We’re having a bonfire tonight.
In it is going the huge old monkey that’s been on my back since the end of 2004. 2004 was the year that I finished up being a grad student, acted professionally in a couple of shows, and worked a few months as a baker’s assistant making minimum wage. I made four figures that year, according to my Social Security statement. I also racked up a credit card bill that was, ahem, five figures. The four figure salary paid my student loan bills, my car insurance, and the minimums on my credit card. The five figures credit card balance paid for several car repairs, several flights to various weddings and funerals (and jobs around the country), lots more dinners out with friends than was advisable, and all of my food and gas and lodging for that whole year.
I knew I was digging a hole, but at 25, it was the first time I’d ever carried a balance for more than a month or two, and it was extremely important to me to have one year of doing what I wanted before settling down and becoming responsible. I naively thought that I would just finish my year o’ fun, then get a “real” job, make “a lot” of money, and pay it off in a couple of months. Well, as it turned out it took 6 months to find a “real” job, and temping in the meantime barely paid rent on the one bedroom apartment that I had responsibility for. I could only pay the minimum for those months, and watched in horror as the interest made my balance rise . . . and rise . . . and rise.
At last came the “real” job. Then came the “no interest on balance transfers for one year” credit card offer in the mail. Then came the self-imposed payment plan. Over the course of more than three years, I kept my balance on no interest cards and chipped away at it. When my husband married me, he also married it, though we were back down to 4 figures by then. In sickness and in health, in assets and in debt, til death do us part, Amen.
When we got engaged, he took the remaining balance, divided it by the number of months we had left with no interest on the latest card, and that staggering figure is what we paid every month. It was hard to stick to the plan, and I probably couldn’t have if I hadn’t been married to him. Living within your means is a bitch and no mistake – only allowing myself two haircuts a year and 99 cents or less for a bottle of shampoo was only the beginning. It was totally fair that I made sacrifices to settle my debt, but I did feel bad that Patrick had to as well. He didn’t get the fun of spending the credit, but he got a good dose of the pain of paying it off. Well, he did get SOME of the fun of spending the credit, actually, since included on that balance was a nice long trip I took to Denver to visit him when we first met, without which we may never have become exclusive and ended up getting married. Yeah. That makes it OK.
Over the course of the punishing repayment schedule, we did lots of things we wanted to, of course. We still bought a dog. We still ate out on very special occasions. We still took important trips to visit friends and family members. We still had a ROCKIN’ honeymoon that we saved for and splurged on, since you only get one! We weren’t total monks. Nevertheless, it wasn’t easy to live within our means.
…………………………………………………….DRUM ROLL PLEASE ………………………………………………………..
And now, as of yesterday, the balance is gone. We mailed the last payment yesterday morning. As soon as we got the bill, Patrick filled out the check, and then handed me the pen with a flourish, so that I could sign it. We always said that when that sucker was gone, we were going to frame the final bill. Instead, I’m thinking – bonfire.
Bye bye, monkey. May I never meet you again.
And . . . hello new baby. So much for spending the extra money every month on Paul Mitchell products and a cute top!
Congratulations!I got out of credit card debt last year, and Michelle got out a year before that. Both of us played "I\’m Free" by The Who on the stereo as we wrote out the last payment. Had I known about this, I could have loaned you my copy of "Tommy" for the occasion!
I should\’ve told ya, man! We needed celebration music – unfortunately, we were rushing to get out the door and I don\’t feel we had the proper amount of ceremony to accompany my signature. We may re-enact it this evening, just so I can shudder with joy once more.
Congrats! Welcome to the Land of the Debt Free! Isn\’t it a lovely place? And now you can enjoy buying baby things without worrying about that damn monkey. WOO!
Amanda 🙂
Congratulations for getting that monkey gone! Good riddance. Perfect timing, too.Also, you WILL be able to get fun hair products and cute clothes after the baby is here – I promise. There\’s nothing like a little "for mommy only" retail therapy.
hooray for you! i\’m glad you were able to get that taken care of before little jack\’s arrival. i bet that just feels good. i know most pregnant moms worry about the expense of a baby – diapers, wipes, etc. but trust me. the money comes. it\’s bizarre how it happens, but i never remember worrying that there wouldn\’t be money for diapers. you find it and you make it work. i know you didn\’t really address that in this post, so maybe i\’m totally out of line, but i just wanted you to know…
Oh, super jane. Believe me, it\’s been on my mind. Especially since this is also the year of Patrick\’s Big Research Trip (and Associated Costs.) A few months ago, it would keep me up nights, sort of sick to my stomach, but now . . . I\’m trying to let it flow. We won\’t be destitute, no matter what. Like I\’ve said in the past, we can always sell the dog and cat. I think they\’re worth millions, but I\’d take the loss and accept six figures, if it kept us out of hock.
sooooooooooooooooo happy for you…my X racked up m credit card and it sucked getting out of that….but i eventually did it…good for you guys…
*~* :o) always remember to be happy… :o) because you never know who is falling in love with your smile… :o) *~*
OH MY GOODNESS. I\’m so proud of you. As in there-are-no-words-for-it proud. Not only for being able to sign that LAST payment check, but for \’fessing up to the debt part. I know people in general are super-wiggy about money and end up hiding things from even their closest friends, but I can now follow you into the light and say:
Our cc debt is also five figures. And we stopped using ccs the week after we moved here, in 2004.
You\’ve inspired me. We are going to start attacking our debt EXACTLY like you did.
Except that we might not be able to get a no-interest card just b/c of those five figures. But I\’m gonna try!
Rin –
I almost listed the amount, but it made me feel too naked.
It is a wonderful feeling to lose that burden, let me tell you! You can do it, it just takes a tiny bit at a time. It feels so weak making a monthly payment that is only a teeny percentage of the balance, but the little trickle of payments eventually wear down the mountain. And then you move on to the next mountain. The student loans. Which are (gulp) six figures. But at least it\’s "responsible" debt! Hahahaha that makes me feel better – NOT.
damn! if i had known you were having a bonfire i would have brought the marshmallows and we could have made smores.
this post give me hope that one day soon, out debt will also be bonfire fodder. although i think i would use a wood chipper.