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Friday, February 17

Debt be Damned, the Update

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.

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