Entrepreneurship on Line

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Monday, February 28, 2011

Declaring All Out War on My Debt

When I knew that my income would be relatively fixed and I knew I had a debt I had to get rid of or I was going to pay through the you-know-what interest I knew I had to get rid of my debt.

I had to get rid of my debt no matter what it took, NO MATTER WHAT IT TOOK, NO MATTER WHAT IT TOOK.

So I declared war on it. For ammo I had my 401K plan, what was left from the funds from the sale of my car, and social security and a small pension.

I saw these could handle the overage, so I did a bail-out.

I cashed out my 401K plan, took a huge hit, and paid off my master card bill. I had already stopped adding to the amount on my card but I had to something about the pile itself. I also dedicated the amount I had gotten from my car to retiring the overage.

It decimated my finances but had to be done. I've never looked back and never regretted it. Now I'm starting to build back up, slowly because interest rates on deposits are crap.

(To be continued)

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