A good question posted by "anonymous."
I work part-time as a test proctor, and the large chunk that I paid recently was the result of stockpiling my checks in savings and then making one big payment. The final payment was made thanks to a sweet and unexpected gift sent to me from my grandparents.
Also, the more debts that I pay off, the more money that is available in the monthly budget to put towards the next debt.
For example, the Home Improvement Loan was almost $200 a month.
The car payment I dropped this year was $225.
And, we dropped a child's tuition that was $350/mo.
Right there is an additional $775/mo. to throw at debt in addition to what I am earning in my part-time work.
It truly is a "Debt Snowball" as Dave Ramsey refers to it. The more you pay off, the more money you have to pay off more.
Try it. You'll see.
Blessings!
I'm so happy for you girl!
ReplyDeleteAND so proud of you! It takes a while when you first start paying off debts to see the snowball gather momentum on it's own. You stuck to your game plan, and kept plugging away until you have payed down almost $60,000 dollars in debt.
What an accomplishment! You ROCK!