Week 57: Personal Confessions ~ debt is no small matter 5

  Hi there and welcome to the final personal confessions post on money matters for 2014, I can not seriously remember when I last shared an update on the ‘debt is no small issue’ posts but nonetheless here is the last post of 2014 on this issue and you can read the beginning of my journey below.
“debt is no small matter 
  1. Debt is no small issue part 1
  2. Debt is no small issue part 2
  3. Debit is no small issue part 3
  4. Debt is no small issue part 4

In my last update I gave you an idea of what I was still owing and the plan for next year. I am so excited to be able to finish of paying all my debt and be debt-free so I can enjoy the money that the Lord helps me to make without the ache of having to shave a chunk to pay off debts which are not even normal bills. My advice to students starting out or already started is simple.

I have always had the wise knowledge about money but my will unfortunately has not been as strong hence sending myself into this debt which if I am honest and lived the way I did back home I would be enjoying what I am earning now without a care in the world. But life is full of learns and consider me ‘lesson received loud and clear and learnt’. I know it is not easy to stay debt free especially with mortgages, student loans, car loans but some of these are avoidable like credit card bills, store card bills, loan shark bills etc.

They are very attractive there and then but they are nothing more like bottomless pits. I had a lot of small loans because the bank wouldn’t lend me due to my then bad credit history these little loans cost repayment so much that I think that’s the reason I’ve stayed in debt longer because all my big bank loans I have cleared with years to spare. Earlier this month I found out that one of the companie I had a small loan from had actually been asked by the courts to return all the money to it’s debtors, they took their sweet time to inform their clients about it and I had been re-paying since beginning of this year, I am due to catch someone from there to ask about the refund. I also found out that the big loans from the bank also been charging me PPI and I am entitled to a refund, I do not know how much it is but will be great if it’s enough to clear the small debt I have now.

I know most people do not really like discussing their financial situation which is fine but I think if you discuss it with your dearest and nearest it’s fine at least all are on same page. 

I am wishing you and your family a MERRY CHRISTMAS and HAPPY START TO THE NEW YEAR.

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  • Debt can be scary stuff if you don't keep on top of it. I personally do not believe in consumer credit debt so I avoid it like the plague by paying cash for almost all of my purchases. If I can't pay cash for it, do I really need it? Usually not. Responsible spending is something that should be taught in school. Too many young people don't know how to use credit wisely. It's a problem.

  • Good for you sticking to a long term goal that will change your life!
    My hubby and I started our path towards a debt free life back in 2001 where we quickly (2 years) paid off 90k in debts and sold an asset for 90k (giving us cash to put down on our next house). Throughout or debt-free journey each major milestone resulted in a life change. For example: we paid off both cars I was able to finally quit a job that was giving me weekly migraines. God doesn't want us in debt and will give us rewards with each step that we take towards the right direction. Many thanks to you for inspiring so many to do the same!
    We aren't done with our debt yet, still have the house to pay off, which could have been done if I still worked, but I decided to be a stay-at-home mom/artist/write – totally worth it! 🙂
    Merry Christmas and Happy New Year!

  • You're a smart cookie for figuring out what was going on with the loan and trying to get your refund. Money is always a tough subject to discuss but doing so I feel at least helps us to be more accountable for following through with the plan.

  • Debt is definitely a big issue in America nowadays. AS a college student I know how much of a burden this can be. It causes stress but the best thing ti do is have preventative actions and a plan of action.

  • It must be a relief to get rid of your debt. My parents had always been savers so I picked that up from them early on. They taught me not to purchase something with a credit card unless I have the money to pay it off at the end of the month. I do think they're important to have for emergencies of if you don't carry cash, like me. But it's certainly not a free for all.

  • It must feel thrilling to be debt free. Settling my credit card debts is actually my New Year's resolution. I need to be more responsible with my finances since I'm planning something bigger next year.

  • I need my kids to read this article. When ever we are out and I don't have cash to pay for something, they immediately say, use your credit card. Just wait until their first debit card and they end up over drawing, that might each them

  • I need my kids to read this article. When ever we are out and I don't have cash to pay for something, they immediately say, use your credit card. Just wait until their first debit card and they end up over drawing, that might each them

  • Merry Christmas to you too Myrabev! Finances can be hard, but you're right: talking about it with your loved ones is a really good start to having a healthy outlook. Good for you for working so hard to pay off your debts, because one day you will be debt free and it will feel so good!

  • It must be thrilling to know you are debt free. I know we need to re-evaluate how we spend our money with one in university and two soon to follow. I'm disappointed but not surprised to hear that a company would be slow to pay what they owe you. SHAME ON THE!

  • Merry Christmas and a Happy New Year to you. I know that several people are concerning about financial issues since it's the end of the year. Many companies' fiscal year also ends and many individuals also have their debts still unclear. We should all be reminded that credit cards are there to loan us money for the shortest period of time before we get our next income.

    • Thank you, wishing you the same and yes credit cards are short term