It’s Okay to Be in Debt, Just Not Okay to Stay in Debt

While getting into debt was not ideal, I don’t regret any of it, and thankfully we had the financial means to dig out. I know not everyone is as fortunate. Regardless, this is our story.

Going Nearly $200,000 in Debt

After graduating from college with a master’s degree at the age of 25, I started life with a clean slate.

I had managed to save a few thousand dollars more over the years from my job, waiting tables and bartending in college. So at age 25, I had no debt and a decent amount of money to start my life.

If I could do it all over again, there are things I would do differently. Regardless, by my 30th birthday, we had managed to accumulate nearly $200,000 in debt. How did this happen?

First was the newer car “needed” since I had a better-paying job and could afford it. That, of course, came with a five-figure loan.

We purchased my grandparents’ old house shortly after my grandmother passed away. We are still spending money renovating this house ten years later.

The house was purchased below market value though we still ended up with a $100,000 mortgage and a home that needed to be completely renovated.

And last but not least, we ended up buying a lake house with family.  And yes, we went in on the lake house purchase already nearly $200,000 in debt.

Drowning in Debt

There are some things we could have done differently to avoid debt. But, at the same time, I do not regret any of these decisions.

It’s Okay to Be in Debt

 It’s okay to go into debt; it’s just not okay to stay in debt. You have to face your debt; otherwise, it can be challenging to make progress financially.

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