Welcome to the latest edition of Debt Success Stories. The aim of this interview series is to provide inspiration and motivation to anyone who is battling with their debt.
Breaking the cycle of debt can be very difficult especially if you’ve been living beyond your means for a number of years. But it’s certainly not impossible.
Once that glorious day arrives when you’re finally free of debt, any sacrifices you’ve had to make will surely have been worth it!
Here to inspire us today is Bob Lotich from Christian Personal Finance. Bob successfully eliminated his debt and then used his passion for personal finance to create ChristianPF.com.
I found ChristianPF.com at the beginning of my own journey to debt freedom. Not only did I find the personal finance articles really helpful and inspiring – especially the ones relating to debt management – but there are also some excellent articles on there about how to set up and make money from a blog. Please head on over when you’ve read Bob’s interview below!
Debt Success Story: An Interview with Bob
Q1: How much did you owe at the height of your debt and what did it consist of?
At the worst of it we had about $46,000 of non-mortgage debt. That package consisted of a lot of credit cards, car loans, and student loans.
Q2: What made you decide to tackle your debt?
I was sick and tired of feeling like I couldn’t get ahead financially. After an objective look at our situation it became very clear that getting out of debt would relieve a tremendous amount of financial pressure.
Q3: What was the biggest challenge you faced in overcoming your debt?
For married couples, getting on the same page (and staying on the same page) with financial goals is often a challenge. We found this to be challenging as well, but we had a lot of “heart to heart” conversations about where we wanted to be in 10 years and we were able to reconcile our differences and attack the debt as a team.
Q4: How did you stay motivated in order to pay your debt off?
I get inspired by even the smallest amount of progress. I used this to my advantage. I keep a running tally of how much debt we had and just watching that number continue to decrease was very motivating.
Q5: How did you get the money together to pay off your debt?
We focused on both sides of the equation. We dramatically reduced our expenses and stuck to a rigid budget which provided a lot of extra cash to put towards the debt. At the same time, I launched a side business that provided some extra income which also went towards paying down the debt.
Q6: What’s the best thing about being debt free?
The peace of mind. Without a doubt, knowing that you don’t owe anyone is such an amazing feeling. And I think it even feels better than I imagined it would.
Q7: What advice would you have for others trying to eliminate their debt?
Focus on the end goal. Celebrate the small victories like paying off a credit card or student loan. You will have good days and bad days, but through it all remember why you are doing it and refuse to give up!
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Thanks so much to Bob for taking the time to share his debt success story with us. You’ll find a wealth of information on personal finance matters from a Biblical perspective over at ChristianPF.com. You can also follow Christian Personal Finance on Twitter and Facebook.
If you’re craving some more debt success stories to feed your inspiration, you can read the others in the series here.
Do you have a debt success story that you’d like to share on this site? If you do, please contact me and we’ll work something out!
Image © A Disease Called Debt
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Great interview, great advice and a big congratulations to Bob on creating such a wonderful resource for people to get help when managing their finances.
I personally use goals in most aspects of my own life and think that it is a great message for others to learn as well.
Glen @ Monster Piggy Bank recently posted…How To Save Money
I like the idea of keeping a running tally on the amount of debt. Seeing those numbers drop is really motivating!
E.M. recently posted…When Is It Worthwhile To Save Money?
Like Bob, I tracked every single payment that we made into our mortgage and I found that it really helped to keep me inspired and motivated seeing that debt go down. I was so impressed that I even graphed it as I am a very visual person and it kept me going even stronger.
Glen @ How To Save Money recently posted…Ways to Save Money on Bills
Congratulations! What was the side business you set up to earn extra income?
Tonya@Budget and the Beach recently posted…What is Your Financial Vice?
Grea job! I will be checking out your site. Can you tell us more about your side business?
Shoeaholicnomore recently posted…No Showers, But Frugal Flowers
Thanks for the comments everyone. As far as the side-business, for me it was my blog – I talk more about it here: http://christianpf.com/blogging
Bob recently posted…6 Inspiring & Generous Givers from History
Great interview, Bob. I find that so many people “think” they have peace of mind but they don’t really know what it feels like until they are debt free. It feels so good and different when you’re are able to do what you want on your terms.
Shannon @ The Heavy Purse recently posted…How To Help Your Child Finance College: A Step-By-Step Guide
Great story Bob, I should visit your website! “Refuse to give up” that’s a positive spirit that all of us need!
Marie @ 724 Credit recently posted…Easy And Effective Steps For Credit Repair
Thanks to everyone for commenting and again to Bob for agreeing to be interviewed about how he managed to pay off his debt.
Let’s hope those of us with blogs can turn our side businesses into the kind of scale that Christianpf.com has reached! Inspiring stuff!
Great interview you two and some inspiring take-aways!
Patience and continued debt attacks – no matter how small – seem to be the order of the day.
And congrats on continuing to serve others through your PF blog Bob, that is as impressive as your paying down your huge debt!
How long did it take you to pay everything off?
Thanks Bob for your words and thanks Hayley for featuring Bob.
Take care and my best to all.
Lyle
lyle @ the Joy of Simple recently posted…Living A Life Without Regret
Not being familiar with Bob’s story, was the side income from the blog and how did you use that to pay off debt? Did you take every $ from the side income and throw it at debt or did you keep some as a reinvestment/savings?
Even Steven recently posted…Saving Money on Beer-The Brewery Tour and Craft Beer Week
Great job Bob! Nice story. Thanks for sharing. You inspired me with your “Refuse to give up”. That’s the spirit!
Great job, Bob! I noticed that you mentioned “staying on the same page” as a difficulty in marriage. I was just talking to someone about that yesterday. He actually went through a divorce that was 90% about them not being on the same page financially. I know finances are a big cause for marital programs, but that is still horrible. Thanks for sharing! It’s motivating to see someone get out of this much debt.
Kalen @ MoneyMiniBlog recently posted…3 Ways to Start Investing for Retirement With $100 or Less
Great interview! I am impressed with you Bob. And all my friends if you are interested in saving money and budget planning, you can contact with certified financial planner.