Debt free interview #9 - Tracie from Penny Pinchin Mom (It's Independence Day!)

Today is the anniversary of the day a small group of colonies declared their independence from a tyrannical British Empire. It is fitting then that today I have the opportunity to learn from a fantastic blogger who has declared financial independence from debt. Tracie from the Blog - Penny Pinchin Mom was kind enough to share her debt-free story. 

1.       How did you get into debt?

We had 2 vehicles and took out a home equity loan to try to consolidate our debts.  We struggled to make ends meet and would sometimes rely upon credit for the things we needed.

2.       How deeply in debt were you at the worst point? What did it feel like?

$37,000.  It was overwhelming and we felt like we'd never get ahead. 

3.       When did you decide to get out of debt and why?

We finally decided that we had to do something and talked to friends about it.  We were struggling every pay period.  They told us about Dave Ramsey and how it changed what they did and so we decided to try.  That was November 2010 and we've never looked back!

4.       How long did it take you to get completely debt free?

It took a little more than 2 years -- February 2010.

 

5.       What advice would you give to someone trying to become debt free?

Remember that you didn't accumulate all of your debt in a month so it will take a while to get it all paid off.  Slow and steady is the way to go.  As you get discouraged, you just need to go back to where you were when you started and see what you've accomplished and pat yourself on the back.  You CAN do this and the end result is so worth it.

If you're dealing with debt today - please take note. If you've struggled with debt yourself and would like to share - feel free to contact me.