Comments on: Debt Target Update: May 2008

By: Carnival of Debt Reduction 142nd Edition: Sex And The City Style! : Girls Just Wanna Have Funds

Mon, 02 Jun 2008 15:32:55 +0000

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By: PT

PT — Thu, 29 May 2008 22:17:39 +0000

@Pete – Whoa. I can tell you are fired up from your classes. I’ll list it on craigslist at the very top end and see if I get any bites.

@J – Thanks for your comments. That’s an excellent point and strategy for someone with no cushion already. You should write up a guest post on paying down debt and saving at the same time. We’re holding a nice savings cushion already, and luckily Mrs. PT’s school will be paid for, so we’re looking to make a few big chunk payments like we’ve already done on the car loan.

@david – Thanks. Yeah, we plan on keeping one of the vehicles for a while after their paid off….likely the car. When we have a kid is when we’ll most likely purchase another. Mrs. PT deserves a nice, new ride. Plus, when she’s back working, and with a nice down payment, financed at 0%, it would fit nicely into our financial situation.

@ffb – I’ve thought about that and like I said in the post, my heart is really into this suv…it’s a 99 2-door tahoe…the last of it’s breed. Luckily my commute is really short and so I don’t feel it as much.

By: FFB

FFB — Thu, 29 May 2008 14:28:51 +0000

One thing that tied me up when I started to attack my debt was figuring out what to pay first. This one has high interest. That one has a high amount. The best thing to do is just start somewhere and knock it out! Sounds like you have a good plan.

Maybe you should trade the SUV in for a good used compact that will save in gas?

By: David Carter

David Carter — Wed, 28 May 2008 19:30:52 +0000

Looks like you are making real good progress on that car. Keep it up. Once you pay it off, make sure you keep it for a while and don’t just run out and buy another!

By: J

Wed, 28 May 2008 13:03:08 +0000

PT, with graduate school coming up, make sure you have a savings cushion built. Debt stinks, but instead of going hell-bent to pay them off, use the ING automatic bill pay. For each vehicle, round up the payment to the next even amount – i.e., if it’s $216, set ING to pay $250. After a few months, the required payment will slowly fall, but by still paying the same amount the extra will go to principle. Do it for both vehicles, and you can build an “O-Crap” fund at the same time.

By: Pete @ biblemoneymatters.com

Pete @ biblemoneymatters.com — Wed, 28 May 2008 03:34:55 +0000

In our financial peace university class tonight one thing stuck in my mind – Dave Ramsey kept yelling – “SELL THE CAR!” (or SUV as the case may be). My vote is – sell the SUV and buy a cheaper car with the proceeds. Use the balance to pay down debt on the other car if there’s anything left over!

I know, SUVs are fun..