Finances & Money

In the home stretch – The Malibu is almost paid off!

It’s been only 3 months since posting our intent to pay off our Chevy Malibu loan of $15,000 in 8 months, but we’ve made tremendous progress in paying off the loan.

Today, I sent off another $2,000 towards the Bank of America credit card, and the loan stands at $4,738. That’s just over two-thirds of the loan paid off in just 3 months!

At this pace, we’ll have the loan paid off in less than 6 months!

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Clever Dude


  • Big Congrats! Get out of debt and stay out of debt (except mortgage debt, of course).

    Will you keep the Bank of America credit card once you get it paid off?

  • Thanks!

    We’ll be keeping the BoA card (formerly MBNA) because it’s my oldest credit card (about 10 years old or so). However, I have a few other credits cards I’m itching to cancel, but I want to wait until we pay off our other chunk of credit card debt (currently at 0% interest).

    Regarding mortgage debt, it’s still debt and you all debt is ultimately bad. I can’t even think, though, of paying off our mortgage for a couple more years until the rest of our debt is paid off.

  • Once you pay off that Malibu, stay away from accumulating any more debt.

    Congrats to you Clever Dude, you will feel a since of relief, once you get that debt paid off.

  • Yeah, it’s hard not to go out and trade in the car for something new. This has traditionally been the time of year for me to want and actually buy a new car.

    In July 2001, I bought my Acura. In March 2004, we bought the VW Passat. In March 2005, we bought the Malibu. In March 2006, we bought the Honda Ridgeline.

    Now my wife wants a Mini Cooper (well, she’s wanted one for years).

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