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Plans

June 3rd, 2008 at 02:25 pm

With the recent van purchase, our debt has increased. We have two loans now other than our primary mortgage. The home equity loan is the smaller of the two, and sits at 7.5% interest. The van loan is larger at 3.9%.

Our home equity loan needs to be paid off in about 2.5 years or December 2010. Or at least that is my preferrence to have that money ready for the next home we purchase. It is very likely that is when we will need to move a few months after that.

It looks like if I add another $435 to the regular payment we can meet this goal on time. I will also put all extra income towards this loan as well.

I have another $1K, that I'd be willing to put towards the loan, but I'm holding off. DH needs new clothes...really he's now a size medium after our weight loss, but he's wearing Large shirts...he's just swimming in them. We bought the girls bikes and we would like them also. The van would then need a bike rack.

I really should hit the garage sales for these things...so that I can put more towards the home equity.

It's really amazing how an increase in income after a long time of sacrafice can put one in a spendy mood. We're still saving and investing on top of all the spending...so I can be too upset at myself. I need to get back into the debt payoff mode!



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