Hello. My name is GMD and I have debt.
At the highest, my debt was almost $58,000 with $45,000 being student loans and $13,000 from credit cards later consolidated onto one personal loan. In other words, 78% from “sorta good” debt and 22% from “very bad” debt.
Am I ashamed of my debt? Kinda.
Have I adopted a more frugal & responsible lifestyle so that I can pay off my debt ASAP? Absolutely.
Have I worked hard and sacrificed 25+ hours a week of my “free time” for the last 10 months in trying to earn extra money? YES!
Am I willing to live a few years in utter discomfort so I can pay off my loan faster? NO FREAKING WAY.
I know some bloggers who are willing to go to extremes and live a “back to basics” lifestyle in order to pay off their debt faster and I have the utmost respect for them. Seriously you guys are my PF rock star heroes and I wanna be just like you.
Except I can’t.
Why you ask?
GMD confession: Because I am a princess.
I also don’t want to punish myself for mistakes an 18-year-old GMD made when she was so determined to go to university to become a teacher that she took out massive student loans in order to do so.
You all know I also picked up a shopping habit in my 20s because I felt like I already had so much student loan debt that some consumer debt added to the messy pile “won’t really make a difference.”
Boy was I wrong! Consumer debt added to student loan debt is very ugly and does make a difference!
Since starting this blog I have realized that material things will only buy fleeting happiness that is not worth getting into debt for. I still like “nice” things but I will never get into debt for it ever again.
I get numerous emails and blog comments daily suggesting that if I was more “strict” with my needs and wants then I would be able to pay off my debt faster. And you know what? They are absolutely right!
If I didn’t buy a Starbucks drink every week I could be saving $20/month which is $240/year in savings that would make me that much closer to paying off my $58,000 (now $45,000) debt. I can think of many more savings examples but I will spare myself some shame today.
All I know is this frugal lifestyle isn’t just a current fad for me, it’s a permanent lifestyle change and if I want to live like this forever then I better be careful of debt fatigue by pacing myself and still enjoying life’s unnecessary but oh so nice little luxuries.
I will pay off my debt, but I will do it at a pace that I feel comfortable.
What is your debt-payoff attitude?