Posted on 12/27/2012 11:14:55 AM PST by Altariel
When Cherie and Brian Lowe of suburban Indianapolis threw a party last spring, 150 well-wishers came bearing casseroles.
This was no birthday or anniversary bash. Mr. Lowe, a lawyer, and Ms. Lowe, a stay-at-home mom, both 36 years old, were celebrating an accomplishment: paying off $127,482.30 in debt, mainly student loans.
Partygoers came from as far as 200 miles away. Some had never met the Lowes but followed their quest through a blog called Queen of Free. Guests won prizes such as personal-finance books, museum passes and homemade cleaning supplies. One friend sang "Sallie Mae Is Not My Lender" to the tune of Michael Jackson's "Billie Jean."
Americans are struggling with student loans like never before. Outstanding student-loan debt hit a record-high $956 billion in the third quarter, and 11% of student-loan balances were at least 90 days behind on payments, according to the Federal Reserve Bank of New York.
Some borrowers are fighting back, using a combination of extreme frugality and extra part-time jobs. And a few who win the battle by retiring their bills early are marking the triumph in style.
(Excerpt) Read more at finance.yahoo.com ...
Of interest to the Dave Ramsey PING list.
(I don’t mean to veer off - but a correction)
Dear Kelly - in the Midwest ‘casseroles’ are the serving dishes.
‘Hot dishes’ are the food.
Get it right, you ignorant leftwads.
In the past, I busted my @$$ to get to the point of being debt free. And when you are debt free, no one can pull you with the short hairs or put you in the position of either not playing the game and losing what you worked for since you cannot pay your debt -or- playing the game in order to get money to pay your debt.
In my class I teach at the university, I show students a spreadsheet program to see how debt is paid off (interest up front) and give them the tools to be financially well off when they start dealing with banks. I had a 15 year mortgage on one house I owned and within the first few years, I paid extra money towards the principle and ended up paying it off in 7 years.
The best position to be in when you are debt free is that it is easy to tell your boss to **** off if they want to push you into doing something illegal or unethical.
This is something our Federal Gov’t can do, live within their means instead of running up more and more debt.
Didn’t ‘we’ used to call these Mortgage Burnings?
Why does it seem people think they invented the wheel when something has been going on for years?
Rush used to tell the story of someone bemoaning the fact that “W” won the Election.
“I can’t really believe it as not one person I know voted for him”.
That is kind of making oneself the ‘center of the universe’ doesn’t it?
Kinda like the “Burn the Mortgage” parties I remember.
Good points - thanks
“Didn’t ‘we’ used to call these Mortgage Burnings?”
Well, ifn you read the story it wasn’t about burning a mortgage - it was student debt.
Good on ‘em! Me and Mrs. VPINTHEAK are working hard and getting out from the slavery of debt!
Well, ifn you read the story it wasn’t about burning a mortgage - it was student debt.
= = = = = = = = = = = = = = = =
Mortgage, credit card, student, vet bill, doesn’t matter, ‘they’ are acting like they just invented something new.
Few years back used to be a guy on radio (don’t think it was Dave Ramsay - might have been) that dedicated an hour or so of his show to have a CUT UP YOUR CREDIT CARD day - After it was paid off.
My point was ‘every time’ these 30 somethings do something ‘they’ think is new it gets treated like it was.
Well, ifn you read the story it wasn’t about burning a mortgage - it was student debt.
= = = = = = = = = = = = = = = =
Mortgage, credit card, student, vet bill, doesn’t matter, ‘they’ are acting like they just invented something new.
Few years back used to be a guy on radio (don’t think it was Dave Ramsay - might have been) that dedicated an hour or so of his show to have a CUT UP YOUR CREDIT CARD day - After it was paid off.
My point was ‘every time’ these 30 somethings do something ‘they’ think is new it gets treated like it was.
Good article, thanks for the ping. Sadly I only have my phone right now and can’t switch sessions to get my ping list. It is on my profile if you are up for sending it out.
Both parties celebrate steps in the right direction-—getting out of debt and truly *owning* what you have.
If only Congress would follow suit.
“Debt is dumb, cash is king, and the Dave Ramsey PING list has taken the place of the BMW as the new status symbol of choice.”
(I’m pretty sure that’s what Dave would say, if he were a Freeper.)
If you are a Freeper, Mr. Ramsey, join in!
Now if we could just get property taxes converted to sales tax, we could truely be free of the threat of the gubmnt taking our homes,
“Debt is dumb, cash is king, and the Dave Ramsey PING list has taken the place of the BMW as the new status symbol of choice.”
(I’m pretty sure that’s what Dave would say, if he were a Freeper.)
If you are a Freeper, Mr. Ramsey, join in!
That’s more than my house. I graduated college without a student loan. First house mortgage was paid off in less than 5 years. Second house mortgage was also paid off in less than 5 years. Don’t owe anyone now. I must be doing something wrong.
In Michigan we called the food a casserole too. You make a casserole.
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