Successful Debt Reduction

This post serves as an update to Let My Loss be Your Gain, an article I wrote last year for Geezeo, a personal finance web community. When I graduated from college in June 2005, I had $13,645.24 in revolving credit card debt, no savings, and was making less than $40,000 per year.
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American Express - $3,565.22
Best Buy - $704.30
Circuit City - $2,010.99
Chase - $3,687.42
Target - $3,677.31
Total - $13,645.22
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As we approach June 2008, I have substantially reduced my debt by cutting back on my expenses, saving money, and working hard to increase my salary by over 50%. It is with proud-tears that I present a three-year update of my college credit card balances.
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American Express - $0
Best Buy - $0
Circuit City - $0
Chase - $0
Target - $1,198.87
Total - $1,198.87
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It has been a difficult task, but by June 2008 my collegiate debt will be completely repaid. An accomplishment I never imagined when I joined Money Management International three years ago. Needless to say, I am excited to put this debt behind me and move on as a fiscally responsible adult.

Posted on May 24th, 2008 | By: bootstrap economist | Filed under Personal Finance

2 Responses to “Successful Debt Reduction”

1. bootstrap | economist » Blog Archive » Personal Branding Says:
   June 2nd, 2008 at 7:04 pm

   [...] many of my colleagues that graduated with similar debt levels as myself. But the difference lies in how we handled the challenge. Unfortunately, success stories such as my own are often overshadowed by those who refuse to take [...]

2. bootstrap | economist » Blog Archive » Leaving Philadelphia Says:
   July 19th, 2009 at 10:14 pm

   [...] when the opportunity presented itself. The next four years also flew by for different reasons. Unhealthy spending habits in college kept me in Philadelphia somewhat unwillingly but recovering gave me tremendous insight into [...]

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