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Personal Finances / Credit Cards and Consumer Debt
|Subject: The Plan||Date: 1/26/2014 12:37 AM|
|Author: FlippoHip||Number: 307731 of 309666|
I got back into debt when I got divorced about 3 years ago. I have a house that I bought about a year after the divorce (he kept the house and everything in it). I bought when the prices were super low and so was the financing. The payments are cheaper than rent and the finance rate is 3%. I'm not worried about paying it off right away and I already have equity.
I was making less than 1/2 of what I make now, and I had to use credit to make ends meet and furnish the new house after my divorce. I let it snowball. I know...bad, bad, bad.
The plan is to be debt free in less than three years. I may be able to swing it in two and a half years if I add in tax refunds, but I never count on those.
This is while still putting some in savings every month. (I know, Dave Ramsey says not to, but I worry the roof will go or the AC will die or something. A $1k e-fund isn't comfortable for me.)
I have a $10k signature loan. (I bought my mother a car and gave her some money to help until my fathers will and their savings account is out of probate. He just died last month. It's a brand new loan)