Real Life Debt Story - Father with Cents

Real Life Debt Stories – Father with Cents

Real Life Debt Stories - Father with Cents shares his debt story with us - starting debt, lightbulb moment, making extra money, favourite repayment methods and how to stay motivated.

Welcome to my series of 'Real Life Debt Stories'. The series is dependent on you sharing your stories, so if you are interested I'd love it if you'd complete this questionnaire. There are just 10 questions.


This week's Real Life Debt Stories - Father With Cents.  Father With Cents blogs over at Chronicles of a Father with Cents .  Since taking a class all about personal finance, his love of this has grown to the point where he now 'chronicles' his own journey.  Read all about his Real Life Debt Story here.


What was your Lightbulb moment?

When I got engaged and fully realized that I would be bringing debt into our marriage. I figured that would be a bad start for our marriage financially and I had to eliminate this debt of credit cards and student loans.

How much did you owe at the time of your Lightbulb moment?

10K in credit card debt and 15K in student loans

How did you feel when you had your Lightbulb moment?

That I had a new goal to accomplish and knew if I could plan this out and work hard on paying it down aggressively that I would pay it off around the time of our wedding.

What/who were the circumstances which caused your debt?

Making minimum payments on my credit card payments and student loans, spending money of mainly wants and not needs, spending more than I earn, not watching my expenses, going out to eat a lot. It created a snowball effect where my debt got bigger and I didn't make an effort to take action.

What were the first steps you took in taking control of your debt?

Increase my credit card and student loan payments. With credit cards I would make payments every week. And with my student loans I would increase my monthly payments from the minimum amount to almost twice the amount.

Where are you now in your journey to being debt free? Do you have a target ‘debt free’ date?

I paid off my credit card debt right before my wedding and paid off my student loans a few months after my wedding by cashing out my investment account to pay off my student loans. I have been debt free for six years now.

Are there any debt repayment ‘methods’ that you would recommend? What has worked for you?

Pay it off in full every month especially when it comes to credit cards. If you plan to buy a car, pay it in full so you don't get stuck in monthly car payments and paying interest on top of that. We bought a prius a few years back and paid it in full at the dealership. We didn't have to worry about making that car payment in time every month.

What advice would you give to someone who has just had their ‘lightbulb’ moment?

Plan and execute. When you figured out that you need to get out of a bad financial situation plan out how you get out of it and start executing that plan immediately.

How do you stay motivated?

Know that being debt free is just one accomplishment when your climbing that financial mountain. Keep building my net worth by saving, investing, and spend wisely

Please feel free to add in any more of your story here?

I think that's it. Thanks for letting me share my story.

Thank you so much Father With Cents for sharing your story.  It was very astute of you to realise the effect that your debt could have on your partner and marriage.  Well done for repaying your debt so quickly!

That is good advice about paying your credit card weekly.  People forget, including me, that you don't have to wait for the bill to be able to make a payment.  This was, if you have some spare money, you could put it towards your debt before you find something else to spend it on!

More real life debt stories can be found here.

Would you like to Share Your Real Life Debt Story?

My aim is to feature ‘Real Life Debt Stories’ from people who have experienced debt. This could be debt of any size, type or reason. Debt that has been paid off, debt you want to start paying off or debt that you are currently in the middle of paying off. I want to share failures as well as successes including the reasons why you found yourself in debt in the first place – as everyone’s story is different.

It is important to show people that they are not alone. I also want to highlight that different methods of getting debt under control work for different people and that there is not a ‘One Size Fits All’ solution.

This is where you come in. If you are willing to share your story with my readers then I'd love it if you would complete this short questionnaire.  This can be completely confidential and names will not be shared OR if are happy for your name to be used, I can use it. If you also have a blog, I am happy to link to your blog too, alongside your story.

Looking to Start Your Own Debt Free Journey?

My 'Debt Busting - Get Set for Success' Ebook is available on Amazon for just £1.79 (or free on Kindle Unlimited).  This book will guide you through 6 practical steps showing you how to start tackling your debt, including:

  • Creating your Statement of Affairs
  • How to plan your budget
  • Choosing your debt repayment method
  • Making your money work for you