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CC#3 decision

March 22nd, 2013 at 07:45 pm

I have been pondering cc#3 a LOT lately.

Why am I slowly paying off that debt, when I could pay it off with savings and then rebuild savings.

If I pay the cc off now, I will still have about $5k in the emergency fund, and I will have the savings repaid by year end by paying savings back with the payment schedule I had planned for paying the credit card.

So, I did it. The payment is all set for Tuesday.

Now, not to hyperventilate too much. Big Grin

Posted in BHAG, 2013 Goals | 16 Comments »

16 Responses to “CC#3 decision”

  1. scottish girl Says:
    March 22nd, 2013 at 08:02 pm 1363982555
    1363982555

    Wow, congratulations!! Smile

  2. twest Says:
    March 22nd, 2013 at 08:11 pm 1363983076
    1363983076

    Congratulations! You decide to do something and there is no stopping you! Way to go

  3. MonkeyMama Says:
    March 22nd, 2013 at 08:25 pm 1363983906
    1363983906

    Way to go!

  4. ceejay74 Says:
    March 22nd, 2013 at 08:35 pm 1363984559
    1363984559

    Nice work! Once you get on a roll, you develop a taste for it, huh? I'm itching to pay down more debt, but I know I should wait until payday ...

  5. creditcardfree Says:
    March 22nd, 2013 at 08:40 pm 1363984857
    1363984857

    Congratulations! I understand your nerves...and I did it with a smaller amount with our truck loan. Better to owe yourself then a lender. Smile

  6. snafu Says:
    March 22nd, 2013 at 08:41 pm 1363984902
    1363984902

    Wow! Good on you! With savings rates so low, buying power is lost to inflation. We're being told to expect escalating food costs and higher interest rates. It seems smart to pay off an interest generating CC. How much do you save in interest payments between March & December?

  7. Thrifty Ray Says:
    March 22nd, 2013 at 09:01 pm 1363986113
    1363986113

    Thanks all-

    Snafu- I will save over $400 in interest. Smile

  8. Ima saver Says:
    March 22nd, 2013 at 09:23 pm 1363987402
    1363987402

    Nice going, Ray!

  9. MonkeyMama Says:
    March 22nd, 2013 at 09:30 pm 1363987801
    1363987801

    Extra wow!! (That you will save $400)

  10. Bingo Says:
    March 22nd, 2013 at 10:34 pm 1363991670
    1363991670

    Awesome! Good move.

  11. Bingo Says:
    March 22nd, 2013 at 10:36 pm 1363991798
    1363991798

    Awesome! Good move. So just curious, what debt is left? All the debt on your left summary is gone, baby! Are you done except for mortgage?

  12. Thrifty Ray Says:
    March 22nd, 2013 at 11:02 pm 1363993345
    1363993345

    Bingo- I still have debt under the 2014 area...a car and another old consolidation mistake. Frown But, I am making payments on those and the larger debt will start getting serious attention soon!!

  13. FrugalTexan75 Says:
    March 23rd, 2013 at 03:11 am 1364008292
    1364008292

    Go Ray!

  14. LuckyRobin Says:
    March 23rd, 2013 at 03:30 am 1364009418
    1364009418

    That was a big step to take, but it sounds like the right one. I did a lot of dithering myself when I was paying off the final card. I think that's pretty normal.

  15. rob62521 Says:
    March 24th, 2013 at 12:34 am 1364085272
    1364085272

    Way to go! You are a thinker.

  16. North Texas Mommy Says:
    March 27th, 2013 at 09:15 pm 1364418916
    1364418916

    Awesome!

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