SO and I have been working really hard at paying down debt using the snowball method. So far this year we have paid off her student loan balance ($2,000), one of my student loans ($650) and we just paid off her Amex as well ($1500). We will be paying off my credit card and car loan next. I took a peek tonight to see what the balances were looking like and the credit card is down to $1125 and the car payment is $849!!! So by August we will have paid off 2 student loans, two credit cards, and a car.
The car payment is getting paid off almost a year early, which I am really proud of-- all I did was pay an extra $20/mo on the loan. I took the loan on a 7 year term and I'm paying it off in 6 just by doing that, plus a lump sum of the remaining in August (~$500). I'm really happy about that.
Once we get all of the little stuff cleared up we will begin attacking my student loan debt. Which is really the size of a mortgage ($91K) and with worse interest. We wanted to get rid of all of the other debt so we could put every last cent towards those loans. I currently pay over the minimum but it's not enough with the interest. Plan is to pay them off completely in 5 years. Keeping our fingers crossed it works for us because we really, really really want to be debt free! Which us luck! And thanks for having a subreddit full of great tips for people like us. Debt sucks. Tonight we have less of it!
Submitted June 06, 2017 at 11:05PM by ponderwander http://ift.tt/2rKkWhW
