Tired of these loan payments.

BigRedBuster said:
If you have CC debt, pay that off and never get it again. it is the absolute worst type of debt you could possibly have.
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If you're basing it purely off interest-rate then yes but actually the worst kind of debt is student loan debt because if you file bankruptcy it doesn't go away.

 
Down to 1175.59. I received a huge excess vacation paycheck earlier this month. I was able to apply half of it to my credit card and other to loan. C Card is now paid off.

As of right now it should be paid off by July. Income tax return may move it up sooner.

 
OH HSKR FAN said:
Down to 1175.59. I received a huge excess vacation paycheck earlier this month. I was able to apply half of it to my credit card and other to loan. C Card is now paid off.

As of right now it should be paid off by July. Income tax return may move it up sooner.
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Awesome work. This thread should be pinned to show others just how "doable" this is if you are willing to put in the work!

 
Filed my return over the weekend. My return is going to the payoff. Looking at this thing being paid off by March.

I'm also moving to a cheaper place end of March as well. These two events will free up 350 bucks a month. Thank God! I've been overextended with my expenditures.

 
Like the coaches say in recruiting . . . BOOM!

Made last payment 10 minutes ago. Feels good right now. It will be a lot more noticeable next month. So glad I went aggressive the last two years on this. It saved me 5 years of additional payments had I done the minimum

 
OH HSKR FAN said:
I took out this loan back in 2005. As of today the principal is $4,333 of the original 7,495 dollar loan.. At the rate that I have been paying on it its going to take until 2021. The minimum payment each month is about 60 bucks. I have enough in savings right now to pay it off completely but my savings is my rainy day fund for emergencies.

My question would be if you had the cash to pay it off would you? Or should I just gut it out for next 7 years? The interest rate is in the 4-5%
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I'd pay it off--or most of it--now with your rainy day fund, then build your rainy day fund back up. Ongoing debts like this can really drain the psyche.

 
cornographic said:
OH HSKR FAN said:
I took out this loan back in 2005. As of today the principal is $4,333 of the original 7,495 dollar loan.. At the rate that I have been paying on it its going to take until 2021. The minimum payment each month is about 60 bucks. I have enough in savings right now to pay it off completely but my savings is my rainy day fund for emergencies.

My question would be if you had the cash to pay it off would you? Or should I just gut it out for next 7 years? The interest rate is in the 4-5%
Click to expand...
I'd pay it off--or most of it--now with your rainy day fund, then build your rainy day fund back up. Ongoing debts like this can really drain the psyche.
Click to expand...
Good thing you read the the last post lol!
Good work OH! If you wanted it'd be nice to take the extra money you just freed up and put it into savings to boost your rainy day, retirement, or invest it. As long as it doesn't keep you over extended it's the smart way to go. Or save for a home, car, or vacation.

 
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