Our Debt Free Journey

I’ve been married to my wonderful husband for almost 17 months and they’ve been the best 17 months of my life! God truly has blessed me with a hardworking, godly man who, like me, doesn’t mind admitting that he doesn’t have it all figured out yet. Maybe that’s why we fit so well together?

Unfortunately, like most young couples, we began our marriage with debt. We were smart enough to cash flow our wedding & honeymoon (yay for us!) but that was because we were looking at about $20,000 in debt at the start of our marriage!! We definitely didn’t want to add our wedding to our debts. Our wedding was a beautiful celebration and debt is not pretty!!

Have you ever noticed that God can take something ugly and turn it into something good?

That’s how I feel about our debt-free journey. Debt is ugly, no matter how you look at it. We don’t believe that there is any ‘good debt’ out there because when you look at Scripture, God makes it very clear how we are to look at debt.

Here are just a few reference verses for you about debt:

-Proverbs 22:7 “…the borrower is servant to the lender.” (NIV)
-Proverbs 22:26-27 “Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.” (NIV)
In September 2012, we bought a Ford Explorer from my grandfather’s estate after he passed. My family was emotionally attached to the car and my husband got a raise 2 days after his passing so we took out an auto loan for it after much prayer & consideration. At 1.99% interest, we considered it a good buy since our payment came out to be almost exactly what Lee’s raise was. That brought our total debt up to around $34,250 [just guessing…I don’t know the exact total].
Our debts broke down as follows:
1. Credit Cards — $5000
2. Personal Loans — $6000
3. Student Loan (Molly) — $8500
4. Auto Loan — $14,750
Currently, our debts look like this:
1. Credit Cards — $5000
2. Personal Loans — $6000
3. Student Loan (Molly) — $5937
4. Auto Loan — $13,282
That means in 17 months, we’ve paid off over $15,000 in debt!! WHOO HOO!
I must point out that during the past 17 months, we cash flowed the birth of Aymen Grace and all that glorious baby clutter that came with her =) My guess is that has been around $4000….but that’s just a guess! We also took our wedding gifts (Lowe’s gift cards & cash) and refinished the floors in our house & painted/updated some things. That was about $1000 total. There have been a few big purchases we’ve had to make too during this time which probably total another $1000….all cash flowed.
I’m also guesstimating that we’ll be done within 18-24 months from now!! I’ll periodically update you on our progress, triumphs, and struggles.

We are using Dave Ramsey’s Total Money Makeover system which includes the debt snowball! That’s what has allowed us to discipline ourselves to pay off so much in so little amount of time. I highly recommend it to those of you who want to change your financial future. Aymen Grace and I listen to Dave’s Radio Talk Show throughout the day and I’ve learned SO much about money that I never knew before! Check it out for yourself.

Here’s to us changing the Bronson family tree, one debt at a time!

In Christ’s Love, Molly

2 Comments

Jaden Allred

I’m really happy for people paying off their debts earlier than what they’ve anticipated. Unlike me, I paid my student loan debt 3 years after my graduation. If only I’ve been more frugal and saved more money, I could’ve paid it a bit earlier. By the way, congratulations to your wedding and paying off those debt. Jaden Allred

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Allan Morais

That is a big amount to slash off your debt in quite a short period of time! Not to mention you’ve had other expenses and home improvements while doing so. At least you got the ones with the higher interests out of the way early. Good luck tackling that auto loan! Cheers!

Paddon+Yorke

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