Thursday, March 14, 2013

Paying Down Debt

February marked the beginning of "Operation: Pay Off Debt" at our house.  We're excited to get cracking on this baby!

We have three sources of debt at this point in our lives:
1.  My student loan debt
2.  My husband's student loan debt
3.  Some medical debt thanks to unforeseen events and really, really crappy insurance.

Our goal is to have every bit of this eliminated in 2 years.  We don't make a ton of money, but there are always ways to save and not spend, and every extra dollar we have is going against this beast of debt.

It really amazes me how many people have debt.  We are so thankful that we have not had to incur any credit card debt so far, and we are prayerfully seeking how to bless God with our finances.  As Dave Ramsey likes to say, the best way to accumulate wealth is to be debt free.  So, that's our plan.

We have scheduled payments on all of debts, and any extra money goes to my husband's student loans, as those have the highest interest rate.  I'm excited to see how our efforts combined with God's provision are going to allow us to be financially responsible, and to zero out this debt as quickly as possible. 

Do you struggle with debt?  I definitely encourage you to check out Dave Ramsey's website.  I don't agree with everything Dave advocates, but I do with most of it.  He gives a lot of sound advice and good motivation to get out of debt.  Here's to building wealth!

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