Paying Off All Of The Bills

Discussion in Personal Finance started by Rosyrain • Jan 22, 2016.

  1. Rosyrain

    RosyrainActive Member

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    Have any of you managed to pay off your bills and can declare that you are actually debt free? I am working on this feat right now and I can actually see a light at the end of the tunnel finally. I am still a few months from having everything paid off, but I am actually making tangible progress. For those of you who have managed to do it, how long did it take you, and have you managed to stay debt free?
     
  2. thenextGeek

    thenextGeekActive Member

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    First of all, I would like to congratulate you for making a stand, and creating a plan to become debt free. Most people nowadays, particularly people living in the US are having a hard time paying off their debt, and even a harder time to commit into being debt-free. I commend your focus my friend.

    Now regarding the topic. I haven't had debt nor experienced having debt just yet. I did borrow money before when I tried to put up my business but I immediately paid it because I decided to just dip into my personal funds. I suggest to everyone who want's to become debt free is to stick to your budget and focus on your end goal. Paying off debt is hard, I know. But the result is definitely worth fighting for. :)
     
  3. Corzhens

    CorzhensWell-Known Member

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    I'm sorry to say that one of the hardest thing in life is to pay off all your debts. This is not to be negative but life in this modern times involved credit and without it we cannot smoothly move forward. Of course it is everybody's dream to be independent financially and gain freedom from debt but we also have to come to terms that debts will be there forever so we should know how to properly handle it.
     
  4. Lushlala

    LushlalaWell-Known Member

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    Keep at it @Rosyrain@Rosyrain, you can do it! There's no better feeling than knowing that you're 100% debt free. We did it about 3 years ago, and it honestly felt like we'd scooped the jackpot on the lottery. We were actually in the middle of saving to move countries, but felt that our loan and credit cards were slowing us down. At one point we looked at our savings, and realised the money would be enough to cover the pan and our 2 credit cards.

    We begrudgingly decided to pay those off and start saving for our move from square 1, which meant we'd need more time to save up enough money to make our move. It was hard to take considering we were on the verge of moving, very bitter-sweet, but in the end it panned out well and was well worth it. We now owe nobody and can breathe so much better. All the best.
     
  5. Rosyrain

    RosyrainActive Member

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    Thanks for the words of encouragement everyone. I just paid off one bill last week and it felt great. I am now in the beginning stages of chipping away at another one. This one is much smaller and will be easy to take care of. I decided to go with a small bill for the next one, just so I could get the satsfaction from scratching another one off of the list. It will take a bit of time, but I can do this.
     
  6. xTinx

    xTinxWell-Known Member

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    For the most part, I'm debt-free and have paid all my bills with only the pending ones left to attend to. Although I'm not exactly a timely payer, years of paying bills have helped me "weather the tide." I can rectify my tardiness before things get out of hand by always setting aside an amount for unpaid bills and other payables. If it's not feasible to pay everything at once, I try to make sure I'm just weeks or, at most, a month delayed. When it's possible, I use a portion of my emergency fund to cover for expenses I wasn't able to pay on time.
     
  7. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    :oops:We're trying to spend less and pay off credit card debt too. Living in Hawaii the most expensive place to live in America, we are doing a good job if I may say so, myself. We paid off one credit card totally and I said to my Mom don't close it down just leave it at a zero balance for your credit score will improve when you do this. We are trying to be debt free too. Signed up for pch.com to hope to win and rid ourselves of debt too! Keep going girl and you'll get there. Certainly know the feeling when you paid in full feeling and it's so wonderful!:)
     
  8. Kenya Swan

    Kenya SwanMember

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    Congratulations to everyone one that managed to pay off all of your debt! I would love to have all of my bills paid off. I feel so overwhelmed by the thought of it that I don't know where to start. I am trying to make extra money online and use the extra money I make to pay off bills. I guess I should just focus on one bill at a time.
     
  9. gmckee1985

    gmckee1985Active Member

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    Yes, I have been able to pay off all my bills. It's given me some peace of mind, that's for sure. To be without debt at my age is pretty rare. I'm pretty proud of that fact. I'm going to avoid debt all together from here on out. Only purchase things I can afford. I've always been pretty good about that, but I did splurge here and there. Not anymore. Living within your means is key to financial well being.
     
  10. Jamille

    JamilleActive Member

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    I'm far from being debt-free at this time because I'm still paying off the mortgage and a credit card loan. But my finances have generally improved because while the expenses have stayed the same, my income had grown over the years. I'd like to credit this to my time management skills which allowed me to participate in many online and offline gigs. The bills won't stop coming anytime soon but having multiple sources of income gives me the confidence that someday, I'll be able to finally say that I'm completely debt-free.
     
  11. kamai

    kamaiActive Member

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    Yes, I have been dept free before and of course it was a stress free life and I miss it. Right now I have depts with a couple of people and some overdue water and electricity bills. For this reason sometimes the rent is paid very late as well. I hope everything is paid for by the end of the year, it already has been 1 year and a half full of depts but slowly getting there.
     
  12. overcast

    overcastActive Member

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    I have some of the big bills pending. And it can be tough to keep them. I have paid off most of the low cost bills. And this way I am not much in financial stress. So one has to see how the bills can be damaging in that case. I'd say it is good for those who are working on their bills. But paying off small bills need to be done. And then approaching larger bills is a good idea. I guess we have to consider that part.
     
  13. Heatman

    HeatmanActive Member

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    I love being a realist, and as such, I would love to ask; is it really possible for someone to pay off all his entire bills and debt? Quite frankly, I think not, it's never that possible because in my understanding of life with how bills and debt tend to be, as you are trying to pay off the old ones, so would the new ones be pilling up for you, unless you aren't going to spend on anything ever again until you pay off the old bills that is the only way to prevent more new bills and debt.

    The only thing one can say and I will totally agree with it, is that one can go a considerable length in settling most of his or her old bills in such a way looking at what's left to pay off wouldn't be a source of worry to the person.
     
  14. morgoodie

    morgoodieActive Member

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    I don't have much debt anymore especially since I have paid off my car loan this year. I still have my student loans to pay off and it seems as though they will never go away. I probably will have them for the rest of my life. It is definitely a lot easier to sleep not having to worry about money and how I will get my bills paid.
     
  15. ACEP

    ACEPMember

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    First, congrats to you, Mr. You are doing a great job managing your budget or your money. Applause!

    I, myself also want to be debt free and I did. Budgeting is not a hard job, it is good for yourself and it may help you in the future. Always think what you need first, don't buy things that you don't need. Spending too much money on luxuries can really make your life miserable. It is good to think not just twice before you spend your money. It is not bad spending money, but you should always know your limits.