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Author: mjw3786 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308362  
Subject: To that debt, I say GOOD DAY Date: 9/8/2012 9:55 AM
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It's been a bit over a week now, but I wanted to wait for the payments to clear before reporting this next update :]

Last thread: http://boards.fool.com/some-happy-dancing-update-30007585.as... [4/2012]

I sent the last payment to Chase at the end of August and I am happy to report that my total CC debt at the time of this post is now ZERO!!! *dancing furiously*

I still owe approximately $4K on my auto loan. I do plan to shift my snowball to pay this down quicker than the previous $450 monthly, but the focus now will be to build up cash reserves, saving for a modest wedding, april vacation/honeymoon and a down payment for a home.

We're in no rush to purchase a home, but having the power to save where I once was "making money vanish" as it was immediately handed over to CC balances each month is something I am really looking forward to.

I am also happy to report that in staying the course of repayment I also managed to continue saving to both e fund and investments. My net worth is just under $50K in the black!

You folks have been so helpful to me over the years. I want to say thank you from the bottom of my heart. My story is not unique but it is mine and it has been my cross to bear for well over a decade now. Today is the first time I am able to say that I have NO CREDIT CARD DEBT since my freshman year of college. Boy does that feel good.

To those of you still grinding away, or drowning under the pressure of seemingly insurmountable debt, you can do it. It seems impossible at times and those balances really suck the wind from your sails, but try to remember that the end result is worth the struggle. All the best.

So once again, Fools, I thank you. And to that lousy credit card debt, I say GOOD DAY!

Turning the page, stronger, wiser, and more focused than ever...
Mike
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Author: Fuskie Big funky green star, 20000 posts Top Favorite Fools Old School Fool Ticker Guide SC1 Red Winner of the 2010 Rule Breakers Challenge Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305914 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/8/2012 10:35 AM
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Congratulations!

Fuskie
Who is glad to see that you now have savings goals where you once head debt payments...

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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305915 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/8/2012 12:11 PM
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It's been a bit over a week now, but I wanted to wait for the payments to clear before reporting this next update :]

Last thread: http://boards.fool.com/some-happy-dancing-update-30007585.as...... [4/2012]

I sent the last payment to Chase at the end of August and I am happy to report that my total CC debt at the time of this post is now ZERO!!! *dancing furiously*


Woo Hoo! That's sticking to a plan!!!

I still owe approximately $4K on my auto loan. I do plan to shift my snowball to pay this down quicker than the previous $450 monthly, but the focus now will be to build up cash reserves, saving for a modest wedding, april vacation/honeymoon and a down payment for a home.

So with about $3000/month to apply towards the combination of debt and savings, if you pay about $1500/month toward your car, you could give yourself a very nice Christmas present of a free and clear car title, and still have put away about $5000 in savings toward your other goals.

Then 2012 will have really been the 'year of debt dismissal' for you. And it seems like it would be a really good start to 2013, too.

AJ

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Author: mjw3786 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305917 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/8/2012 1:03 PM
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If I include the normal $450 auto payment and pay an additional $1500 per month it would actually be paid off at the end of October! [I just updated my mint balances and the loan is actually at $3890.21]

This would still allow for substantial savings in those months so I think that is a good approach. The original loan was 60 months and the last payment was #48 so I am looking at a 10 month shave off the loan. Not too shabby considering I was almost $40K in CC debt when I took on the original loan back in 2008.

Another good "habit" i've picked up in all of this is using a single CC for expenses and paying it in full every month. This has not only helped me to be responsible with credit, but i'm earning cash back that has mildly expedited my repayment.

Thanks y'all, 2013 is certainly looking bright!

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Author: alstroemeria Big gold star, 5000 posts Top Recommended Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305920 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/8/2012 2:38 PM
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Congratulations!

pssst...Don't forget to save for your next car--wouldn't it be great if this were your last car loan ever?

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Author: shirehobbit Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305925 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/9/2012 3:37 PM
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Mike, congratulations paying off your credit debt! *toots horn and throws confetti*

What a wonderful way to head into your marriage!

Cheers,

Shire

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Author: Windowseat Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305926 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/9/2012 6:24 PM
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Hey shire! You're back!

Nancy
you've been missed.

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Author: shirehobbit Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305927 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/10/2012 8:50 AM
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Hullo Nancy! I've been quietly reading the board posts, but I had to come out of lurkerdom in order to join a fellow warrior in celebrating the slaying of his cc debt dragon.

Cheers.

Shire

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Author: mjw3786 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305928 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/10/2012 1:31 PM
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Thanks Shire! Hope you're well my friend.

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Author: greenvillewolf Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305969 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/18/2012 10:03 AM
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Way to go!

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Author: Fuskie Big funky green star, 20000 posts Top Favorite Fools Old School Fool Ticker Guide SC1 Red Winner of the 2010 Rule Breakers Challenge Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 305997 of 308362
Subject: Re: To that debt, I say GOOD DAY Date: 9/25/2012 1:00 AM
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Nice to see ya, Shire!

Fuskie
Who thought of you when he read that The Hobbit would be made into 3 movies...

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