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Saturday, January 15, 2011

Debt Paydown Update


I was so happy to see that our current debt that we're working on in the debt snowball has now broken the sub-$2000 mark!  I loathe this debt (although it's not my least favorite one-that would be our second to last one.  I can't stand that one!) because it's on our 2004 van, and a reminder that we bought way too much vehicle.  We leased it!  For five years! What were were we thinking?  Anyway, we're now on our way to owning it and when this debt gets paid off, it's a tipping point for us-we'll really pick up pace on our debt snowball since the payment on our van is almost $400.

Our loan was at $8166 when we started knocking out debt 14 months ago.  I take in all rebates to the bank and put them directly on paying this debt down.  I've gotten to know the tellers pretty well with my sometimes sub-$10 checks because I take them in as they filter in, so lots of little trips.

image credit: photobucket

4 comments:

  1. Wow, are we proud of you guys!! And, wait until the day you get to pay for your next car in CASH!! You're on your way baby!! <3 CB

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  2. Yes, it will be cash even if we have to buy something very old! There's something to be said for having it PAID when you drive it home for the first time!

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  3. Nothing wrong with old . . . . . you've seen ours, but we PAID for them with cash! :-) You guys rock and I love hearing your updates! :-)

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  4. Both of you guys have made some good decisions with cars....I wish had modeled our car buying after you. But, things have changed, and we'll be paying cash from now on!

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