Saturday, March 14, 2015

Debt Payoff

The only debt we have is Y's pick-up.  We bought this is July 2014 for $30,000.  He had a trade in with his old pick-up for $3000 and we put $10,000 down.  We put $2000 on a credit card which we paid right away and financed $15,000 at 2.66%.  My thought when we financed it was to divert our money into our retail stock account rather than pay extra on this loan.  My goal was to have at least $15,000 in our stock account by the end of the year.  We actually had $20,000 at the end of 2014.

This brings me back to this loan.  I've been paying between $5-600 monthly on it.  The balance the beginning of this month was $12,000.  Y and I decided that we want this debt gone.  We want to lower our monthly obligations and we are waiting for a market correction.  I paid $200 earlier this month when I received a reimbursement.  Yesterday for payday, I paid another $3600 to it bringing the balance to about $8200.  I want this gone ASAP but I'm not willing to drain our savings account.


2 comments:

  1. The way you are attacking it, it will not take long. We are in the same boat. Only an auto loan left for us as well. We are looking to have it gone by August. Hopefully sooner! Good luck!

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  2. It is nice to attack things in lump sums.I would do this too, But Hub's new hearing aids are eating me alive and now another eye surgery. Pay it while you have it!

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