Debt is a pretty big topic at Six Figures Under. Dealing with debt can be a long and rough road. Combine that with the fact that debt isn’t often discussed openly, and you’ve got a recipe for discouragement.
I love being able to discuss debt together here each Wednesday. Hearing your progress is encouraging. I like helping to brainstorm solutions to your challenges. I also appreciate the support of so many readers we’ve never met! It’s nice to know we’re not alone. Thank you for sharing your stories, advice, ideas, and encouragement.
Today’s Debt Discussion is a simple question that I’m just curious about:
How long did you wait to get serious about your debt?
I’ll go first:
Measuring from when our debt first started (my husband entering law school), it took about four and a half years for us to get serious about debt repayment. While I was very involved in finances throughout law school, I closed my eyes for anything loan-related. I figured there was nothing I could do about it, so it was better not to know.
We lived frugally and tried to keep in mind that everything we bought with borrowed money had interest attached. Still, I could have been more serious about our growing debt situation.
For student loan debt, most people would probably not consider getting serious until after you’re done with school. Debt repayment options are pretty limited until you’re out of school and have a job! We decided to get serious about paying off debt a year after my husband graduated. That was six months after he was officially sworn in as an attorney, the event which firmly secured his job.
If you’ve read our story, you know that our original plan was to save for a down payment on a house first. It was hard to give that up, but we are glad to be getting these student loans off our backs. Even my kids know that the sooner we pay them off, the less they will cost us!
It’s Your Turn!
- Have you decided to get serious about your debt?
- How long did it take you to decide to get serious about debt repayment?
Linked to Thrifty Thursday