Year long debt payoff plan

Discussion in 'The BS Topic' started by 1970 gold, Nov 20, 2020.

  1. 1970 gold

    1970 gold Veteran Member

    Messages:
    885
    Likes Received:
    210
    Joined:
    Aug 4, 2005
    Location:
    White, Ga, United States
    I started the year with a student loan and balances on 3 credit cards. Down to just 1 card and will have it paid off end of Dec.

    Starting in Jan I will be paying extra on wife’s car until paid. Goal to be down to just house payment by next Dec.

    feels good to get that weight off.
     
    Coadster32, 1980RS, 1972_Z-28 and 7 others like this.
  2. badazz81z28

    badazz81z28 Veteran Member

    Messages:
    19,215
    Likes Received:
    1,091
    Joined:
    May 4, 2001
    Location:
    Alabama
    Should have waited...isn't the Biden admin going to forgive all student loans? Its good to pay the cards off! I don't fret about car payments though, I buy a new car every couple years. I know people can save money by driving the same car for a couple of decades, but I don't want to worry about walking or auto repairs.
     
  3. CorkyE

    CorkyE Veteran Member Lifetime Gold Member

    Messages:
    10,997
    Likes Received:
    722
    Joined:
    Nov 4, 2004
    Location:
    Ringgold, GA
    Good on ya! :) Feels good not to owe for anything.
     
  4. The Champ

    The Champ Veteran Member

    Messages:
    5,179
    Likes Received:
    946
    Joined:
    Sep 14, 2000
    Location:
    MN
    Only debt is the house. We're reducing the principal by over $2550 per month right now, so won't be long before we're totally debt free.

    Haven't carried a balance on any of our credit cards for over 15 years. We use them all the time, but pay off the balance every month so we can truly reap the rewards they offer.

    Looking forward to replacing our 2014 Cadillac ATS4 about this time next year and paying cash for a new 2021 CT4 Sport or V (take advantage of end of year sales promotions). With the exception of 2 sets of tires and oil and filter changes as required, we haven't had any other maintenance expenses with this vehicle in over 70,000 miles.
     
    1972_Z-28 and jeff swisher like this.
  5. xten

    xten Veteran Member

    Messages:
    3,800
    Likes Received:
    2,639
    Joined:
    Sep 24, 2014
    Location:
    Pittsburgh, Pa.
    That sounds like a great plan. With uncertainty a few years ago just coming out of the hospital, I started on the same program as you. Against my accountant's advise I sold some cars, (now down to 6) cashed in annuities, sold some stocks. With the exception of an unsecured credit line I'm debt free. There is nothing like that feeling and peace of mind. Didn't want to burden my wife with a bunch of debt if I were not around anymore
     
  6. czizza

    czizza Veteran Member

    Messages:
    1,107
    Likes Received:
    96
    Joined:
    Jan 8, 2004
    Location:
    N. Massapequa, NY, USA
    Congrats! All I have is 5 years left on my mortgage and my last kids college then I am done as well. I paid off the first two kids colleges and gave them weddings too.
     
  7. jeff swisher

    jeff swisher Veteran Member

    Messages:
    1,727
    Likes Received:
    573
    Joined:
    Apr 26, 2018
    Location:
    Yukon Oklahoma
    Read This!


    Friend got divorced and stuck with over 10,000 in credit card debt.
    He found card companies that would give him 0 interest for the first 3 months on transferred balances.

    He transferred all his debt onto that 1 card and when 3 months was about up he found another card that did the same ZERO interest on transferred balances.
    He paid off the debt in less than 9 months and paid minimal interest.

    I seen my dad living paycheck to paycheck and never paying off a car or house.
    Mom always wanted an upgrade.
    F that I thought when I was about 16 I decided i would not be paying on a house at 45 years old.
    I was 36 and paid off my second house.
    I own 4 houses now and 3 are rentals.
    All paid for.
    Houses here are inexpensive though compared to many states.

    I have had 8 houses all paid for some I rented to own and people did not default on the loan.

    At 17 I was loaning money that I had to people 3 times my age and getting paid back monthly with interest.
    I had plans in place when I was young.

    Wish I had bought more land though when it was cheaper.
     
  8. SPG

    SPG Bumblebee Builder

    Messages:
    816
    Likes Received:
    244
    Joined:
    Sep 1, 2018
    Location:
    Sacramento
    My main objective in life was to make sure the only payment I would have by the time I'm in my 30s is my house payment and bills that you can't get rid of.

    The only debt I have right now aside from my home is my honda, and thats expected to be paid off by the end of 2021. I use my credit cards like debit cards so I don't have to worry about interest or anything as I pay them off each month, I purely use them just to build my credit score.

    I grew up pretty poor and my parents always made some pretty bad financial decisions which made the situation worse so they more or less showed me what not to do. If all goes well I should be sitting pretty by the time I'm 26 and can have a little bit more freedom in my life.
     
    jeff swisher likes this.
  9. Fbird

    Fbird Veteran Member Lifetime Gold Member

    Messages:
    5,012
    Likes Received:
    1,150
    Joined:
    Feb 12, 2011
    Location:
    atlanta, ga
    quick answer here....NO!
    just going to make dept of ed do what they have been doing (EXCEPT FOR THE LAST 4 yrs) which is to forgive some student loans like ones to students who got RIPPED OFF by schools who CLOSED ...but yet were still ACCREDITED by our super-efficient government.
     
  10. danbrennan

    danbrennan Veteran Member Lifetime Gold Member

    Messages:
    3,971
    Likes Received:
    728
    Joined:
    Mar 13, 1999
    Location:
    Brighton, MI
    Excellent; yes, it's nice not having to think about monthly payments. Especially the credit cards. The interest on those is just ridiculous.
     

Share This Page