Perspectives from a City-fied Southerner

Breaking free of financial bondage

I made an ambitious New Year’s Resolution to pay off my approximately $8,000 of credit card debt in 2013 after I was inspired by a former professor who paid off all of his daunting student loans in about nine years. When people asked how he did it, he said that he adhered to a strict budget (eh, I do ok on this front) and paid every “extra” dollar he got (tax returns, birthday money, etc) toward his debt. That seemed manageable to me and the idea of not having to keep doling out hundreds of dollars to credit card companies every month was enough to get me to make this resolution so that maybe one day I can stop paying credit card debt and start paying student loan debt so that eventually, the only money I owe will be for my future home or children’s education.

So here we are two months into 2013 and just a few minutes ago I paid off my second credit card. Granted, both of the balances on these cards were relatively small but I am extremely PROUD of myself. Yes, I am publicly patting myself on the back for not spending or hoarding that money and instead using it to better my life in a different way. Earlier this week I also used my tax return money to make a huge dent in a third card. I am rocking and rolling toward my goal!

I never expected to feel this much excitement about making progress toward “financial freedom.” I thought that I would be grunting or humming and hawing all the way to the finish line. I’ve always said that I didn’t care about being in debt and that I’d happily still be paying on my student loans until I’m 72 as long as I got to live the life I wanted to live. Somewhere along the way last year though, I think I got tired of paying out literally over $400 a month in credit card bills. I just want them to go away! That “tired” feeling must have been stronger than I thought because now that I’ve eliminated two bills, I feel ecstatic and driven to keep going! I’m proud of myself for exercising the discipline necessary to claw myself out of debt and I can’t wait to keep paying down these cards so that I can finally say to Barclay’s, Capital One and Chase ‘You don’t own me!’