Friday, September 22, 2017

Quick Debt Update



Quick Debt Update



A couple days ago, with added interest, my loan balance was $3675.  I threw $400 at it on the 18th and another $1500 at it on the 19th.  The $1500 came from the boat and my decision to use the money for my debt, instead of putting it toward some other toy that would just sit in my driveway.  So today, I am down to $1575.  My Visual chart with all that green, representing cash thrown at the loan, makes me happy every time I see it.

What type of incentive do y’all use to help you, or remind you, to pay off your debt?

4 comments:

  1. I just want to free up the cash flow even if my interest rate is low. My car expenses is a big part of my overall budget right now but I've been throwing an extra 200/300 at it from time to time and the debt is under 8k now. I'm hoping to pay it off before the end of 2018 and free up all that cash for investing.

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  2. TITM,

    It looks like your payment may be around $250 per month and you're throwing about $500 per month at it. Have you considered selling it to free up your monthly cash flow?

    Brian

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  3. It's great you're focused on reducing debt. Before my blog, I used a friend of mine who acted as an accountability partner. Now, blogging helps me to keep accountable. I have high hopes to pay off my student loans, but it's kind of daunting because the balance is so high. It's very hard to dump $400 on a $2000 balance, because I'm still going to have $19600 left. But, I try to always throw something extra per month.

    Finally, I set a goal and a monthly target. Then I just concentrate on hitting the monthly target every month. That seems to work for me (except for the past few weeks).

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    Replies
    1. DP, I hear you on the accountability partner. It's a tough journey without having like minded folk to bounce ideas off of. Your debt load is way less than most. Keep at it and kick its ass!!!

      Brian

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