I was debt free for one week in 1995. Aaahhh...

 The story gets worse before it gets good again, but on the chance that someone might read this and relate to our experience, I want to give people hope, so I'm including all the gory financial details here, including my Debt Free plan at the end.

 The week after I had made my last student loan payment in 1995, my 1978 Mercury Cougar needed a new engine, precipitating the lease on a newer vehicle.  Then I went back to finish my college degree, requiring student loans.  Then I bought my duplex, which was actually a good investment - it paid for itself and allowed me to live "rent free."  I had no credit card debt and was doing pretty good financially, always making larger payments than required on the debts I had. 

 Then I met my husband in 2000.  When we joined financial stories, we were shocked to discover we had, including the remainder of my mortgage, over 100,000 in debts, 24,000 of which were student loans (his).  Since he was a recent graduate, he made a very low income.  He decided to go back to school and get a second degree, requiring another 8,000 in school loans.  Meanwhile, we crashed my car and his vehicle also needed a major overhaul, precipitating the purchase of another vehicle.  The water heater died at the duplex. We also had a bad year at the duplex (long story short - don't trust a rental agent to fill your properties!).   After finishing his second degree, my husband took a month long apprenticeship at a job in Mpls for $5/hour in an effort to get his foot in the door.  Jobs were scarce in Duluth, despite his new degree.  To say we were broke would be a gross understatement.  I remember we had $60/week to live off of after making our bill payments.  That was for groceries & gas and everything.   Finding no work in Duluth, my husband accepted a position with the company he apprenticed with, requiring the family to relocate to the Mpls area.  Now we had moving expenses (2 moving trucks, deposit on an apartment, first month's rent, etc.)!   I had quit my job of 16 years in Duluth and spent 6 months looking for a new job, eventually landing a great job where I could work from home - only caveat, it was offered as a .5 position, with the hopes it would turn full-time within a few months.  I had taken my retirement as cash (minus penalties) in order for us to have money to live off of while I found work.  Each month we had to dip into those funds.  We also had to fund a major remodel at the duplex, as the unit we moved out of was in nearly unrentable condition (can you say Visa Card?).  This April, 16 months after getting my job and almost two years after we moved, I was finally bumped up to full-time work. In all, we spent $20,000 out of my retirement account since our move. 

Here's where the story gets good again - with both of us finally working full-time and three raises under my husband's belt, we are now able to pay our bills, pay an extra $1000/month against our bills, save several hundred a month, AND have a little extra to play with each month.  Something I taught my husband - as soon as you pay off one bill (for example, one of our school loan payments) you immediately turn that payment into a larger payment on your next debt - the debt with the highest interest rate.  So every time you pay off a debt, you get a larger payment on the next debt.  So yes, our debts are still high (probably still over $100,000) but we are making our payments and a large extra payment every month.  We have scheduled our loans and payments into Excel using an amortization formula and can see exactly what the effects are of our payments every month - despite our high debt load, we will have all non-mortgage debts paid off within 18 months, and can pay off the duplex within 2 years after that.   Happy Trails -

This is only my experience..what has worked for us for 17 years. I am in no way saying anyone has to do this. I am just sharing my story.   My husband and I got married young and saw all our other friends going into debt b/c they were all buying unnecessary stuff. We have always tried to live by the rule that if we don't have the cash for it, we don't buy it. The only "debt" we have is our mortgage. They say one of the greatest stresses on marriage is money issues. It is nice not to have the stress from bills. It has not been easy either. I have always been a stay at home mom so we did not have the two income family. You can do it if you put your mind to it. Everyones situations are different though. At least you are taking care of it now and not putting it off. Way to go!!!! You will succeed!!!!!!!!!!!!!!

Hello,

 

My
acquaintance suggests me a site called debtxfactor.com which provides me
good support. Check this link it would be helpful to everyone.

 

Good Luck