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 Post subject: BryanH's goals to end debt
PostPosted: Tue Dec 27, 2011 1:29 pm 

Joined: Tue Dec 27, 2011 1:22 pm
Posts: 2
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!


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 Post subject: Re: BryanH's goals to end debt
PostPosted: Tue Dec 27, 2011 4:56 pm 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1146
Location: Illinois
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.


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 Post subject: Re: BryanH's goals to end debt
PostPosted: Wed Dec 28, 2011 7:56 am 

Joined: Tue Dec 27, 2011 1:22 pm
Posts: 2
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.


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 Post subject: Re: BryanH's goals to end debt
PostPosted: Wed Dec 28, 2011 12:12 pm 

Joined: Mon Dec 12, 2011 8:35 am
Posts: 7
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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