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LOC - A BIG BLACK CLOUD

September 28th, 2009 at 01:36 pm

When I finished paying off a small debt of $3K+ this month I was asked what would be my next goal. I responded that I have one huge item that was so big I wasn't sure I could even envision paying it off. So I'm here to 'fess up. My DH and I have a line of credit that sits at $32,506.75. YIKES!!! It's time to get rid of it. Other than a small car loan it's the only debt we have. So, with DH on side, I'm off to the races. We're snowballing the amount from the last debt we cleared and are putting $500 per month against it plus any and all extra cash. The interest amount alone is more than $100 per month. So join me for the journey. This one will be interesting!

September balance: $32,506.75
Target for October balance $32,106.75

Posted in | 10 Comments »

10 Responses to “LOC - A BIG BLACK CLOUD”

  1. creditcardfree Says:
    September 28th, 2009 at 01:39 pm 1254145153
    1254145153

    Yipee!! A new goal. Keep the faith, even the big ones can get paid off faster than you expect!

  2. Joan.of.the.Arch Says:
    September 28th, 2009 at 03:27 pm 1254151662
    1254151662

    Have you been busy calculating how long it will take to pay it down if you are able to find X, Y. or Z amount extra to apply to it every month? Great that you can now roll in the payments from the first debt to knock this one down. Keep the focus and you'll get it done.

  3. LuxLiving Says:
    September 28th, 2009 at 04:58 pm 1254157122
    1254157122

    Gooooooo!!! You can do this too!!!

  4. ceejay74 Says:
    September 28th, 2009 at 05:04 pm 1254157442
    1254157442

    The scariest part is looking those big ugly debts right in their big ugly faces! Then it gets gradually less and less scary from there. I'm right there with you--I know that after I finish off my big ugly personal loan, I've got another debt, and another, and another to tackle. At least you know this is the last really bad one!

  5. wowitsawonderfullife Says:
    September 28th, 2009 at 05:54 pm 1254160464
    1254160464

    Joan: When I calculated how long it would take just paying the minimum due I was shocked. It was almost 20 years. Jeez, I'll probably be dead by then! By December of this year we will increase our payments from $500 per month to $1,000 per month. At that rate it will take us 3+ years to pay it off. I'm hoping to paid it off faster than that. We'll see how it goes.

  6. scfr Says:
    September 29th, 2009 at 12:58 am 1254185880
    1254185880

    You can do it! If you like visual motivators, you could make a pretty cool paydown chart: From "big black cloud" to "blue skies smiling at me ..."

  7. wowitsawonderfullife Says:
    September 29th, 2009 at 06:14 pm 1254248076
    1254248076

    scfr - great idea but I don't know how to do a paydown chart. Any suggestions?

  8. Jerry Says:
    October 2nd, 2009 at 08:54 pm 1254516847
    1254516847

    It might be daunting to look at the numbers, but it leads to more results than hiding from them! I wish you well as you attack this and I have seen that the snowballing effect really does offer some reliable insurance of paying balances down quickly once it gets rolling. Good luck to you!
    Jerry

  9. LuxLiving Says:
    October 24th, 2009 at 05:53 pm 1256406793
    1256406793

    Go here and scrolling down look at his Paydown tools for a neat way to make a chart:

    http://www.josephsangl.com/tools/

  10. wowitsawonderfullife Says:
    October 25th, 2009 at 04:05 pm 1256486737
    1256486737

    Thanks Lux!

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