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How to pay off my loans by sun_goddess31

"As my country struggled to deal with trillions of dollars of debt, I eliminated my personal debt entirely."

How I did it: I had 3 separate loans - consolidated student loans from my undergraduate degree, consolidated student loans from my master's degree, and my car loan. For the life of these loans, I had been paying the minimum payment, and never missed a payment.

I lived frugally and avoided taking out new debt, while also saving as much as I could. I first paid off my credit card debt, as it had 19.99% APR interest.

I then paid off my loans - one at a time - in their entirety as soon as I had the money to do so. I paid them of in order of highest interest rate.

Lessons & tips:

  • Live frugally & don't add new debt, unless it's for an emergency
  • Make a budget for personal expenses vs. savings
  • Make sure that after paying off each loan you still have enough money in your account to cover an emergency. It wouldn't be good to pay off your debt and then immediately accrue more.


1 person found this helpful
 

Aug 06, 2011, 08:09AM PDT | 0 comments | 17 cheers


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sun_goddess31 has gotten 17 cheers on this entry.

 

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