Hi, I’m Chenell! I’m here to get out of debt with you.
I know, I’m sure you’re thinking….should I really be taking financial advice from a broke person?
Well, I’ve come up with a plan to get out of my remaining $62k+ debt in just 36 months. I can tell you for a fact that while I may still be broke on paper, I am no longer the careless, spend-every dollar-before-I-even-get-paid kinda gal I once was.
Come follow my journey and let’s do this together!
More Ridiculous Facts About Me
I’m Chenell and I am a recovering debt-aholic. Did I make up that word? Probably. But it’s true. I actually think I used to enjoy putting myself further into debt. I was young, frustrated and wanted someone to blame for my lack of financial knowledge. The target I chose? The government. What a perfect target – everyone finds them incompetent!
I was so excited to go to college, that I just took out the money needed for college (all $72,000 of it) in student loans and didn’t look back. I told myself and everyone who asked that I would worry about the payments later.
I started regretting this decision the month after I graduated and knew the repayment period would start soon. I began to realize that I was going to be in for a full 30 years of repayment at the rate I was paying them back, which was barely above the minimum payments. In debt forever, I thought – life officially sucked.
Digging Myself Out of the Hole
Over the past few months or so, I decided that this was not the future I wanted. I was not going to just bend over and take this – yep, I said it. I started reading and listening to a lot of personal financial tips, but always came up empty-handed when it came to a plan that really fits my needs.
There is so much conflicting information out there that it becomes extremely difficult to figure out what works for my situation and what doesn’t. Even the top financial advisors all have differing opinions on what the best way to pay off debt is, so how am I supposed to figure this out?! Well, I did. I’ve been using what I call my “modified debt snowball.” I’ll get more in detail about that later.
A Few Details
I am a 26 year old graduate school student who lives in Philadelphia, PA. I have a negative $45,000 net worth (gasp). I’m getting pretty tired of being broke all of the time, so I created this website to help me get out of debt and to hopefully inspire some of you to do the same.
Each month I am going to lay out exactly how much money I put towards my debt, any struggles I encountered, and where I stand on the long journey towards being debt free. I am going to call these my “debt reports“.
I’m hoping I can help at least one other person find an easier way out of the hole they’ve dug themselves. That would be success for me.
While comments are the preferred method of contact, if you have questions or comments you don’t want to share on here, please feel free to email me. I will write you back as soon as I can. Thank you for taking the time to read my ridiculous story. Make sure you subscribe to the blog (below) to get all of the latest updates!