Page 5 of 6 FirstFirst ... 3456 LastLast
Results 41 to 50 of 54

Thread: Paying Off Big Debt - June 2018

  1. #41
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    Posts
    13,540
    Quote Originally Posted by Chicken lady View Post
    I forced the help on this one.

    we are still subsidizing the youngest (22) for health insurance and phone, but she just got promoted at work (after 4 months on the job!) and there is a plan to taper her off. The health insurance is a little annoying, because she can stay on dh insurance until she is 26. However, because her employer offers health insurance, we have to pay a premium to keep her in dh’s. If her employer did not offer health insurance, she would still be included on ours at no extra cost. Her employer’s insurance is not as good and the payroll deduction for her part of the cost would be more than the premium we are paying. So.... eventually, she will pay the premium. She will also take over the phone, but we are gifting her a year on that. She just finished paying off her car.

    she is getting boots and baking dishes for Christmas.
    That is great that your daughter paid off her car. Does she have any debt at this point? She’s in a good place in her life if she’s 22 and has no debt and a job.

  2. #42
    Senior Member
    Join Date
    Feb 2015
    Posts
    3,582
    Two (plus one) of my kids have mortgages. The one who just paid off her car is a renter. I don’t know if two of the biokids, the bonus, or the in-laws have a car loans. Bonus kid has some student loan debt and one in-law kid might (or ds might have paid it off)

  3. #43
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    Posts
    13,540
    Quote Originally Posted by Chicken lady View Post
    Two (plus one) of my kids have mortgages. The one who just paid off her car is a renter. I don’t know if two of the biokids, the bonus, or the in-laws have a car loans. Bonus kid has some student loan debt and one in-law kid might (or ds might have paid it off)
    Well mortgages – that is a different animal. Personally I consider a Mortgage to be undesirable debt, a noose around one’s neck. But financial wizards argue that having a Paid off house is silly when you could take that capital and invest it at a higher rate than the low mortgage rate of today.

  4. #44
    Senior Member
    Join Date
    Feb 2015
    Posts
    3,582
    I think if you have the money earning more interest than the mortgage is charging you, it makes sense. That is why we have a home equity loan - we could have used savings, but the savings is earning more than the home equity loan is charging. So basically, the bank is letting us use their money to make money for us. (The difference in the two interest rates) we could, at any time, give their money back (pay off the loan) and stop doing that, but why?

  5. #45
    Senior Member
    Join Date
    Dec 2013
    Location
    Nevada
    Posts
    6,378
    As long as you don’t buy too much home I think it’s fine because otherwise you would be paying rent. You have to live somewhere.

  6. #46
    Senior Member
    Join Date
    Feb 2015
    Posts
    3,582
    Made my car payment and the extra home equity loan payment today. If there are no sudden, unexpected large expenses in January, I should pay off the car next month.(at most I have three payments left if I pay the minimum every month)

    the house loan loan will be another 70 months at the current rate. I will not be throwing my “extra” car payment at it, we will just keep making payments or pay it off if that seems best at some point.

  7. #47
    Senior Member
    Join Date
    Jun 2015
    Posts
    1,143
    Hi ejchase! February is right around the corner. How are you doing on that early goal? Cheering for you to be debt free in 2019

  8. #48
    Senior Member
    Join Date
    Feb 2015
    Posts
    3,582
    I paid off my car!


    Ejchase, how are you doing?

  9. #49
    Senior Member iris lilies's Avatar
    Join Date
    Mar 2013
    Posts
    13,540
    Quote Originally Posted by Chicken lady View Post
    I paid off my car!


    Ejchase, how are you doing?
    That is great!

  10. #50
    Senior Member
    Join Date
    Aug 2011
    Location
    California
    Posts
    996
    Quote Originally Posted by Chicken lady View Post
    I paid off my car!

    Congratulations! I know that feels wonderful!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •