Thursday, September 18, 2014

Debt repayment

I am religious about getting my debt paid off. I have the regular house bills, mortgage, student loan, and an equity line that I have been working on paying off.

I love Dave Ramsey. I paid off prior debt using his method for the "baby steps". I have an emergency fund.

January 2014:
mortgage 71,932.53
equity line 23,446.73
student loan 14109.03

September 2014
My mortgage is down to 69,980.  payment 641.00 every month! no extra payments yet.
Equity Line is down to 18,870.  payment 70 a month
Student loan 11, 850   payment 167 a month

Well, I have been snowballing payments to the equity line every two weeks. The minimum is 70 dollars. I send 300 dollars every two weeks. Like clock work. I was on the phone this morning and found out that since the balance I owe has dropped below 20, 000 I am being charged a monthly maintenance fee of 75 dollars.

I can't believe it.  I increased my payment this morning to 370 dollars in hopes to keep this account moving in the right direction.

I pay 200 dollars every two weeks to my student loan.



  1. You sound very organised and motivated. You will get there.

  2. Since the equity is charging you so much more per month, wouldn't it make more sense to pay the student loan minimum or a flat $200 a month to that and send an extra $200 a month to the equity loan to get rid of it faster?

    1. Yes, now that I'm aware of the new changes in the terms of the equity loan.