Friday, January 28, 2011

Debt Paydown...

I did it!!! I paid off the following:

$800 - Capital One Business Card
$2,300 - Perkins Loan
$5,300 - Private Student Loan (T)

$8,400 - Total Payoff

After I got through paying all of my bills, I realized that I could pay off the three debts and still have $900 leftover. Now, some folks will say I am not being "gazelle" because I am not putting the $900 towards my next debt but OH WELL!!! I feel pretty gazelle by paying off all that debt!!!

Since the $900 is extra money I didn't budget for anything, I am going to sit on the $900 and continue my $200/week challenge. I will decide what I WANT to do with the $900 later. In the meantime, I have three, three, three debts paid off that will NEVER come back again!!! Thank you God!!! With the debt repayment, I still plan to snowball the extra freed up cash flow.

Thanks for all of the encouragement to keep with my plan to pay these three debts off. I started off with $257,500 in debt and since I began this journey last year, I have paid off a total of $16,550!!! I am on my way!!!

11 comments:

The Borrower said...

That is down right fabulous! 3 less payments to make, to remember and to have hanging over your head.

I hope you find something amazing to do with your extra $900. I think keeping 10% is not bad, but actually savvy of you!

velvet jones said...

OMG! Congrats! What fantastic news! Keep up the good work :-D

Zuzu said...

Way to go!

DreamChaser57 said...

O-M-G! I'm so impressed and proud of you WCB. Keep going. Just a quick tip, sometimes it's hard to part with large sums in one fell swoop. With the $900, for now, maybe just commit $100 to your next debt. Hold onto it and as your next pay day approaches and you do something reasonably nice for self send another $100. Don't forget to change your mindset about money, read another PF book, listen to the Ramsey podcasts. Forge ahead.........

Natasha said...

Good for you! I don't blame you for wanting to keep the $900 for yourself, and I think sitting on it is a wise choice. Obviously, you'll feel deprived if you throw that $900 at debt right now, and that could boomerang on your efforts. That said, you may sit on it for a month and discover that what you WANT to do with it is throw it at debt. Or you want to throw half at debt and half toward golfing with your friends and family. (Or even throw all of it at some sort of "for you" expenditure.)

As long as you really are working hard to change your thoughts on money (and I think "sitting on it" can and should be part of that), you'll get there, even if it's not what Ramsey would consider "perfect".

DreamChaser57 said...

Oops - I 4got to mention somethin' WCB can you add the dates by your most recent fantastic and astounding accomplishments, like you did with the emergency fund.I think your progres is going to blow your mind and ours to, and I want to appreciate it with the context of time. Am I being anal!? LOL. I hope not. You are inspiring me as we try to get gazelle over here.

Chitown said...

@ The Borrower - Thanks so much!!!

@ Velvet Jones - Hi Stranger! Thanks a bunch!!! =)

@ Zuzu - As always...you're the best. Thanks for the support! =)

@ DreamChaser - You will have to share your story one day since we're anonymous here and we can all support you in getting gazelle too!!! Sorry about the dates, that was just an oversight. I will add those tonight. =)

@ Natasha - Thank you!!! I really was feeling deprived like I worked my butt off for that bonus and I know I am still going to work my butt off to pay off this debt. Thing is, I set a goal to pay those three debts off and I am just tickled that it worked out that I was able to do it and still have a bit leftover. I am just going to sit on it for a while and I will see what I will do with it soon. =)

Kathy said...

Atta girl!

Chitown said...

I just realized (Duh!!!) that some of you are regular bloggers too. I will be checking you guys out too. =)

Broke by Choice said...

You mentioned that you have paid off $16550 in the past year. I want to highlight that something else...half of the $16550 was paid in the last 3 days.

You are on a role...welcome to the world of gazelles. Before you know it you will be debt free.

caroline said...

That is great!