Brian and I have done it. We have lived the Dave Ramsey life. Rice and beans (and a few $1 double cheeseburgers). Our friends have made fun of us, to our face and likely behind our backs. But as of today (other than our primary mortgage), Brian and I are DEBT FREE!!! (Those who listen to Dave Ramsey's radio show know that many listeners call in just to scream these words.)
This means freedom from car loans, credit card debt, second mortgages and whatever other crap people borrow on. We officially kicked Sallie Mae to the curb and she is looking for a new home to stay in! The borrower is slave to the lender.
In 25 months, we have paid off $52,365. This includes a personal debt to my father, our second mortgage and my big fat student loan. During the past few years we were slowed down a bit by buying a house and getting hit with a few large tax bills. But that's all said and done and I feel fantastic!
Here is my balance as it stood on the Sallie Mae account tonight.
Outstanding principal balance: $0.66
Accrued interest: $0.00
Total amount outstanding: $0.66
I called them to pay off the two days of interest that accrued and they said that I didn't have to worry about paying the $0.66. How generous of them :)
I brag because I'm proud, not because I want criticism or want others to feel bad. I'm proud of our hard work. I'm proud of Brian for never acting like the student loan was my debt, but that it was "ours." I am proud that now we can change our future and the future of our children through the good habits we have learned. Now we begin the next stage of life - wealth building! And Dave always speaks about how coincidentally, when you spend your money wisely, good things will happen to you. Today, we received a financial gift that I don't want to go into details on - but it was much appreciated, and I have to believe, a little gift from God to help us continue on our journey.
If others are interested in Dave Ramsey, feel free to talk to me about it. We're so happy we found him.