D-F Day

i'm debt freeeeee!!!!

this may not be something to brag about for most people; but to me, this is a significant statement. i have been a slave to citibank, american express, mbna, the government, for credit cards and student loans since i was 19 years old. and i thought this was just the american way.

in september 2006, i was introduced to dave ramsey and his concept of "debt is normal; don't be normal". i have to give credit where credit is due though; my sister and brother-in-law got on this crazy debt-free, no-credit-cards, beans-and-rice lifestyle at the end of 2005 and i thought they were a little off the deep end. but their determination to get out of debt and be free (and my brother-in-law's semi-crush on dave ramsey) peaked my interest and i started listening. dave teaches simple concepts that apparently no one wants to think of on their own: budget, plan for large expenditures, have an emergency fund, tithe; if you can't afford it with the money you bring home, you can't afford it! a little extreme, but you know what, my grandparents did not have credit cards and they turned out just fine. they were even able to leave inheritances to their children. will our generation be able to do that??

when i listen to dave, i hear people in their 50s call in asking for help with their 60K, 70K, 100K debt and they make 40K a year. and they have 3 kids. and creditors calling. and then i hear how the #1 cause of divorce is money problems. and then i read that your heart is where your money is. do i want my heart to belong to citibank? or american express? for skymiles?

never (again)!

i don't mind sharing how much i was in debt, more reason to be ecstatic that i am out of debt. when i graduated from college at 23 years old in may 2004, i had $11,000 on my american express card, close to $4,000 on my mbna card, a few thousand on my bankone card, and a whopping $35,000 in student loan debt. that's over $50,000... wow, i just added that up for the first time. scary how much money banks will give people who don't have jobs.

i remember my coach in high school telling me not to get credit cards once, but no one really hit me over the head with it. now i know: have some personal responsibility and don't think for one minute that a bank is going to turn you down for credit and an opportunity for them to rake in billions in interest. don't get me wrong, i'm all for capitalism and earning money when you have an idea and drive and ambition. but now i am an advocate for personal responsibility and eliminating consumer debt (at least in my life and whatever children i may have in the future). and you better believe whoever i marry will share that. marriage is hard enough (i hear) without introducing major issues like disagreeing over money.

so this is my blog and you're choosing to read it. this is my point of view on debt and money. not a soapbox or a lecture.

i will say, that i will NEVER be in debt again!

today july 17, 2008 is d-f day.