Have not been on here in about two weeks. Thought I'd update you guys on my current situation. We got the Wal-Mart CC paid off!
Now the reason I havent been updating...
Were now $25,000 more in debt! But I'm OK with that. Because that's how much were paying on our new trailer. No more renting.
Went looking at trailers Saturday two weeks ago. Filled out the loan application that same day. A week went by and the guy calls us up and tells us that there are 3 other people looking at that same trailer. So I went to the bank and took out a loan for $5,000 and gave him the down payment for it. It's now ours. They're going to be moving it in about a week, which means we'll be moving out of this crappy house in about 2!
Any whoo here's the debt "chart" update-
Wal-Mart - $0 (paid off)
Orchard - $250
Chase - $290
Capitol1 - $0 (paid off)
New debt:
Trailer - $25,000. Payments of $270 a month for the next 15 years.
DP Loan - $5,000. Payments of $120 for the next 3 years. (Gonna pay off most of this with income taxes.)
Time to dance.
November 4th, 2007 at 01:21 pm
November 4th, 2007 at 01:53 pm 1194184413
November 4th, 2007 at 02:18 pm 1194185903
November 5th, 2007 at 05:12 pm 1194282758
November 5th, 2007 at 05:13 pm 1194282804
Now that you have the payments to make on the loan, you may want to think about building up an Emergency Fund (a couple months' worth of living expenses that you keep in a high-yielding, no fee money market account). That way, if you suffer a setback such a job loss or illness, you will be able to keep making the loan payments.
Recently I drove by a trailer sales lot that had a huge sign with their "Repossession Hotline" number on it. The last thing you want to have happen is to miss some payments and have that trailer repossessed.
You can either work on paying down the debt and building up the EF at the same time, or you can put the debt paydown on hold (just make the minimum payments) until you have the EF built up and then go back to paying off the debt. Do whichever feels right for you.
But now that you are a homeowner, you will definitely want to have that EF. There are a lot of people who are now in foreclosure who probably wished they had an EF.
Enjoy that new home!
November 6th, 2007 at 01:41 am 1194313299
Your right, I do need to start an EF. I think I'm going to wait until after Xmas tho. I have a huge family...LOL. First of the year, that's what my goals will be..start EF and pay off remaining debt(if there is any).
November 6th, 2007 at 03:48 am 1194320915
November 6th, 2007 at 09:43 am 1194342229
November 28th, 2007 at 04:46 am 1196225196