Debt is Not Forever

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Jackie over at The Debt Myth has a month-long campaign going on call Debt is Not Forever. If you haven’t heard about it you should check it out, it’s truly inspiring. Many other bloggers have joined the #DebtIsNotForever movement and have posted some great material on the topic. I’m joining as well so here goes.

Debt is Not Forever

If you asked me that question five years ago my answer probably would have been “yes it is.” See we were uneducated in the ways of personal finance and were drowning in over $100K of consumer debt, but for years we kept managing minimum monthly payments and considered what we were doing normally. Everyone has credit cards, everyone has a 30-year mortgage, everyone has a home equity line of credit, and everyone spends more than they make. The problem with thinking like that is that we’re not everyone, we’re our own unique family of five. Personal finance is just that, personal, not a one size fits all cookie cutter spending plan that works for the masses. It wasn’t until our rock-bottom moment when we were out of cash and couldn’t increase our credit lines any further that I finally began to realize that debt is not forever.

Backed into a corner we had no choice but to make a change, so that’s what we did. We hit the internet seeking the great financial secrets that have been kept from us for years. What I found was most of your personal finances concepts are basic common sense. Have a plan for your money, live within your means, cut expense, increase income and if you follow these steps you can begin to win with money. So that was we did, and 50 months later we clean up our $109K mess and are on to building wealth.


I Want Everyone to Know

One of the many reasons to get out of debt initially was to provide a better life for my family and reduce stress. Somewhere along the debt repayment way, it became very clear that not only was it important to improve our finances but to teach our children better than we were ever taught about money. I certainly don’t ever want them to be in debt, that may or may not be in my control, but I want them to have the knowledge about personal finance, retirement, and careers to make better choices if they decided to do so. I want them to know its okay to discuss money openly and honestly. So far so good, our oldest will be ready for their first jobs later this year, so we will see how well we have done with the teaching, I’m sure that our work will continue for many years to come.

Now having our finances in order and our children’s money education on its way, I have a desire to share it with anyone else who will listen. I want others to know that debt is not forever. That it is possible no matter what your income to be successful with money. Sure it makes take hard work, sacrifice, but if you are willing to commit to these changes you can succeed. I have begun to work with individuals to help coach them on their financials, as well as getting involved with my school district and employer to begin spreading the word. I want as many other people who are willing to make a change as we have to win with money because if we could do it so can you. Debt is not forever and we are just one example.

29 thoughts on “Debt is Not Forever”

  1. Brian, your story is a great one and proof that debt is not forever. I know there are many times in a debt repayment journey when it will feel like that but stories like yours and others are great inspiration and proof that the opposite is true.

  2. Love this. You guys have an amazing story, Brian. And the Debt is Not Forever movement is definitely something people need to hear. Not everyone who’s up to their eyeballs in debt are irresponsible. And I don’t wish the feeling of that crushing weight on anyone.

  3. Good story and it speaks the truth with cleaning up the debt mess. Anyone can do it, but you have to be willing to sacrifice and also be willing to send a ton of money into lenders hands. That’s the only way to be free, once you commit. I’m looking forward to reading another post on how it feels living debt free for a year, when that time comes Brian.

  4. I’ve recently come to terms with my own debt issues, and I look forward to having a debt payoff story sooner than later! This is a great idea for a movement; Jackie always comes up with some interesting ideas 🙂

  5. Love this post! I will say that I used to think my student loans would last forever, but I’m so thankful I now know they won’t. I’m painfully paying $2,700 / month on my loans, but I know it will be worth it to pay them off in 5 years versus 10 (or 30!).

  6. Love this point Brian! Debt doesn’t have to last forever but when you are buried in it, sure feels like it will. Even when we were paying off our mortgage it felt like we’d never get there…it was happening so slowly. But little steps, one after another is the only way to take debt out. That’s what we realized.

  7. Even though debt is perceived as a normal way of life, it doesn’t have to be. For many people, myself included, facing thousands of dollars in debt is scary and it seems almost impossible to pay it off. Knowing that it won’t last forever, and seeing families like your own become debt free is the kind of motivation necessary to keep going.

  8. You have such an inspiring story! I love how you realized that “everyone” is probably miserable…and there’s a better way to live your life. It’s so cool to be able to live different and live happier.

  9. It’s so strange to me to see that some people think debt is just the way life goes – it’s fascinating how varies and different everyone’s debt stories are! And how pretty much anyone can be successful at getting out of it if they prioritize that.

  10. This was a great post, I enjoyed reading it. Thank you for sharing! More people should learn that debt is not forever. A story like this will motivate them to keep chipping away their debt. And I think that it is fantastic you are teaching your kids about debt and money management. Keep it up!

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