No. of Recommendations: 10

Loan Aug. 2016 Jul. 2016
===================================================
A/C Loan (7.36%) 7,900 0
Student Loan 1 (6.41%) $18,533 $18,693
Car Loan (4.45%) 8,511 8,685
Student Loan 2 (3.86%) 5,206 5,256
---------------------------------------------------
$40,150 $32,634
======= =======


Well, as is so often the case whenever I start getting a little ahead, along comes a four-figure expense to throw a monkey-wrench into my efforts to get out of debt. It might be a totaled car, an expensive home repair, or a major medical expense.

Anyone who says it's hard to get out of debt is silly. I've been doing it every year for twenty-seven years.</joke>

In this case, the expense was a new air-conditioning unit, as our 13-year-old Builder's Special finally gave up the ghost. After draining my emergency fund dry, I was forced to get a personal loan at a local bank. I'll probably balance transfer it to a credit card--hardly a day goes by when I don't get an BT offer in the mail, and that rate makes me sick to my stomach.

I'm still better off than I was a year ago--September of 2015 my loan balance was more than $52,000. So I'm calling this the Three-Steps-Forward-Two-Steps-Back Shuffle. It's not in the same league as a Happy Dance.

On the plus side, I did also manage to put $537.16 into my Loan Payoff savings fund. Also, I decreased my mortgage by $1070.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.