Paying Down Debt

As we continue our journey to financial freedom I want to encourage you. Specifically in the area of paying down debts, often it feels overwhelming, and at times impossible.

Recently I was reminded of the power that lies in being consistent and determined. I paid off a debt and seeing the balance at zero was one of the best parts of my day. It took me nearly two years to achieve this, I have a screen shot in my phone for personal inspiration. We should celebrate our achievements and use them as a reminder for the next task at hand. The toughest part of paying off this particular debt was the fact had I made better choices I could have avoided using credit. It's like a personal sting that I don't want to forget. So that I am more mindful of the decisions I make with the resources available to me. As we move forward in our debt freedom learning the smallest lessons from our mistakes can prevent us from falling back into the cycle of debt. Sometimes on our journey unexpected expenses occur and we may find ourselves short on cash, feeling like credit is the only option. That's where I found myself two years ago, emergency account depleted and having no working heat in my home. When the repair company offered a line of credit, reluctantly I agreed to let them pull my credit report. All the while expecting a denial, to my surprise I was approved. My mistake was at that time the government was giving out stimulus money, had I waited a week or two I could have used that unexpected income to cover the repair cost. However, I choose not to. Looking back I certainly would have handled it differently. Lesson learned, I should have waited and paid cash. Thinking about this makes me more aware of my decisions. We want to give ourselves room for error but we also want to be wise. Knowing that each choice has a consequence. Remain encouraged and keep chipping away at debt. We will get there and all of our efforts will be worth it. We are unstuck and we are free.