Some of you may have noticed that the red bar for the MINI Cooper in our debt scale on the right sidebar is gone. That means that both the bank loan and the 0% credit card loan are all paid off! That also means that we paid off over $19,000 in just over 2 months!
So what’s next? Right now, our debts are thus:
- Truck: 4.5%
- Stacie Student Loan: 5.75%, but only 4 payments from a 0.5% rate drop to 5.25%!
- Mike Student Loan: 6.25%
Well, the smart thing to do would be to pay off the truck, right? NO! I’m supposed to pay down the HIGHEST INTEREST RATE!
So, next up is paying off my student loans, with the current balance of $14,196. Right now, we have a payoff date of July 2008 for this debt, but we also have numerous home improvements we want completed this coming year. We’ll revise this date, if needed, when we make more plans for these improvements in the coming months.