When Becoming Debt Free, What is your Tipping Point?
29 October, 2008 (08:37) | Debt Free | By: 
Dusty
Have you started a plan to become debt free? Why did you make the decision to leave the hassle and stress of consumer debt behind you?
My wife and I had the “ignore it and maybe it will go away” approach to our finances for such a long time. We would throw all of the bills into a wicker basket and forget about them until fight night bill night. We would rip them open, add them up, and then figure out which bills we could skip until next week. Of course, we would try and pay the ones that were late first, with the stupid tax included.
Finally, we had enough. We needed to become debt free as fast as possible. The stress was just too much to handle on a monthly basis.
The first thing we decided to do was to stop incurring new debt. Next, we enrolled in Financial Peace University. I will say that this was one of the best decisions we have ever made! Not only did we get on the same page, we developed a plan.
Life does not need to be a struggle! You can become debt free, but you have to want it more than you want the material trappings you have fell in love with. You must take a stand against what is considered normal and do what is best for your family. What are you waiting for?
Have you finally made the choice? What finally pushed you over the edge? I would love to here from you.
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Comments
Comment from Dusty
Time: October 29, 2008, 10:28 pm
@ Matt - When we were in debt we just ignored the nasty phone calls and threw their letters in the trash. All we have left is old Sallie Mae (I hate her). Thanks for dropping by and leaving a comment. I appreciate it.
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Comment from Melvin
Time: October 30, 2008, 4:37 am
Yes, you are definitely right. I also got caught in this nightmare that I could barely breathe! you know the feeling that everytime that you wake up, you will always think about your debt and it will keep you from sleeping every night.
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Comment from MrsMoney
Time: October 30, 2008, 7:49 am
I got sick (and I still do!) and tired of seeing HOW MUCH money goes towards interest when I make a payment. For example, I think for my mortgage I’ve paid over $6,000 to interest and only $1,000 towards principal. It makes me so sick to see that money get “thrown away”. 
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Comment from Amber C
Time: October 31, 2008, 11:03 pm
Our tipping point was the car payment. Such a large amount going out each month for a car. At that point we realized how much money we would have without all of our debt.
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Comment from Amber C
Time: October 31, 2008, 11:06 pm
We got sick of the car payment. That was the point we decided we needed to become debt free. We will be freeing up $1200 a month when we become debt free.
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Comment from Matt @ MyFinancialRecovery.net
Time: October 29, 2008, 9:05 pm
My tipping point was dealing with all the nasty phone calls and letters from collection agencies. Since I started working my way out of debt I have rehabilitated or eliminated all of my student loan debts that were in bad standing with the exception of one. I am hoping to get this one cleared up too but it seems like slow going due to a large balance.
Best of luck to you on your journey to be debt free!