Debt Free Journey: Thomas (FI Cop)

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This interview series has been developed in collaboration with my friend Steve Cummings from The Frugal Expat. We are excited to bring you a series in which we explore real-life stories on people working towards or who have already become debt-free.

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Highlights

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I first started to accumulate my student loan debt during my first semester in college. Every year I applied for financial aid. After graduating, I bought a used car. The remainder of my debt came from credit cards.

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Was the total debt always the same amount, or did it grow over time? What was the interest rate?

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Why did you choose to get into debt? Were you fully aware of everything you were getting yourself into?

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Debt Eliminated!

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I wanted to eliminate the debt sooner because I was tired of paying every month.

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As mentioned above, I paid the minimum amount on my student loan and car loan until early 2020.

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Swipe Up To Read More About Debt Free Journey!

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More About money

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Debt Free Journey: Thomas (FI Cop)

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This interview series has been developed in collaboration with my friend Steve Cummings from The Frugal Expat. We are excited to bring you a series in which we explore real-life stories on people working towards or who have already become debt-free.

Read More

Highlights

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Personal – Name: Thomas Wood – Age: 31 – Gender: Male – Location: Reno, Nevada Debt – Debt paid amount: Approximately $45,000

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About Thomas Wood

I first started to accumulate my student loan debt during my first semester in college. Every year I applied for financial aid. After graduating, I bought a used car. The remainder of my debt came from credit cards.

Introduce us to your debt. Where did it come from? How much was it? How old were you when you first acquired the debt?

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Was the total debt always the same amount, or did it grow over time? What was the interest rate?

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My debt grew over time because every year, I was taking out more and more student loans. The interest rates on my student loans varied at the time from 3%- approx 8%. My car loan was approx 4%.

Why did you choose to get into debt? Were you fully aware of everything you were getting yourself into?

Full Story

Not going to college was out of the question in my household. I was not fully aware of what I was getting myself into. I always assumed that I would have to pay back my debt.

Debt Eliminated!

Did you already eliminate the debt, or are you still working on it?

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I wanted to eliminate the debt sooner because I was tired of paying every month.

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If ahead of schedule, what made you want to eliminate it sooner?

As mentioned above, I paid the minimum amount on my student loan and car loan until early 2020.

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Did you have a strategy to pay off the debt? If so, what was it?

Swipe Up To Read More About Debt Free Journey!

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More About money