Entering Unknown Territory: Quadruple Digits
A few months ago, my good friend Laura and I were talking about my debt and this blog. In passing, she asked me how great it would feel when I finally had less than $10,000 of debt. I agreed it would feel great but, the truth is, that was a fairly empty response. I couldn’t imagine how it would feel. Maybe because the last time I had less than $10,000 of debt was in 2008. Or 2007. It’s been so long, I can’t remember.
I accumulated some of my old debt very slowly. I paid for too many dinners out with my ex. I treated myself to new books, purses, etc. whenever I wanted. And I never felt bad about it, because the majority of my purchases were in the $20-40 range. But they added up. In April 2009, just a few weeks after I financed my brand new car, I consolidated more than $12,000 of debt into a 5-year loan.
You would think that consolidating your debt into a loan would teach you a lesson, but I hadn’t learned a thing. At the time, the only thing I had learned was that I couldn’t have very much fun making what I made while also trying to pay off all my debt. So, instead of lowering my credit limits, I racked up my cards again. To the tune of $6,500. Add that to my car loan and consolidation loan and I was in way over my head.
In June of last year, I had more than $28,000 of debt and, with my assets, was worth -$14,000. As of today, I’ve paid off 65.6% of that debt and am officially in the quadruple digits.
Ok, so pie graphs aren’t really my thing. I just love that the amount of debt I’ve paid off now closely resembles Pac-Man and he’s hungry for the remaining!
I still can’t say I know what it feels like to have less than $10,000 of debt, because it all feels the same at this point. Every penny of it is bad debt and I am sick of feeling weighed down by it all. While I’m now two-thirds of the way to a life without consumer debt, I know I am still months away from getting where I want to be: looking at the numbers on the sidebar menu and seeing “$0″ beside “Current Debt.”
The one 4-digit number I am starting to feel positive about is my net worth. Even with a measly total of +$3,500, I feel proud. That number might sound small, even insignificant… but my goal for this year was to be worth +$1. That’s it. I think I’m moving in the right direction fast. Maybe being in the quadruple digits will push me to race towards the finish line even faster…
Congratulations on working on your goals. We all need to have some in this life. Now here’s one to aim for – just think of how great you’ll feel when you have that “first” $10,000 in savings ! That’s not just net worth – that’s clear savings! You’ve come this far, just keep going in this direction and this too will be achievable.
That’ll be nice, Rob! Probably a year or two away from it… but after my net worth reaches $10K, my debt will be paid off and my savings will start to climb!
4 digits sounds great to me! I can’t wait until I reach that.
You’ll get there!
First, let me just say that my heart gets happy when I see new posts from you in my reader.
Congrats on the debt repayment, you are doing amazing things and I cannot wait to be where you are!
xo
You are so sweet, lady. Happy you’re still reading
Awesome job Cait! I am patiently working to get there myself
And I love the idea of pac man eating your debt. When he’s done with you, have him come my way will you?
I’ll be sure to send him over!
You’ve done amazingly! You may not feel it now, but once that number is less than your net worth, I’m sure you’ll really feel it.
Ooo, good call!
Congratulations on being under $10k ! That is an amazing accomplishment. It fills me with excitement to think about the day when I will finally get there. Such a great inspiration! And now you have the tools to never get yourself into a debt problem again.
Re: the tools to never get myself in that situation again – absolutely! Isn’t that the best part?
Congratulations on this milestone!
Your post really highlights the little goalposts that you need to keep you ahead of debt fatigue. It’s like running a marathon – you need the mile markers to use as both encouragement and direction.
You’re so inspiring! Keep it up!
Just keep running, just keep running… thanks, Michelle
This post really inspired me. I have a looong way to go before I hit the same milestone! Congratulations and keep up the good work.
You’ll get there! And thanks for commenting. Heading over to your blog now!
Woot! You are nearing the home stretch. I find as we pay off the debt I get madder at it. Seeing the numbers go down makes the debt seem more real. I guess it’s easier to ignore what $18,000 really means because I’ve never held that much in my hands OR bank account before. The numbers get more real as they decrease. I remember paying off our credit card and owing $7 in interest the next month. I was SO MAD at that $7. Irrationally mad. Because $7 is completely understandable. I know exactly what $7 looks like and what I could buy with it. (Not much, but still!) xoxo
Haha, I can imagine how mad you were at that $7! But at least it’s gone now, right? I’m definitely starting to feel the motivation to get my total down to $0 now… mostly because I am beginning to imagine all the things I’ll be able to do, once I’m finally done paying off debt! I want my life back! xo
Congratulations Cait! I can promise you the debt repayment looks much faster from this point on. You’ll hit 3 digits soon and then *blip* it’s gone. Keep up the awesome work!
My friend Laura said I’d never hit the 3′s, haha. That might be hopeful thinking… but maybe I should have $1,000 set aside, so I can go from 4 digits to 0!
Woo! Way to get less than $10k! Keep going! More inspiration for me
Thanks, Stephanie!
Great motivation! We just lopped of over 70 percent of our debt this month with a few overdue choices! We’re in the home stretch too!
That’s fantastic, Mike!
I definitely hear you on not feeling any different because the debt total has reached an arbitrary milestone. But congratulations anyway! And I hope it does push you to get to your goal faster, even if it doesn’t feel like it right now.
And wow, $3,500 is much higher than $1!
$1 might’ve been a small goal, haha… I think I just wanted to stop feeling so “negative.”
You can do it, it looks like you’ve made some great progress so far!
When I look at my loans individually they’re both quadruple digits lol
but together I’m still well in the five figures.
You’ve made great progress. I’m looking forward to my loans being gone more than I am them dipping below the $10K mark — though that will be a huge milestone.
Congrats! Not much left to go now