Not Impressed With Our Debt – Weeks 28-30 of 80- Home Equity Loan

Home Equity Loans can be wonderful things if you are doing a major project on your home, like renovating your kitchen. A new kitchen adds value to your home but unfortunately when you take out a home equity loan just to consolidate debt you don’t have a pretty new kitchen to show for it.

We took out a home equity in 2014 for $17,000. It is due to be paid off in August of this year. I don’t want to wait that long though. I want it gone, and I want it gone NOW. We owe just under $1900 on it. I am paying that sucker off next month. Seriously. I mean it. I don’t care if we have to eat peanut butter and macaroni all month, that home equity will be history by March 31st.

I have a plan. It may not be popular with my family or the financial experts but sometimes you just gotta take a leap of Faith. For me it’s all about cash flow. Paying this loan off now will not save us much on interest but that’s not the point. Paying it off will free up $328.00 a month and that burden that has kept our hearts and minds hostage for the past 5 years will be gone. Paying off the Old Navy freed up $300 a month and saved us thousands in interest a year.

I also realized after looking at our cell bill that we were paying $26 a month just for protection for two cell phones. Oh yeah…you bet I canceled that real quick! Scott’s cell phone was just paid off this month and it’s 2 years old so if he drops it in the toilet we’ll just get another one. The payment for that phone was $30 a month. Hey, now look at that, we just had our bill go from $297/mo to $239/mo. Every little bit helps!

I had a feeling all last year and I continue to have it this year, the feeling I should pay off any loans that are attached to our house asap. I don’t know if it is the political climate or what but I am listening to that feeling. I paid off the home equity line of credit with a no interest credit card and now I want the regular home equity gone too.

Say Geronimo my friends! I’ll check back in soon. Hope your debt is shrinking too! -MM

Published by marymargaretripley

I am a professional Bakery Manager at a privately owned grocery store. I also owned my own bakery for over four years. I have been baking for 15+ years professionally. I also teach canning and preserving classes and have been gardening since I was 5 years old. I live in Western, NY with my husband, teenage son, Bernie the Cat and Muffins the Hamster.

One thought on “Not Impressed With Our Debt – Weeks 28-30 of 80- Home Equity Loan

Leave a Reply to kathyreeves Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cocktails In The Library

Talking about great books while enjoying tasty libations!

Autumn Leaves & A Spring Breeze

Leading a happy and sustainable lifestyle

Midwest mattie

just living my best life in the midwest.

Sewing Beside the Sea

All things made with my needle and thread

thecraftycreek

Making and creating

Sewing Etc.

Sharing my adventures in sewing and needlearts

Debt Free Hopeful

“Love recognizes no barriers. It jumps hurdles, leaps fences, penetrates walls to arrive at its destination full of hope.” — Maya Angelou

theuntoldblogofeli

Outrageous mama saying Fuck It

The Journey to a Debt-Free Life

Reshaping your Financial Future

Cottage Garden Trio

The daily life and times of a thirty something couple and their toddler

McMuffins Gaming

From the Mind of a Gamer

Claire93's Blog

my little corner in blogland

Ever The Crafter

She, ever the crafter, kept on crafting

Emma's Craft Projects

Everyday craft inspirations

Bake. Make. Take (a trip!)

Celebrating the "funner" things in life...

Peas Romaine Calm

A simple, easy & cost effective approach to cooking!

life on less

living life with less debt

Simply Grateful Housewife

Finding happiness despite the cobwebs and dirty dishes.

The Professional Domestic

A Balance of Professional and Domestic Life

LeRoy Farmers Market

Weekly Updates on What's Happening at the Market

%d bloggers like this: