a car. My 1991 Honda Civic – that I purchased in 2001 at 17 – was starting to need maintenance a little too often. I knew that my next car was one I wanted to last a while so I was willing to get a loan so I could buy something newer. I also knew I couldn’t get a loan without credit.
I was really good with my credit card for a long time. I mainly bought groceries with it and paid it off in full. Long story short, I put my rent, a new mattress, and some other items on my credit card when I was working as an intern after college. Dumb, right? Well at 22 years old – I had no clue!
I do have a point in telling you all of this. I made a casual mention of it a few weeks ago but I hit a big milestone in paying off my debt. On the same day, I paid off my credit card and one of my student loans. Holla!
I am not debt free yet. But I will be!
I still have my large student loan to pay off and of course we have a mortgage but that’s it. That’s where we stand. Now, I know people think it isn’t polite to talk about money, especially here in the south. But if we don’t talk about it then how are others supposed to learn? It shouldn’t be the norm for people to carry large amounts of debt. We all have the ability to save and grow wealth.
Are you working on paying off your debt? Have you hit any big milestones?