"Paid Off, Now F***Off" Debt Thread

[AlienCraft]

Just sent the last payment for a Capital ONE card I had, (What's in my wallet? Not your high interest hand, MotherFUKAH!)
And The old AT&T cellular bill is now history as well.

Now, the money goes to pay off the car and we will see about another house next year.

Plans?? yeah, I got plans......
First one is to chisel a few more mpgs out of the old chariot.
< wanders off into the backyard for free sunshine....

 

[manlymatt83]

Wish I could do that.

 

[Eos]

I've been debt free since April 2004, when I declared Chapter 7.

Now for the g/f, she's still in debt from grad school. But were working on it.

 

[EPCrew]

Me too! Done this week! I've paid off about $20k including daily expenses since this past December.

 

[zerocool1]

congrats, though I've never been in huge debt, I don't imagine its a walk in the park

 

[Kadarin]

I successfully paid off approx $36k in credit card debts w/o having to declare bankruptcy. Aside from my car payment, I'm net positive now...

 

[foghorn67]

Last of the student loan payment next month. Wahoo!!!

 

[Wonderful Pork]

no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

 

[AlienCraft]

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

 

[Demo24]

Hoping to pay my car loan off in just a few more days. If not then at the end of June. Less than a year of ownership and it will be paid off

 

[V00DOO]

I have 5 more car payments and I'll am done.

 

[skwicz212]

Originally posted by: AlienCraft
Just sent the last payment for a Capital ONE card I had, (What's in my wallet? Not your high interest hand, MotherFUKAH!)
And The old AT&T cellular bill is now history as well.

Now, the money goes to pay off the car and we will see about another house next year.

Plans?? yeah, I got plans......
First one is to chisel a few more mpgs out of the old chariot.
< wanders off into the backyard for free sunshine....

Yea, I know how that feels. Had to work my ass off to pay off student loan and cc.

 

[Born2bwire]

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

 

[AlienCraft]

Originally posted by: DEMO24
Hoping to pay my car loan off in just a few more days. If not then at the end of June. Less than a year of ownership and it will be paid off

I've already started paying down the car loan. Now I can increase those payments and get the principal paid off in another year.

Thank god for CA law prohibiting pre-payment penalties.:thumbsup:

 

[Viper GTS]

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

I'd love to see the math on that.

Viper GTS

 

[ColdFusion718]

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

Could you elaborate on this? I still have about $11k in student loans @ 2.875% A.P.R. I have approximately $40k in my ING account @ 4.5% A.P.Y.

So you're saying it's better to plop down $11k to pay that off right now versus continue earning interest while paying the loan back according to schedule? I'm not being sarcastic, I'm looking for the real answer. TIA.

 

[crt1530]

Congratulations.

 

[LegendKiller]

Originally posted by: Viper GTS

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

I'd love to see the math on that.

Viper GTS

lol, no sh!t.

 

[ViviTheMage]

gratz

 

[thecoolnessrune]

Expedition, $22,000, in cash. I was in debt up to my eyeballs for like 5 seconds

 

[sciencewhiz]

Originally posted by: Viper GTS

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

I'd love to see the math on that.

Viper GTS

using ColdFusion718's rates

4.5% - 2.875% < inflation

 

[Mermaidman]

Originally posted by: thecoolnessrune
Expedition, $22,000, in cash. I was in debt up to my eyeballs for like 5 seconds

?
<^>

 

[IEC]

Originally posted by: ColdFusion718

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

Could you elaborate on this? I still have about $11k in student loans @ 2.875% A.P.R. I have approximately $40k in my ING account @ 4.5% A.P.Y.

So you're saying it's better to plop down $11k to pay that off right now versus continue earning interest while paying the loan back according to schedule? I'm not being sarcastic, I'm looking for the real answer. TIA.

Take inflation into account... it's almost always better to pay debts quickly...

 

[LegendKiller]

Originally posted by: Spartan Niner

Originally posted by: ColdFusion718

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

Could you elaborate on this? I still have about $11k in student loans @ 2.875% A.P.R. I have approximately $40k in my ING account @ 4.5% A.P.Y.

So you're saying it's better to plop down $11k to pay that off right now versus continue earning interest while paying the loan back according to schedule? I'm not being sarcastic, I'm looking for the real answer. TIA.

Take inflation into account... it's almost always better to pay debts quickly...

What?

Wow, if this is the case, I might as well hang up my hat at my i-banking job and all of the finance field can go with me.

It's amazing that people are this clueless.

 

[IEC]

Originally posted by: LegendKiller

Originally posted by: Spartan Niner

Originally posted by: ColdFusion718

Originally posted by: AlienCraft

Originally posted by: Wonderful Pork
no CC debt here, just St. Loan and car payment. I'm on the fence on whether to pay them off faster though...both interest rates are below what Emigrant is paying me in interest per month.

You're still losing money, just at a lower rate.

Could you elaborate on this? I still have about $11k in student loans @ 2.875% A.P.R. I have approximately $40k in my ING account @ 4.5% A.P.Y.

So you're saying it's better to plop down $11k to pay that off right now versus continue earning interest while paying the loan back according to schedule? I'm not being sarcastic, I'm looking for the real answer. TIA.

Take inflation into account... it's almost always better to pay debts quickly...

What?

Wow, if this is the case, I might as well hang up my hat at my i-banking job and all of the finance field can go with me.

It's amazing that people are this clueless.

So maybe I don't deal with large sums of money, being a poor university student. Maybe I'm also ignorant about economics. You still can't argue with the basic idea that no debt is a good thing