Debt Repayment Motivation

[disneysteve]

That’s awesome. What a great update!

[amarowsky]

Codorfish is ON FIRE!!!! (towards FI/RE!)

[LivingAlmostLarge]

congratulstions

[scfr]

Awesome work!

[mumof2]

congrats awesome job...you must be feeling so amazing almost being debt free

[cdorfish]

I'm back with AMAZING news!

Status Update:

Student Loan A
Starting Balance: $27,690.48
Interest Rate: 6.8%
Current Balance: $0.00

Student Loan B
Starting Balance: $9,587.74
Interest Rate: 7.9%
Current Balance: $0.00

Student Loan C
Starting Balance: $24,332.28
Interest Rate: 5.41%
Current Balance: $0.00

Student Loan D
Starting Balance: $1,379.25
Interest Rate: 6.41%
Current Balance: $0.00

Lasik Eye Surgery
Starting Balance: 4950
Interest Rate: 0%
Current Balance: $0.00

Car
Starting Balance: $23,952.78
Interest Rate: 4.99%
Current Balance: $0.00

I have officially paid off all of my debt! $76,246.70 gone in 1 year, 7 months, and 13 days! What a weight that's been lifted.

My husband recently got a new job, with quite a large pay raise. Our household is now bringing in approx $168k (my husband is now at 95k and I make about 73k with overtime) a year. We will start focusing on our mortgage and building our retirement. (I don't know if I've ever said it, but for reference-I am 33 and my husband is 31). Thank you for all the motivation and all the wisdom you guys have provided!

[disneysteve]

Fantastic!

[jenn_jenn]

That is amazing! Congratulations!!

[james.hendrickson]

I love seeing these kinds of updates!

[LivingAlmostLarge]

Congratulations what an awesome accomplishment! You should go and celebrate and be proud!

[srblanco7]

Congratulations. Huge accomplishment!

[mumof2]

That is awesome congrats to you guys...good luck paying off the house and funding retirement

[Jluke]

Amazing job on getting rid of that debt

i didn’t read through the earlier posts but have been following along.

seriously consider maxing out your Roth IRA’s and 401k (or similar, if available).

the 401k will decrease your taxable income so you will pay less in taxes. This could be bigger savings than paying extra on the mortgage.

what are your mortgage terms? Is it time to refinance or did you already take advantage of recently low rates?

[james.hendrickson]

I'm back with AMAZING news!

Status Update:

Student Loan A
Starting Balance: $27,690.48
Interest Rate: 6.8%
Current Balance: $0.00

Student Loan B
Starting Balance: $9,587.74
Interest Rate: 7.9%
Current Balance: $0.00

Student Loan C
Starting Balance: $24,332.28
Interest Rate: 5.41%
Current Balance: $0.00

Student Loan D
Starting Balance: $1,379.25
Interest Rate: 6.41%
Current Balance: $0.00

Lasik Eye Surgery
Starting Balance: 4950
Interest Rate: 0%
Current Balance: $0.00

Car
Starting Balance: $23,952.78
Interest Rate: 4.99%
Current Balance: $0.00

I have officially paid off all of my debt! $76,246.70 gone in 1 year, 7 months, and 13 days! What a weight that's been lifted.

My husband recently got a new job, with quite a large pay raise. Our household is now bringing in approx $168k (my husband is now at 95k and I make about 73k with overtime) a year. We will start focusing on our mortgage and building our retirement. (I don't know if I've ever said it, but for reference-I am 33 and my husband is 31). Thank you for all the motivation and all the wisdom you guys have provided!

cdorfish, if you do get a chance it would be nice to learn which things about your debt journey were most helpful in helping you get out of your situation. Like was motivation? Finding extra money? A good strategy?