I thought this day would never get here, but with a lot of hard work and discipline — I DID IT!!! This is my final auto loan debt update. I paid off all my debt!
Previous Balance – $2,069.59
My total debt when I started was almost $14,000 but in November 2011, I started documenting my progress and kicked it up another notch. Since then, I’ve paid off a total of $8,359.77 (including interest) on my car loan.
Progress and Payments
This month was really tough, and at one point I almost thought I wouldn’t make my (self-imposed) debt-free deadline. But after working my butt off, while scrimping and saving, I was able to make it.
Here’s the breakdown:
- Semi-monthly double payments – $630
- Freelance income – $942
- Income from blogging and selling stuff – $501.98
Extra income total – $1,443.98
Total extra payments – $2,073.98
It’s Been a Long Journey
My journey towards becoming debt-free actually started in September 2009 when I was in a major car crash that totaled my car. I had no savings, was several thousand dollars in credit card debt and was in a home I couldn’t afford.
After my near death auto accident forced me to buy another car (with a car payment), I realized how unprepared I was financially and decided to do something about it.
I sold the house, moved to a new city, built up a mini-emergency fund and started making extra payments on my credit card and auto loan debt.
I wasn’t as committed as I should of been, but in March 2011 I got even more serious. And since then it’s been an
uphill downhill climb.
New Loan Balance – $0.00
Getting out of debt SUCKS! It’s painful to send all of your hard earned money to the bank every month and basically have nothing to show for it. I’m so happy to be debt-free but I also never want to go through this process again.
It still hasn’t completely hit me that I no longer have to pay any debt payments. What in the world will I do now?!
On May 29, 2012, I — Carrie Smith — am officially DEBT FREE!!!