She Strengthens

From Debt to Freedom: My Personal Journey

The Unexpected Twist: Identity Theft

Between 2016 and 2017, my life took an unexpected turn when I became a victim of identity theft. Someone stole new credit cards mailed to my old address, and I was left unaware, still holding onto the old cards. The thief managed to steal $3,500 from one credit card and attempted to steal $15,000 from another. It took six months to clear my accounts, and I eventually closed all but one account, grateful for Discover Card’s helpfulness.

The Debt Accumulation

After graduating from grad school in 2007, I struggled to find a full-time job in southern California. I resorted to “funemployment” opportunities, such as tutoring, working on a movie set, and substitute teaching. These jobs didn’t pay all my bills, and I accumulated about $10,000 in credit card debt between 2007 and 2017. I also had a private student loan of $15,000, which I used to live off during periods of unemployment. By 2017, I owed $20,000.

The Wake-Up Call

The identity theft incident forced me to take control of my finances. It was tough to distinguish between the stolen debt and my own mistakes, but I eventually figured it out. I realized that I needed to make changes to avoid falling into debt again.

The Payoff Strategy

Paying off $30,000 in two years wasn’t easy, but it was a combination of small steps. I started by creating a payment plan for my private student loan to avoid delinquency. For my credit card debt, I opened new 0% interest credit cards and did balance transfers. I also asked one credit card company to lower my rate from 18.99% to 9.99%, which they agreed to. When I finally landed a better-paying job, I saved all my extra money after expenses.

Lessons Learned

Throughout this journey, I learned to prioritize my spending and wait for what I truly needed. I didn’t inflate my lifestyle, even when my income increased. I didn’t buy a house, get married, have a baby, or go on lavish vacations. Instead, I focused on paying off my debt and closing unnecessary accounts.

The Power of Patience

One of the most valuable lessons I learned was the importance of waiting my turn. I’ve come to realize that I don’t need to keep up with the latest trends or compare myself to others. By being patient and focused, I’ve been able to save money, identify my priorities, and seek what truly suits me.

My Early Retirement Journey

Today, I’m on a mission to achieve early retirement and find peace, belonging, and community. My debt journey has taught me the value of living below my means and avoiding unnecessary expenses. I’ve left the noise of consumerism behind and found comfort in the silence. I’m proud to say that I’ve paid off my debt, and I’m now focused on building a better future for myself.