Loan Status Update
Previous Forecast 2002 - 30K student loans and 10K CC March, 2005 - 20K student loans and 5K CC End of 2005 - 10K student loans and 2K CC Mid-2006 - 5K student loans and 2K savings End-2006 - 0K student loans and 5K savings Since the last post, I have been paying off the credit card balance. I decided to completely pay off the balance though it was under a 0% offer. I'm trying to stay away from credit card debt and their "generous" 0% APR balance transfers. My current loan balance as of: June 1st, 2005 - approx. 15K student loans and $0 cc debt Current Forecast: Dec 31, 2005 - 10K balance in student loans Mar 31, 2006 - 5K balance in student loans Jun 30, 2006 - finish paying off student loan balance It looks like I'm going to be 6 months ahead of schedule on paying off my student loans. I now expect to be debt free by June 2006 instead of December 2006.
posted by Sean @ 6/13/2005 10:00:00 AM
2 Comments:
I have a slight aversion against using savings to pay off debt.
I believe debt payments should come from regular day-to-day hardwork and periodic income.
See my recent article on this topic:
Savings are Sacred
Last year, I used my work bonus to pay off a big portion of debt. My primary goal now is to eliminate debt, but I still have some savings and a small stash of emergency funds.
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