Debt Target Update: June 2008

@NtJS - Not behind. For my purposes I define "bad debt" as any consumer debt that is not paid of within the no interest terms and is incurring interest charges of 6% or more. So, in our case, the car loan debt was "bad debt." I'm not referring to the accounting term of bad debt. Visit this page for more on "bad debt"

Feels great to take one out of the bank's inventory, doesn't it? Way to go!

One thing I'm confused on: You talk about paying off the remaining "bad debts". Were you behind on these?

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Congrats! I'm so happy for you guys.

Fantastic news - I am really pleased for you!

Way to go! I sold my car in March and had a similar feeling, thinking about how I wouldn't have to worry about future issues with it (ie, parking tickets!).

YAY! I remember how great it felt when we paid our mini-van off in January. Congrats!

Congrats on finishing off the car debt! I was so happy when my car was finally paid off. It meant I could take the payments and move them into savings!

Thanks, yall. Good luck in your goals as well.

Way to go!! We are in the process of knocking out a huge chunk of consumer debt right now - it should be paid off in about a month - then only the student loan left!! I can't wait!! We should have a party to celebrate!

HOORAY! That's a wonderful accomplishment!

I plan to tap my emergency fund for my last six car payments as well. I figure, if I have a six-month emergency fund, then I have six months worth of car payments in it.

No more car loan, no more need for that money in the E fund.

Way to demolish that loan and best wishes for tackling the SUV!