Pay off your smallest debt in 2011!

[gatosqueak]

May I start this thread? I would really like to feel modivated to even pay off ONE small debt this year! Maybe if the first is paid off, we can move to the next smallest...


How does that sound?

[tonyarn]

I have paid off 2 cars and a credit card in the past handful of months. What I really have left is my student loan and also a very small loan (only around $150 left to pay on it), but it isn't accruing interest, so I've been paying pretty slowly.

[VivaciousJewelz]

I'm sorry! I didn't see this thread before! Of course you can start this thread!

What is the debt that you are going to pay off Op?

[Zwella Ingrid]

Looks like this thread may be abandoned, but I would like to keep it going if there are others who are interested. I am working on paying off a washing machine we had to buy in November. We owe right around $500 on it. I'm at work, and I don't have the exact amount in front of me, but I will look it up and post it. Actually I think I should be at $400 something now. I have made 2 payments. I've started a second job, and my goal is to use all the money (only $20 a week, so not anything major) from this second job to add to the normal payment to get it paid off quickly. Then I will switch to a television DH bought that isn't paid off yet, after that, I will work on a loan that DH took out that I don't even freakin know what it was for. I think it was for vacation last year! Actually I'm getting mad thinking about it. It seems like all DH does is spend, and I am the one sacrificing and doing without to pay off debt. Sound familiar anyone?

[Weinergirl]

We are working to pay off DH's car loan this year. Current balance is about $5,000. The regular payment is only $192/month but as soon as our refinance is complete we'll be putting an extra $200/month towards that debt. The loan goes through May 2013 so if we can get it paid off this year that will be 18 months early! Now to find a little extra money to throw at it...

[Zwella Ingrid]

We are working to pay off DH's car loan this year. Current balance is about $5,000. The regular payment is only $192/month but as soon as our refinance is complete we'll be putting an extra $200/month towards that debt. The loan goes through May 2013 so if we can get it paid off this year that will be 18 months early! Now to find a little extra money to throw at it...

Good luck to you. This is a great goal. I would love to get our car paid off early. It is next in my list of goals after we pay off DH's mystery loan--seriously though, I'm pretty sure that was a vacation loan. But after that, we hit the car payment! At least I will hit the car payment. If only I could get DH to cooperate. Ok wait. I just thought of something, before I make myself sound too virtuous, I have overdraft on my checking which works like a mini loan that I owe $500 on, so that has to go after the washer, before the tv. I turned into a bad girl around Christmas time last year, and I have had a hard time getting back on the wagon, but I'm determined to do my best to put my nose to the grindstone this time. I'm taking a Dave Ramsey refresher course in February, so I know that will motivate me again.

[CouponQueen23]

Just seen this thread how are things going op? Have you started the Dave Ramsey refesher course yet? I have heard a lot of talk about Dave Ramsey Personally never looked into it, really should, This is what I have going on, Working on moving balances that have been incciring intrest charges. I have a cc that is offering a 0% until may 2012 and Dh has a cc offering 0% until may 2012. The plan is to move balances we have sitting else where to these cards for the 0% I think total Of one debt is $13185.00 and the other is $6286.00 of course there will be transfer fees assocaited with the transfer. $390 fee and $180.00 fee.

What I have come up with is if we transfer the balances and continue the $250 payment each month to each account, so a total of $500 this will help us pay these down quicker.

I come up with

$13185.00
- $3750.00 (this is $250 mo x 15 months)
--------------
$9435.00 amount after payments
+ $390.00 ( Transfer fee)
-------------
$9825.00 Total left after 15 months of payments and after transfer fees


Then,
$6286.00
- $3750.00 (15 months of payments of $250 each month)
----------------
$2536.00
+$180.00 transfer fee
------------
$2716.00 New amount due after 15 months and transfer fee.



So the big picture covered and this is what I see,
$19471.00 Current debt
-6930.00 Total payment being paid over 15 month time period.
----------------
$12541.00 New Debt atht the end of 15 months

This sounds really good I like the idea of having all the payments count toward the debt I have figured the intrest rates where they are and it looks like this is the best possible senerio to pay for the balance transfer fees up front any this will allow us to pay our debt doen faster. At the end of 15 months the our new debt balance of $12541.00 Will the be able to be transfered to another low rate card prviding there is an offer avaiable then, Does this palan sound like it is workable or should I be trying something else? Thanks!

[VivaciousJewelz]

I am happy to report that I did this! I paid off an $800 bill (not really my smallest, but close) in May. Boy, did it feel good!

[CouponClipper15]

I want to pay off my student loan by the end of this December. I have $1,500+ left. My starting debt was $3,500. I was working a dead end retail job, but now that I have a better job with better pay, I hope I can reach this goal.

[Spongebear]

I have 2 small debts. So im going to try and pay atleast one off by the end of the year.