My Money Story: Katie Is On A Journey To Paying Off $26,000 In Debt!

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Katie was making minimum payments on 11 credits cards and realized this was not the life she wanted so she took back control. She's now on a journey to pay off $26,000 of credit card debt and she's sharing her WHY and her progress so far with us in this interview. If you are looking for some motivation to jumpstart your debt payoff then you need to read this interview. Enjoy!


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"Nowadays, it's such an "I want it now" mentality, it's hard to wait for anything. I can hardly wait for the freedom of being completely debt free."

What was your "enough is enough" moment?

The moment I knew I had to make a change, actually took me a while. I was paying just barely the minimum payments on 11 credit cards, and getting cash back from some at an unbelievably high (29%) interest rate, just to help pay the other cards' minimum payments.

I knew I could not go on like this, my credit would RUN OUT and then what??? I was so scared of that.

How much debt have you paid off in total?

I have paid off over $4,200 of my $26,000 in debt over the past 7 months.  I have just under 3.5 years left, and then it will be completely gone.

How much income are you earning as you work on accomplishing your goal of debt freedom? 

I make about $2500 a month.

What specific things are you doing to pay off your debt?

I have consolidated my debt so I'm only making one payment a month.  I also have a draft of $50 a month go directly to a savings account for emergencies, but I cannot touch it except in a dire emergency (new shoes do NOT count)  🙂

How do you keep yourself motivated?

On days when I get down and want to go to the computer and order that "possession I just need to have" I remember, that from now on, I make purchases when I have the money, not on credit.

How do you manage the days where you just want to go out and spend money?  

I do still splurge, but just not on things, more likely on food. I won't deprive myself a meal here and there.

What would be your money advice to your 21-year-old self? 

Don't get that credit card, unless you are going to pay the balance at the end of the month and SAVE, SAVE, SAVE!

What steps are you taking to ensure your debt freedom is permanent?

From this moment forward, I will only purchase something if I have the cash means to afford it.  I examine the item I think I "need" and I say is this a want or a necessity?  Most of the time it is a "want" or a better version of the disposable razor, or the name brand of the laundry detergent...I try to be frugal and not such a diva with brand choices.

What advice would you give anyone reading this looking for encouragement?

Stick to it, you will be SO very proud of yourself for sticking to your guns and working on eliminating your debt.  Material things come and go, and chances are, if you wait out a purchase, and rethink it in a few months, you may surprise yourself anyway, and not end up wanting it anymore.

Nowadays, it's such an "I want it now" mentality, it's hard to wait for anything. I can hardly wait for the freedom of being completely debt free. As soon as I finish the credit card debt, I'm moving on to the mortgage!


Thank you so much for sharing your journey with us Katie. We look forward to an update in the near future! To follow Katie's progress as she pays off her debt, visit her Instagram page here.