BryanH's goals to end debt

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BryanH
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Joined: Tue Dec 27, 2011 1:22 pm
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BryanH's goals to end debt

Postby BryanH » Tue Dec 27, 2011 1:29 pm

My wife & I have decided to get rid of some debt in 2012, so I'm posting about it here in order to keep myself (and her) motivated. The 2 targets for 2012 are:

18K for an auto loan.
25K for a student loan.

I've started a savings account dedicated to these loans (aside from the emergency fund). Currently the account has 14K in it.

Good luck BryanH...make it happen!

bpgui
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Re: BryanH's goals to end debt

Postby bpgui » Tue Dec 27, 2011 4:56 pm

Good luck, but I have a question: Why are you putting the money in a savings account rather than directly towards the debts? You costing yourself additional interest on the loans.

BryanH
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Re: BryanH's goals to end debt

Postby BryanH » Wed Dec 28, 2011 7:56 am

bpgui wrote:Good luck, but I have a question: Why are you putting the money in a savings account rather than directly towards the debts? You costing yourself additional interest on the loans.



Thanks. I will be doing this. Unfortunately, in my talks with the financing company, I haven't gotten the answers I want about making principal only payments. Once I do, I'll be knocking down the principal.

KailynLaw
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Joined: Mon Dec 12, 2011 8:35 am
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Re: BryanH's goals to end debt

Postby KailynLaw » Wed Dec 28, 2011 12:12 pm

I know that a lot of financing companies require a separate payment labeled for principal only. Just make sure you get something in writing!


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