My plan to be debt free

[Slandgie]

Awesome news! Keep us posted on your quest to be debt free!

[graceful]

WTG!!!

[Radiance]

I am switching gears... My EF is $1500. and my oustanding debt is $10,100:

Visa
Balance: $2200
Limit 2800 --->Reduced from $5000
Interest: 12.99%
Available balance: 0
Monthly interest fees: $31
Annual Fee: None
Monthly minimum: $50

Car loan
Balance: $7900
Interest: 5.95%
Monthly payment 297, out of which 49 is interest, 248 goes to principal
Monthly interest fees: 49

I want to pay the Visa because I am so close and the interest is higher.
But, instead of pre-paying the car, I want to build an stronger EF first.

I want at least one month of expenses in the bank (currently I need $4000 to cover monthly expenses comfortably)

When my EF is $4000 I can allocate some money to keep on building EF and some to prepaying the car...

What do you think?

[creditcardfree]

Personally, after your EF, I get rid of that credit card first.

Oh, maybe you are working on the credit card, EF and then car. That would be great, too!

[Radiance]

Yes, CC->EF->Car!!!
I feel great about this!

[creditcardfree]

Yes, CC->EF->Car!!!
I feel great about this!

You should feel great because you are doing great! Keep up the good work.

[woodie96]

doing great Radiance....keep up the great focus and keep plugging away!!!

congrats!!!