Wednesday, March 26, 2014

The Downside of Debt

In January, we took a loan out for the RV we purchased.  I justified the purchase at the time (we always do when we really want something, don’t we?) but when the first payment of over $1,000 was due in February, I was reminded of how much I hate debt

The day we signed the loan papers on the RV was the day that my husband was let go from his job of over 8 years and therefore we went without a paycheck for nearly 3 weeks until he was on payroll with his new position.  The very next week after his first paycheck I was informed that my hours (and therefore pay) would be cut by25%!  

It has been over a month, and we are still juggling our income and expenses to get on some sort of regularity, but the budget has really been kattywampus.  Part of the reason is that extra $1000 payment that is being sent out each and every month on top of a decrease in income.

I mentioned in the post about our RV that we will be paying off the house by October.  I have changed my mind about that.  I want the RV to be paid off – AS SOON AS POSSIBLE! I do not like the uncertainty that this $1000+ payment brings to our lives.     

To me, debt feels like I am trapped, suffocating and out of control with uncertainty peaking its head around every corner.  Debt has made our 6 month emergency fund a 3 month emergency fund and this is unsettling.

My new goal for this year is to have the RV paid off by October and I never want to be in debt every again (except for a (very small) mortgage if we choose to settle down in one spot again in the future).  

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