Debt is a nasty thing. I think the worst thing about it is not how it enslaves you– that’s just the principle of sowing and reaping. No, the worst part about debt is how easily and quickly it accumulates and yet so many are oblivious to it and sign up for another credit card.
My personal war on debt started last year. I was getting tired of my big payments, and I picked up Dave Ramsey’s book on the Total Money Makeover and I was hooked. So, I transfered my debt ($10,000) one last time– over to a 0% card– and committed our family to paying it off before the interest rate went back up.
To chronicle our progress, I’m going to put a widget in my side bar indicating just how much debt we have yet to go. Right now, we’re around the $5,000 mark (looking at $4,000). Why not smaller? My company changed health benefits which means I’ve had to have more out of pocket than before when paying for my baby’s arrival– but I didn’t know how much.
So, I’m going to attempt to share with you some fallacies and things I’ve learned about debt, and let you keep updated about just how close we are– and if we make our goal– of getting out by July.