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Author Topic: Paid Off Another Debt  (Read 197 times)

Col. Craig

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Paid Off Another Debt
« on: November 09, 2017, 02:00:31 PM »

Usually this time of year our work is drying up and we have to scrounge really hard to get through Nov., Dec. and Jan.  Not this time, we have as much work right now as we usually have in the Spring rush.  We actually just paid off the balance on a credit card.  We only use a credit card for emergencies and that last time was a really steep repair on the truck.  We have been chipping away at that one for a while now.  What we do is take advantage of temporary low interest rates for a balance transfer.  By bouncing the debt around twice a year we can keep the short term interest down to zero to 2%.  The balance is low enough now that instead of making another transfer we paid it off.  That frees up $500/month to focus on other debt, which is also going down fast - even faster now.  :f
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Lew

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Re: Paid Off Another Debt
« Reply #1 on: November 09, 2017, 02:10:39 PM »

Must be a nice feeling. I hope to experience it in 2020.
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Col. Craig

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Re: Paid Off Another Debt
« Reply #2 on: November 09, 2017, 04:10:58 PM »

It feels like it takes forever but near the end it goes really fast.
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Aussie Bloke!

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Re: Paid Off Another Debt
« Reply #3 on: November 09, 2017, 07:10:03 PM »

G'day everyone,....


Congratulations mate!

Hope that trend keeps on rolling along.

May you piss off the banking elite by slipping free of their grasp and forever more run free,....

 O0



Aussie.
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Kenny Solomon

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Re: Paid Off Another Debt
« Reply #4 on: November 09, 2017, 08:21:04 PM »




One of the best personal accomplishment feelings was about three years ago - the day I paid off one of my two credit cards (from a five-figure balance - had no choice but to use it - the nursing home for mom and dad had to get paid somehow before teh gubminit got their schmitte straight in 2010).

That one still has a zero balance and the other card  doesn't have much of a balance on it - still zero interest for the next few months, so I kinda sorta don't really give a schmitte about that one yet - but am making 5x minimum payment amount, so the balance will disappear soon enough.


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Col. Craig

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Re: Paid Off Another Debt
« Reply #5 on: November 09, 2017, 08:48:52 PM »

Except for a mortgage we have been debt free a few times.  Sooner than later we will be debt free to include the mortgage.  On that day we will party!
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Barry in IN

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Re: Paid Off Another Debt
« Reply #6 on: November 09, 2017, 10:00:11 PM »

Congratulations.
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soot shooter

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Re: Paid Off Another Debt
« Reply #7 on: November 10, 2017, 05:02:03 PM »

We have an increase in income headed our way. Lori is 62. Her social security payments are now coming back. She applied this week. But wehave to plan on paying income tax on it too.
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Col. Craig

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Re: Paid Off Another Debt
« Reply #8 on: January 25, 2018, 11:00:47 PM »

I got an email from our insurance agent.  She says we qualify to take advantage of recent changes on their end.  This will save us a minimum of $1,500/year off our combined insurance expenses!
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Barry in IN

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Re: Paid Off Another Debt
« Reply #9 on: January 25, 2018, 11:08:40 PM »

Awesome.  Just in time to go luggage shopping for The Boy.
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Col. Craig

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Re: Paid Off Another Debt
« Reply #10 on: January 29, 2018, 11:56:48 PM »

Last week we had a phone meeting with the insurance agent and today we went to the office for a review in detail. 

Before I go any further let me just say if it has been more than two years since your last insurance review then get your ass in for another one ASAP!

Most likely the insurance policy you have is out-of-date.  As long as you keep paying the bill the insurance provider will not volunteer better options for you.  This is why we use a broker.  Our broker is AAA and the agent is on a flat salary so there is no incentive to 'sell up' or 'sell often' - shopping insurance is just a part of the service we are already paying for.

A few years ago it made since to split off our auto insurance from our property insurance.  Now it makes since to combine them again.  All things being equal we can save $1,500/year!  But because of improvements I have been making to my work shop it is now under-insured.  So we increased the coverage for the building and contents.  We also increased medical coverage on the vehicles.  In addition to those two adjustments the new policy covers a whole lot more than any prior policy ever did.  Like my tractor for example, replacement was not covered before but it is now.  Auto glass is replaced at no cost where before I picked up the first $100.  Medical coverage on the motor vehicle policy extends to riding a bicycle if you are in a collision with a motor vehicle.  Nothing I am too concerned about but Parker rides his bike as often as his motorcycle so this will apply to him. 

After the upwards adjustments we still saved over $1k/yr!   :f
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Aussie Bloke!

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Re: Paid Off Another Debt
« Reply #11 on: January 30, 2018, 12:44:00 AM »

G'day everyone,....


You'd have to bring this up just now!

Last night when I got home from work there in the mail was my home insurance renewal notice.

$2.500.00 for both propertys and I have currently $200.00 in the bank.

I have until middle of next month to pay though,...

sigh,....



Aussie.
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Kenny Solomon

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Re: Paid Off Another Debt
« Reply #12 on: January 30, 2018, 01:28:22 PM »




Yeah, well I live in hurricane central.   My condo homeowners insurance just basically doubled.  No claims - ever - since day one of my parents having the place and now me - 1988 through today.

1,100 sq ft condo.  I'm on the 2nd floor of 4, so no flood insurance needed.  Building is rebar-poured concrete, full Category 5 hurricane code roof.  Yada, yada, yada.    Now paying $2,350 per year.  I wish I had $200 in the bank.


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