Our Financial Goals: Paying Off Debt (April 2014)

Our Financial Goals: Paying Off DebtPhoto Credit

This past week, our tax refunds arrived!  I waited a few days for the money to be confirmed by our bank, and then sent all of it to Sallie Mae.  After almost 8 1/2 years of marriage, it is so satisfying to see the end of our student loans in sight!  We began our marriage with $238,000 in debt ($70,000 in 3 student loans, $150,000 in 2 mortgages, and an $18,000 used truck).

As of today, we owe:

  • $4627.85 to Sallie Mae (4.5% Interest Rate)
  • $105,632.03 to Wells Fargo (4.125% Interest Rate)

for a Grand Total of $110, 259.88 in debt. 

So we have paid off $127,740.12 in 8 1/2 years!

Despite all of our success, I have been discouraged by our debt these past few weeks.  I have been weighed down by self-pity and impatience.  I am so tired of spending our present to pay for our past.  After 8 1/2 years of marriage, I want to be DONE with this debt!  Inwardly I stomp by feet and shake my fist angrily, like a small child saying, “I want it NOW!”

Recently however, our family has also been touched by grief of all kinds.  Cancer.  Divorce.  Drugs.  Abuse.  Poverty.  Death.  It can be so hard to spend years struggling to overcome debt.  Yet it is also important to remember to keep our struggle in perspective.  Debt is (often) a struggle of our own making, and one that can (usually) be overcome.  Others are not so lucky.

Today I challenge you to celebrate how far you’ve come in your debt pay-off journey.  Then stop to look at the people around you.  What struggles are they facing, and what battles are they fighting?  Pause to pray for these people, and then see if there isn’t some way you can help to lighten their load.

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One Response to “Our Financial Goals: Paying Off Debt (April 2014)”

  1. Yolanda says:

    Hi Jessica,

    Way to go! I think you guys are doing great in eliminating debt despite some setbacks along the way. I can be impatient also as I look at our mortgage. Last year, we were able to prepay our mortgage for up to a year. This year has been different as we need to set money aside for some major expenses in the near future. I look forward to the day when we can be completely debt free.

    In the meantime, I look for opportunities to bless others. One of the greatest blessings in my life has been the ability to give (as God leads us). Giving reminds me that my purpose to wanting to be completely debt free is so that I can give freely.

    Can’t wait to hear that your student loans are paid off. It’s coming….

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