Monday, August 29, 2011

Free at last!

Well, something like that.

I don't like to talk about it much, but DH and I borrowed nearly all of the down payment for our house from my parents. Not a fact I'm proud of, but given the time and the circumstances, it was the right thing to do.

Yesterday, four and a half years later, I paid it off! My mom controls people with money, a fact I knew going into the deal and now I'm no longer in debt to her. I'm sure that she's happy and proud of me for paying her back in full (plus interest) and so quickly (5.5 years ahead of schedule) but she probably is a little sad knowing that with that check I cut the last real string she had on me.

I decided to pay it off yesterday because it was her birthday and my SIL made dinner for everyone. I made my mom a purse* as her gift and wrapped up the check in the 2011 payment statement and put it in one of the pockets. But all passive-aggressiveness aside, I guarantee you that loan was the best investment they've made in 4.5 years** so we all benefited from it.

I have been itching to pay that off. I'd intended to pay it off at the beginning of the year but we knew that my job probably wasn't going to last so we shifted things around and decided it was better to pay the car off first. So we got that paid for in January (!!!) and now we've paid off my parents too!!! Now our only debt is with the bank for our house and land. Debt sucks and must be eliminated! Die debt, die!

* I'm kicking myself for not taking a picture of the purse. It was Butterick #5109(B) (the lower left one) made with black pleather exterior and pink plaid lining and silver rings on the handles. It was cute, but the shape turned out a lot more triangular then the picture shows, and I didn't love the shape of it.
(The only scrap I have left of the lining fabric)

**That's not to say that my parents aren't savvy with their money, but, ay craramba, the economy really has sucked for the last several years.


Celia said...

YAY! Debt does suck. We have a little. Mostly it is the car we bought when we were delirious with exhaustion from Peter and had no good sense. Lesson learned NO MAJOR PURCHASES when you are not getting enough sleep. Ugh. If we had not done that our old car would have been paid off by now and beyond the haze of exhaustion was really just fine for us.

My stepf@cker controlled people with money and I refused to play along. I disowned him after he and my mom refused to sign off on my college loan paperwork. They did not like the career I had chosen and so although they paid for and helped and signed whatever for my stepbrother and stepsister and for my sister, I went it alone. The financial aid officer said she had never seen anything like it unless the state was involved. Like I guess if you were in foster care? It was pretty life defining for me. I had to wait till I was 23 to go to college because I had been living under their roof, and so I needed their tax info and signatures for my financial aid paperwork. I planned and saved and worked and then got the heck out and did not look back.

Jessica White said...

YAY! What a great feeling! We have intentionally never borrowed from my in-laws because of that very thing...and my parents are just as broke as us lol

That is one cute bag!

Kate said...

Congrats on your achievement! Must be so satisfying to be rid of that personal debt.

Sophie said...

Congrats! I can't wait to be free of debt.

Michelle said...

That's very exciting! I have entirely too much debt. We have 2 car payments and it will be another year or 2 till we're clear with those. I can't wait.

Anonymous said...

Congratulations on paying off the debt! That must feel so great! And to pay it off in less than half the time originally planned, that is amazing.

My mom does the same thing, tried to control us with money, and I am so glad that I have been free from that bullshit for a while. The last major issue we had was our wedding, which we paid 90% for ourselves. She offered to buy my wedding dress, which was very nice of her, but going dress shopping with her was miserable. She was so awful, saying in front of the saleswoman "if you pick that ugly dress, I am not paying for it". Eventually I found a dress that she loved and I loved too, so it all worked out, but it reminded me of why I do not want to be owing her anything!