Just 45 days into the new year and I've made so much progress paying off my debt. More importantly, it feels great. I've been reflecting lately on my mood - I've been stressed and depressed a lot. Rather than air my frustrations on the blog I just don't post. But I realized a couple days ago that the stress and emotions are because of my debt. It doesn't matter that I used debt to invest in rental properties ("good" debt). I may as well have been spending money on crap from Target. Debt is debt. I get the stress from being handcuffed to it regardless of the reason I have it.
By the end of February I will have reduced my total debt by $20,000. That's absolutely amazing. While I can't continue the same pace (there's not much left to sell), it's even easier to keep paying it off because I have less interest to pay on the declining balances.
Current debt: $427,925
Debt on 12/31/11: $446,282
I'm almost to the point where I will swear off all new debt, no matter how irresistible the foreclosure. While it might be wise to use debt to purchase income properties, I have trouble relaxing/sleeping/thinking because the debt is constantly gnawing at me.