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| *Happy Dance* - Come dance with me! |
by Dazed |
2005-03-08 15:36:16 |
I know it's been sad around here lately, so I'm going to share my good news. Hope noone thinks it's annoying or anything.
I just got back my income tax refund (well, it was sent to my parents, but they deposited it for me today). That gives me enough money to pay off my line of credit!!!
Now the background: a bit more than a year ago, I was denied a student loan because I apparently make too much money (sure ...). This event got me thinking - do I really want more student loans? I mean, how much do I owe people anyway?
After several phone calls, I added up my total debt at $21,799.75 Ouch. This was spread between Visa (about $1000), a student line of credit (about $5000) and student loans (about $16,000). I was already researching different investment strategies (for my boyfriend who is much more than debt-free), but clearly I needed something different.
After reading quite a few books, I found a pattern that should work. Of course, it would still take pratically 8 years to get out of debt at my then-current wage, which was not so appealing, but clearly it was better to start somewhere than nowhere at all.
Well, since then I paid off my Visa about 4 months ahead of schedule (by paying more than my "system" said I should) and aimed to have my line of credit paid off by March 2005. Well, due to several unanticipated expenses, I figued there was no way I could do that - I resigned myself to my original plan. Then after some more circumstances (like working extra hours, doing my taxes ASAP) and ta-da!!! As of my next trip to CIBC (this evening) my line of credit is paid off!!!!
Yay!!!! I still can't believe I managed to pay off $6000 worth of debt in a year while only making about $17,000 in that time period ... unless my math is off. And I still got to go to Boston and Toronto (of course, the Toronto trip was covered after the fact by the university). Wow.
Now I have until August 31st to save up for my student loans (why pay them off when they aren't collecting interest until then?). By then, based on my "system" as it's been working so far, I should have a couple of thousand dollars to put towards them - a good start! :D
So, come, please, dance with me and celebrate some freedom!!!
(again, I hope noone takes offense to this thread. If that happened, I am truly, deeply sorry) |
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[ Reply ] |
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YAAYYYYYY!!! \o/ (n/t) | by williamashbless | 2005-03-08 15:40:00 |
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can you explain the system? (n/t) | by Nightwind | 2005-03-08 15:41:24 |
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I can sure try! | by Dazed | 2006-11-19 12:55:59 |
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That looks like a good plan. I'd arrange it a | by ChuckAB | 2005-03-08 16:58:13 |
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Heh, that's what I said | by PsychoI3oy | 2005-03-08 17:04:52 |
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actually, "pay cash for everything" is not that | by shminux | 2005-03-08 17:07:18 |
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Pay by credit card requires discipline, | by tskelton | 2005-03-08 18:40:29 |
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Oh, I'm working on the emergency fund | by Dazed | 2005-03-08 23:13:12 |
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that's sorta like something I heard once | by PsychoI3oy | 2005-03-08 17:02:52 |
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Yeah, that's the same idea | by Dazed | 2005-03-08 23:09:10 |
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Great! | by shminux | 2005-03-08 15:51:25 |
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Oh, don't tempt me! | by Dazed | 2005-03-08 16:15:24 |
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sounds like a great idea! I suspect if you contact | by shminux | 2005-03-08 16:20:22 |
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Ah, see, you haven't dealt with Saskatoon Public | by Dazed | 2005-03-08 16:32:46 |
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well, if it works out, let us know. | by shminux | 2005-03-08 16:59:59 |
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(Un)fortunately, I didn't. | by Dazed | 2005-03-08 23:16:13 |
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Woo Hoo!! | by JustnCase | 2005-03-08 17:39:23 |
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Yay! | by Dazed | 2005-03-08 23:17:06 |
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