Frankly My Dear I Don’t Give a Damn
I recently read a story from a fellow blogger Eyes on the Dollar She shared her personal story on she paid back her credit card debt through an interview on yahoo finance. After the article in the comments section she received a lot of negative comments, enough so that she wrote an blog post about just that. In summary Eyes on the Dollar was able to pay off 30K in less than 2 years; she took a lot of criticism for what I could only see as she made a good amount of money. The criticism received was from people basically saying, “You make 200K, any person who could stand on two legs could do this” I started to think about the statement they were making and to me it said they were not impressed with debt repayment if you made a bunch of money.
So then what is “really impressive” when paying off debt? I ran some general numbers about eyes eyesonthedollar debt payoff. I said she made 200K and paid off 30K in 2 years, which comes out to 7.5% of her income per year, is that “really impressive” from the comments they did not seem to be too impressed. What would have been more impressive? If she would have paid off 60K each year for a total of 120K in 2 years would that have been impressive with 30% of her pay? Is 120K or 60% of your salary impressive? Does any of it make a difference is the fact that she makes 200K immediately put her in the “anyone can do that” with that salary category?
This made me think even more, how much money did she have available to pay on her debt? Did she pay 40% of her salary on the mortgage? Does she have a cable and cell phone bill that trumps most peoples car payment? Speaking of cars maybe she owns a BMW and an Escalade, making those $700 payments? Would that make her debt repayment more impressive or does the fact that she didn’t cut her cell phone and cable make it less impressive?
I began to think about how I have been paying off debt. I paid off one of my student loans in less than 7-8 months at a little over 9K, I only had one focus, Axe the Debt like Ragnar. It didn’t matter if I was making 100K or 50K, I paid off that student loan, I made a goal and I reached it. I didn’t care if a commenter said yeah but you make 200K anyone could do that. No sir or madam I worked hard for it. I went to college, started at entry level job, always stayed late and worked over time, started an eBay business, used my bonus and tax refund check (not buy a big screen TV) and did all this so I could pay off my student loan debt, quite frankly “I don’t give a damn, what you have to say” I did it.
What would be “really impressive”? To me what is really impressive is someone who paid off their debt, someone who worked hard, made sacrifices, they can make 30K or 300K, what really makes a difference is “they paid off the debt”. Next time you see a blogger out there who paid off a student loan or credit card, congratulate them, give them a “air high five” and if you receive a comment from someone who wants to criticize you for paying off debt, please tell them “Frankly my dear I don’t give a damn”.