Why Throwing a Party for Paying Off Debt Is a Good Idea

By Deanna Templeton

NEW YORK (Credit.com) — Ever thought about what it would feel like to be debt free? The anticipation and excitement of making that final loan or credit card payment, officially signaling the end of your get-out-of-debt journey? The thought alone can be euphoric. If it were only that easy.

With outstanding student loan debt tipping the scales at more than $1 trillion and consumer revolving debt weighing in at $858.4 billion, it’s not a stretch to say debt has become a way of life in America, and an overwhelming nightmare for many.

So maybe it’s not so surprising The Wall Street Journal recently reported that some people celebrate the accomplishment of getting out of debt by throwing a loan-payoff party. We’re not talking about a small, intimate get-together with a couple of close friends or family members. No, we’re talking a huge celebration bash with 150 of your nearest and dearest friends, family members and online supporters — who are so excited about your success they’re willing to travel from as far as 200 miles away to celebrate your victory with you.

That’s exactly what Cherie and Brian Lowe did last spring when they reached their four-year goal of getting out of debt by paying off a total of $127,482.30. Throughout their journey, Cherie wrote about the family’s quest to be debt free on her Queen of Free blog, which is where those online supporters followed along and rallied for her along the way.

The Lowes aren’t the only examples of consumers who have overcome and paid off significant amounts of debt. One consumer from Manhattan will host her celebration party Jan. 25 after she makes her last credit card payment and successfully pays off $37,000 in credit card debt. Then there’s the 29-year old Harvard graduate who paid off $90,000 in student loans in seven months. (He chose to forgo the party route because he simply didn’t have the money to throw one, but it’s a huge success nonetheless.)