The Journey of a thousand miles begins with a single step

On August 1st 2015

I decided to get serious about paying off my consumer debt. It was roughly a decade ago that I was in this exact same position. The big difference is this time I’m engaged to be married and I have a relationship with God. This blog is dedicated to my journey to a debt free me. Can you do it too? I certainly believe it. However what it takes is patience and an uncompromising will to pay down your consumer debt. My consumer debt is composed of four loans and five revolving lines of credit. The four loans which I’m making principal and interest payments on are comprised of a student loan, and three loans that will be paid off in three years. The five revolving lines of credit are in the form of four credit cards and one personal line of credit.

As of August 4th 2015

Here are the balances of the term loans and the payment amounts:






Wells Fargo















Here are the balances of the revolving lines of credit

Wells Fargo


Capital One


Capital One




TD Ameritrade


My total term loan debt is $45,760.54, and my total term loan debt without my student loan is $20,892.00

My total revolving line of credit debt is $15856.41, and my total revolving debt without the personal line of credit is $13,661.41

My total overall debt is $61,616.95.

Is it possible to get out of this deep of a hole? The answer is yes, and the most important step is if you find yourself in a hole and you don’t want to be in one; stop digging.

If you notice, I didn’t list out the payment amounts on the revolving lines of credit. The reason I didn’t do that is because revolving lines of credit payments are normally interest only. I also separated out the student loan debt and the revolving line of credit debt. The reason I did this separation is because your student loan debt will normally have a lower interest rate, and a unsecured/secured line of credit will have a lower rate than your credit card. The payment amounts and interest rates are important. Are you ready to begin the journey to a debt free me?

“I’m sure now I’ll see God’s goodness in the exuberant earth. Stay with GOD! Take heart. Don’t quit. I’ll say it again: Stay with GOD.”
Psalm 27:13-14 MSG

A Debt Free Me

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: