I'm looking to be debt free!! Need advice.

[kv968]

Nice turn around Belcher, congrats. That truck was really weighing you down, glad you got rid of it. What are you doing vehicle-wise now?

Now just start hitting that personal loan. If you put just an extra $500 a month towards it it'll be gone in less than a year. Keep it going!

[autoxer]

Hey guys! I have more updates

I paid off my Credit Card, which most of you know by now.

I sold my truck also!! It's a big sigh of relief that I don't have to pay that payment anymore.

My payoff was $22,000 and I sold it for $25,500, so in all I lost around $2,500 all together. Which isn't all that bad I suppose.

Now all I have left is my personal loan. Paying that off shouldn't take very long at all.

Nice work! You just knocked out a majority of your debt.

I don't look at it as a loss, it is just the cost of owning and operating that vehicle. Going forward you can choose a less expensive form of transportation. Knowing the true cost of owning a vehicle (depreciation, interest, tax, title, tags, fuel and maintenance) will help you make a smarter decision next time around.

Once you knock out that last debt, be sure to make some new goals! If you think you can use the credit card responsibly, then you can start to build some good credit history for the future. Just make sure to pay it in full every month. You don't have to pay interest to build good credit history.

[Permanent Temp]

That's great! As others suggested I would now put more toward the personal to pay it off more quickly. I would also open up an IRA if you haven't already and start socking some money away toward retirement. Now its a great time to let all that compound interest work for you. I don't know if you mentioned whether or not you can sign up for a 401k but I would look into that as well.

Congrats on what you have achieved thus far and well wishes!

[maat55]

Great job so far. What are your plan for a car? This would be a good time to start a cash basis only when buying autos. We only pay cash and dedicate 400.00 per month to an auto savings plan. Also, you might start setting aside at least 10% of your income into a Roth protected mutual fund.

Your in a good position to establish a financial plan. You should decide how much to spend towards autos, home and luxuries. I recommend you read "The Total Money Makeover" by Dave Ramsey. Having a plan will keep you from making financial mistakes in the future.

Again, great job on selling the truck and getting debt free.