I’m getting ready to turn 30 in a couple of months and I’ve got a pile of debt and not much to show for it. Credit card debt, student loans, that big screen LCD HDTV from Best Buy that I didn’t need and a host of other small and unmanageable little debts. I’ve come to realize it’s a slow painful death by a thousand debt cuts.
It’s a bit sad … but not an all too uncommon story among my friends, acquaintances and colleagues in their 20’s and 30’s. I’ve come to realize that somewhere along the way I completely missed out on anything that might resemble a financial education. Simple concepts such as a monthly budget, living within my means, interest rates, credit card usage, first time home buyer issues and who knows what else have eluded me for nearly 30 years.
I’ve spent time with friends talking about the rat race – how to get out of it, how to take advantage of it, etc. But I’ve come to realize it’s not the rat race (however one may define it) that really wears on me but rather this slow, dulling Debt March that I’ve been on. It’s so seductive, so easy … hand over a credit card (which I’ve literally referred to as ‘play money’) … out of sight, out of mind.
But I’m done with it. Don’t want to do it anymore. So in true New Year’s fashion (as if we should need a special day each year to remind us it may not be a terrible idea to make some much-needed improvement in our life) I’ve decided to record my efforts to get out of debt. I don’t think my situation is special, unique, extraordinary … in fact, it’s probably rather boring and every day. But that’s what I’m banking on. Perhaps my slow dull Debt March will resonate with others out there?
The reason for this silly little blog – I’m going to force myself to post something each day: something I did that I feel is a tangible step out of debt. I want to chronicle the efforts I’ve made, see what works, what didn’t, what I should be doing, what the experts say …. all in the hopes of 1) getting out of debt and 2) getting the financial education I missed out on for all these years.