Sunday, June 16, 2013

Indebted to Debt

I'm getting close to getting rid of the debt that has plagued me for almost a decade. I have only about $2000 left in Credit Card debt, down from a max of $5000 and it hasn't been this low for almost 5 years. Combining other debts, once they are all paid off, I'll have about $1000 of income that won't be going to pay it off.
And what's weird is that I'm not sure what's going to happen once it is paid off. I have some other debts like a Car loan that will continue, but my payments to that are a minor mark in my balance sheets. So once my mountain of debt is paid off, what will I do?
This whole mess started about 10 years ago when I started to enter the workforce as a part time working student. To this day, I'm not sure why I permitted it to go on, but as my income made minor increases, the amount of items I was expected to pay for made major increases. Fearing a boring and irritating lecture from my parents, I kept this a secret and just let my debt grow. Luckily, even though I was never able to pay it off completely, I never missed a partial payment, and as a result my credit score hasn't suffered for it. And with my current employment, I now make enough money to begin fending it off.
I'm also aware that some people could only wish to be in my position. But after living with this looming monster over my shoulder for a third of my life, I'm not sure what to do without it. I guess I could sink it into savings and investments and it'd be the same thing. But I fear with the lack of this debt, I will begin to act with more abandon.