As of this moment, we owe $3,040 on our car loan. Add to that the $1500 I got burned by lending money to a friend, and we are $4,540. in debt. Honestly? I’m not stressing too much about it. I know that we are doing our best to get it paid off. At this point, though, I’m very tempted to just take the money out of our emergency fund and pay off the car loan. That would be that.
At the same point, though, $3000. is almost a year’s worth of payments. I could keep making the $250 car payment. Life would go on. I’m thinking that once we get down to $1500 or so, I’ll just take that out of savings and pay it off.
How is your debt reduction progressing?