Well, another month has come and gone. I know this update is a little late, but we’ve been up to quite a bit lately. Also, if you haven’t heard, I am now a contributor over at Frugal Dad. I will be sharing even more insights to our debt repayment over there so make sure you subscribe to the site. Here are our end of November numbers:
The biggest thing to take away from this chart is that we paid off the Best Buy credit card! It was such an exhilarating feeling knowing that we do not owe them any additional money. The next debt to meet our wrath will be the personal loan. Hopefully we can get that taken care of this month due to an extra paycheck. After that we will begin attacking the family loan. Like I mentioned before, it is bugging us to the core.
Well, that’s it for now. Make sure you check out my posts Friday’s on Frugal Dad!
You should include the interest rates on all those debts so we know the opportunity cost of paying off one versus the other. Also, you may find consolidating all debts under one main debt to provide beneficial rates.
Most of our interest rates are below 10%. The personal loan is at 9.99%, the student loans are at an average of about 6.5% and the car loans are at 5.5%. Luckily, we are paying them off pretty close to in order of highest to lowest rate.
congratulations on the best buy card. one less debt to worry!! good luck wiping out the personal loan.
Thanks! We look forward to kicking it’s butt!
I remember when we PIF’d the BB card – LOVE IT! Congratulations! And good luck PIFing the Personal Loan next!
Money Funk´s lastest post ..November’s Net Worth
Thanks! We loved paying it off too. Unfortunately, as soon as we paid it off, the battery died. Fortunately for us, it was covered by the warranty we bought.
Chris´s lastest post ..Debt Update: November 30, 2009
Congrats! Every bit counts, and it feels great to pay off debt!
Thirtysomething Finance´s lastest post ..How I Unfroze My HELOC — OR I Fought the Bank and the…Bank Lost!
CONGRATS ! feels amazing to roll…..on over this debt.Great sense of accomplishment, pride and joy not too shabby a return so to speak.Let the momentum build!!!
I like that you put in the % paid off. It’ll be exciting watching the percentages change!
duddes02´s lastest post ..The Biggest Loser
Adam/Chris,
Nice job paying off the BB card! I have one question or suggestion.
Is it possible to ask/request permission to pay off your car loans before the family loan? The car loans practically equals the family loan. After paying off both cars, you would be able to rollover the savings, that would normally go toward the car payments, toward the family loan.
Keep up the good work.
Thanks,
Shaun
You can ask, but I won’t oblige.
We want to pay off the family loan because it’s very emotional to us. We don’t like knowing that we owe a relative that kind of money. We know it may take us a little longer but we feel it’s worth it emotionally. Thanks for the comment!