The Penny Letters: "Bad timing and no planning led us into debt"


Contributor: @iamondebtfreejourney

Age: 34

What industry do you work in? Automotive

What city do you work in? Atlanta

What is your experience about? Debt

How much debt do you have in total? 40,000

Tell us your story: Some good decisions and bad timing alongside no planning led [me and my spouse] into the debt, but in 2019 we hit rock bottom a realised how deep we were as a family and quickly took steps to get out of it. We paid off 22k from May 2019 - Jan 2020 and at first, my spouse was not onboard. He had lost his job and was down by himself, he didn’t believe that despite being on a low salary, proper planning could actually get us out of debt compared to having more money and no planning. But finally, in Jan 2020 he is now on board from seeing my silent achievement!!


What is one piece of advice you would give to someone else who is in debt?

Don’t get overwhelmed with the amount of debt that you have, it didn’t happen overnight, so take a deep breath and sit tight for a long ride.


Basic rules for success especially with paying off debt is:

  • Trusting yourself first

  • Consolidating all the little balances you have onto a piece of paper, pick the lowest balance and start paying off consistently

If I can do it, you can too with either a small or a big shovel doesn’t matter!