Paying off my Student Loan & Car Loan!

Posted by Mrs Money on May 22nd, 2009

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It’s been awhile since I’ve updated on our car loan and student loan balances.  As you can see by the nifty tracker on the right side of my blog, as of today we’ve paid off 67% of our student loan and 44.8% of our car loan.  Add those together, and it looks like we’ve paid off 111.8% of our debt.  Too bad we’re not over 100% on one of those!  I can’t wait until that day!!

Remember when I thought I was going to lose my job? The company says they are not going to lay off anyone in the branches from the branch manager level down, so I’m feeling semi comfortable as far as my job goes.  I’ve come to the realization that I’ve got a pretty good emergency fund set up, so any extra funds can go towards these two debts.

I’m shooting towards paying off the student loan by the end of the year.  I think that’s definitely doable.  How is your debt payoff coming along?  

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12 Responses to “Paying off my Student Loan & Car Loan!”


  1. Kacie says:

    Go go go! You can do it!

    [Reply]

  2. Miss M says:

    Awesome! It seems like the banks are starting to turn around, that should be good news for you. I’m pretty comfortable in my job too, definitely helps feeling safe when the world is so unsettled. Good luck with wiping out that debt!

    [Reply]

  3. Mrs Money says:

    Thanks, Kacie and Miss M! I can’t wait to be debt free!

    [Reply]

  4. Having a paid off car is one of the most wonderful feelings (besides having a paid off home). I paid off my car last year and I never want another car payment again!!

    [Reply]

  5. Mrs Money says:

    Single Guy Money- That’s awesome! I am sure my time will come soon!

    [Reply]

  6. Jamison says:

    Isn’t the interest from a student deductible indefinitely below a certain income level, while you get nothing for the car loan? Why not focus everything on the car loan first?

    [Reply]

  7. Mrs Money says:

    Jamison- We’re so close to paying it off and the interest’s tax deductibility wasn’t fantastic, so we decided to knock that out first. We bought the car last August and hadn’t planned on getting a new car.

    [Reply]

  8. Doug says:

    you guys are doing great! It is worth every struggle. Debt free is the way to go!!

    [Reply]

    Mrs Money Reply:

    Doug- Thanks! I am sure that this year is the year we will become debt free except for the mortgage!

    [Reply]

  9. mikejohnsonrules says:

    Hello. My wife and I bought our house about 6 months ago. It was a foreclosure and we were able to get a great deal on it. We also took advantage of the 8K tax credit so that definitely helped. We did an extensive remodeling job and now I want to refinance to cut the term to a 20 or 15 year loan. Does anyone know any good sites for mortgage information? Thanks!

    Mike

    [Reply]

  10. liz says:

    YOU are AMAZING! I love reading about your debt-busting triumphs. You are so inspiring. I am happily student-loan-debt FREE at age 24 and am now working on my car loan and (in the long run) mortgage.

    My fiance and I bought a run down house in 2009 for 229k and put 60k of work into it over 4 months…Now a year later, it was appraised at 354k. We are floored! Hopefully we will sell in 2-3 years when the market climbs a little higher.

    Anyway, I look forward to reading your blog (and scrolling through the archives). You’re an amazing and tenacious person!

    Merry Christmas!
    Liz

    [Reply]


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